Tron price prediction for today, May 11 – TRX technical analysis

adminMay 12, 2024

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Tron price predictions suggest that the coin may need to stage a meaningful short-term rally to rise above the $0.130 level.

Tron Founder Justin Sun Secures 2 Million Tokens in EigenLayer Airdrop

Justin Sun, founder and CEO of Tron (TRX), recently received a significant reward through the EigenLayer token airdrop. Sun won $2 million worth of EIGEN tokens during the first phase of the airdrop hosted by EigenLayer, raising a whopping 2.08 million EIGEN tokens. Moreover, the community is eagerly anticipating the upcoming second phase airdrop.

Tron prediction statistical data:

Current Tron price – $0.127
Tron market cap – $11 billion
Tron Circulating Supply – KRW 87.4 billion
Total Tron supply – 87.4 billion
Tron Coin Market Cap Ranking – 13th

TRX/USD Market

Main level:

Resistance levels: $0.145, $0.150, $0.155

Support levels: $0.105, $0.100, $0.095

Tron price prediction for today, May 11 – TRX technical analysis — TRXUSD – daily chart

TRX/USD appears to be moving within a tight trading range with fraud above the 9-day and 21-day moving averages. As buyers increase their buying pressure, Tron price is likely to cross the upper boundary of the channel. However, if the coin fails to bounce from its current trading level, there is a greater chance that the price will fall to a new trading low.

Tron Price Prediction: Tron (TRX) Could Be Heading to the Uptrend.

The price of Tron may rise above the channel cap, but the longer the coin fails to rise from its current trading level, the more likely it is that traders will see the coin decline. A downtrend towards the lower boundary of the channel could touch the support levels of $0.105, $0.100 and $0.095. Meanwhile, the 9-day moving average is hovering above the 21-day moving average, suggesting a bullish movement in the market.

Nonetheless, the daily chart highlights that the TRX/USD uptrend could continue to push the price above the channel upper limit, energizing the market. Therefore, further bullish moves beyond this barrier could be located at the resistance levels of $0.145, $0.150, and $0.155.

TRX/BTC Could Be Breaking North

The price of Tron (TRX) against Bitcoin is moving beyond the channel limit. However, the coin may continue to follow the upward movement if buyers increase the pressure and the nearest resistance level is found around 220 SAT.

However, with the 9-day moving average remaining above the 21-day moving average, the coin creates an additional resistance level. Meanwhile, further bullish movement could lead to resistance levels above 255 SAT. Conversely, a slide below the lower border of the channel could touch support levels below 160 SAT.

However, @cryptojack provides analysis of #TRON to his massive audience of over 313,000 followers on X (formerly Twitter), indicating that the coin’s performance is in line with expectations. The price has bounced from the 0.382 Fibonacci level and the next obstacle is the Golden Pocket, located around $0.13. If the price of $TRX successfully surpasses GP, it could potentially revisit previous all-time highs (ATH)!

My previous analysis of #tron It’s going as expected. The price rebounded from the 0.382 fib level and the next resistance is the Golden Pocket at around $0.13.
If the price $TRX If I can clear the GP, I’ll test the old ATH again! pic.twitter.com/pQNwm0VX8H
— Cryptojack (@cryptojack) May 10, 2024

Tron Alternatives

Today, Tron price surged and reached the resistance level of $0.128. A positive break above the upper boundary of the channel could push the market price towards the $0.135 resistance level. As prices continue to rise, more buyers may enter the market, strengthening bullish positions. Tron’s market cap of $11 billion ranks it 13th in the cryptocurrency rankings, but its large size may limit its further potential. Conversely, a new meme coin, Dogeverse ($DOGEVERSE), has garnered considerable attention, raising over $15 million and attracting the attention of some of the biggest names in the cryptocurrency space. Investors interested in Dogeverse are urged to seize the opportunity before the pre-sale phase ends.

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Having raised over $15 million, the Dogeverse token presents an attractive investment opportunity that should not be overlooked. The incredible success of the fundraising highlights the enormous interest and potential surrounding this meme coin. Backed by a strong community and attracting attention from major players in the cryptocurrency world, Dogeverse has already proven its ability to captivate investors.

You can enjoy the benefits of Dogeverse now.