Tron’s (TRX) price has stood above the $0.20 mark, showing resilience despite recent fluctuations. Due to this, TRX’s price is trading near $0.22.
However, the altcoin might find it challenging to sustain this uptrend for several reasons. With market sentiment mixed, will Tron price push higher, or is another pullback close?
A key metric suggesting that TRX is unlikely to keep pushing higher is the In/Out of Money Around Price (IOMAP). The IOMAP shows relevant clusters that could serve as key support or resistance.
For example, if there is a large volume of tokens in the money at a certain price range, it indicates support. On the contrary, if the volume of tokens out of the money is higher, it indicates resistance.
In Tron’s case, the IOMAP shows that the major resistance lies between $0.23 and $0.24. At $0.23, 3.34 million Tron addresses hold 3.33 billion tokens in unrealized losses.
This is higher than the volume of money near Tron’s current price. Also, at $0.24, 4.72 million addresses hold 3.92 billion tokens at a loss.
Therefore, if TRX’s price tries to break above $0.23 or $0.24, some of these holders might prefer to sell, potentially driving the altcoin’s price downward.
TRX In/Out of Money Around Price | Credit: IntoTheBlock
Analysis from the technical perspective also seems to agree with this bias. Based on the daily chart, the Moving Average Convergence Divergence (MACD) has dropped to the negative region.
The MACD measures momentum and helps to identify trends using historical price movements. When the MACD reading is positive, the trend is bullish.
However, in this case, the reading in the red region with the 12 EMA (blue) crosses below the 26 EMA (orange). This crossover indicates a dearth of bullish momentum.
If sustained, Tron’s price might keep trading below $0.24 in the short term.
TRX Moving Average Convergence Divergence | Credit: TradingView
TRX Price Rally Unlikely for Now
Regarding TRX price targets, the Fibonacci retracement indicator gives insights into where the altcoin might reach as of this writing, the token trades are near the 0.236 Fib level, a key support zone.
Amid the price action, the Chaikin Money Flow (CMF) is flirting with the zero signal line, indicating indecision. If this remains the same, then Tron’s price might continue consolidating.
However, a sustained break above $0.22 will likely change the trend. If that happens, TRX’s value might climb to $0.27 at the 0.382 Fib level.
Should buying pressure increase at that point, the price could rally to $0.33. However, if selling pressure intensifies, this might not be the case.
In that scenario, TRX’s value might crash to $0.15.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
