After a period of bearish control, the TRON price has shown signs of a promising rebound. In recent days, the global cryptocurrency market has experienced a significant downtrend, affecting various major digital assets. 

Despite this challenging environment, TRX has started to display signs of recovery, indicating a potential shift in market dynamics. This resurgence in TRON’s value coincides with recent developments involving TRON’s founder, Justin Sun.

Justin Sun Clarifies Bitcoin Liquidation Rumors

Justin Sun, the founder of TRON, has officially addressed recent rumours about crypto market liquidations. Sun emphasised that his team avoids leverage trading, viewing it as unbeneficial to the cryptocurrency market’s health.

Instead, Sun highlighted that their main activities include developing blockchain projects and supporting crypto entrepreneurs. The team is actively involved in staking, operating nodes, and enhancing liquidity for various projects.

TRON Price Analysis: Can TRX Sustain This Momentum?

At the time of reporting, TRX price hovered at $0.1226 during the European trading hours, marking a surge of 2.58%. The altcoin has seen a rally from a low of $0.1177 to a high of $0.1233 within the last 24 hours. This price action highlights a notable recovery, suggesting a positive momentum in the market.

During the recent market fluctuations, TRON  has demonstrated relative stability, with a modest 5.04% dip over the past month and a more pronounced 9% drop over the past week. 

Unlike many altcoins that experienced significant downturns, TRON’s ability to maintain a price above $0.12 exemplifies its resilience amidst broader market volatility. 

The price of TRON is stabilizing, signalling a possible bullish phase. If this positive trend gains momentum, TRX might surpass the $0.13 mark. This breakthrough could propel its price to $0.14, potentially reaching $0.15 soon.

The 4-hour technical indicators for TRON displayed noticeable market movements. The Relative Strength Index (RSI) sits at 40.98, indicating a neutral market sentiment that borders on the lower side of momentum. The Moving Average Convergence Divergence (MACD) shows a minimal bullish crossover, hinting at a possible shift in market sentiment.

TRON Price Chart: Source: TradingView

However, if the market sentiment turns negative, the TRON price prediction may find support at $0.12. A further downturn could decrease its value to around $0.11, highlighting cryptocurrency market volatility. If downward pressure intensifies, TRX price might even drop to $0.1.

The post TRON Price Recovers as Justin Sun Quashes Liquidation Rumors appeared first on CoinGape.

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Filed under: News - @ August 6, 2024 12:26 pm