TRON's native token, TRX, saw a 1.06% price increase over the past hour to reach $0.08253 at the time of writing. Looking at key metrics, TRX has a market capitalization of $7.29 billion and 24 hour trading volume of $196.29 million. Over the past day, TRX gained 0.83%, while it was up 3.11% and 12.06% over the past week and month respectively. Zooming out further, TRX saw impressive gains of 33.46% during the last 6 months.
Analyzing the data, TRX’s short-term 1.06% price increase stands out as a positive signal amid an already bullish backdrop over the past week and month. The recent upside move comes after TRX saw consolidation around the $0.08 level, where it seemed to establish support.
Looking ahead, the technical picture looks bright for further TRX gains. TRX remains in a clear uptrend, with higher highs and higher lows over the past 6 months. The bullish momentum is backed by strong on-chain activity and developments on the TRON network. From a chart perspective, TRX broke out of a bull flag pattern earlier this month.
In summary, the data presents an optimistic outlook for TRX in both the short and long term. Traders may look to buy on dips, with targets at $0.10 and $0.12. However, some minor pullbacks are expected along the way.
Should You Buy TRX Now or Wait for a Retracement?
With TRX up today and in an uptrend, some traders may be wondering if now is the time to buy or if waiting for a pullback is better. While TRX could see some profit taking after the recent gains, trying to time the exact bottom is difficult. Dollar cost averaging over time allows benefiting from dips.
For long-term investors, gradually building a position on retracements makes sense. For short-term traders, buying on dips with a stop-loss lets you ride upside momentum while controlling risk. Considering the bullish backdrop, buying TRX on weakness seems prudent.
Is TRX a Good Long-Term Investment?
TRX appears to be a solid long-term investment at current levels. The TRON network is expanding with growing DApp adoption and high transaction volumes. This underlying usage and development supports TRX's value. TRON also has strong brand awareness and one of the most active communities in crypto.
While competition exists, TRON is establishing itself as a leader in decentralized applications. As crypto adoption increases over the coming years, usage of the TRON network is likely to surge. With TRX being the native token of this ecosystem, it stands to benefit. For long-term crypto investors, TRX deserves consideration as part of a balanced portfolio.