Tron TRX Price Rebounds: On-Chain Data Shows Buying Pressure
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Despite Bitcoin's recent surge, Tron (TRX) has shown resilience, consolidating near crucial support levels. While lagging behind Bitcoin's all-time highs by approximately 66%, positive on-chain indicators suggest a potential bullish reversal. CryptoQuant data reveals that TRX has re-entered a buying pressure zone, a signal historically preceding bullish price movements. This positive development is further reinforced by Tron's strong fundamentals, including its leading position in stablecoin settlement volume and user activity. The asset's steady uptrend since late 2022, defying broader market corrections, adds to the optimistic outlook. Technically, TRX is consolidating between $0.26 and $0.28, with the 34-day EMA acting as dynamic support. A decisive break above $0.28, accompanied by increased volume, could propel TRX towards $0.30, potentially retesting December's highs near $0.36. Conversely, a break below $0.26 might trigger a drop to $0.2430. While the current cycle is Bitcoin-dominant, the resurgence of buying pressure in TRX suggests a potential altcoin rotation, particularly if the broader market supports it. The absence of historical price top thresholds indicates further upside potential for Tron before any significant price correction. Analysts remain cautiously optimistic, monitoring whether this renewed buying pressure will translate into a substantial price rally. This makes Tron an interesting asset to watch for investors seeking strong Layer-1 setups beyond Bitcoin.
