TRON (TRX) is showing signs of a recovery. The asset is trading in the green zone across all time frames. TRX’s price is up 0.2% in the daily charts, 2.9% in the weekly charts, 4.6% in the 14-day charts, 0.5% in the monthly charts, and 92.3% since March 2024.
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Cryptocurrencies Slump As We Enter Second Quarter
The crypto market has faced substantial resistance over the last few months. Bitcoin (BTC) fell to below $79,000 in March. The original crypto reclaimed the $88,000 level but has since fallen to the $83,000 price point. TRX followed BTC’s trajectory but is showing signs of a recovery.
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The market slump is likely due to macroeconomic uncertainties. The US will begin its tariffs against Canada, Mexico, and China on Apr. 2. Market participants may be weary about the consequences. TRX and other cryptocurrencies could face challenges if the uncertainties continue.
TRON On Its Way To A New Peak
According to CoinCodex, TRX will rally over the coming weeks. The platform anticipates the asset to hit $0.35 on Apr. 18. TRX’s price will rally by around 52% if it hits the $0.35 target. CoinCodex does not expect the asset’s price to hold above $0.35. The platform predicts the asset will face a correction to around current levels by late May.
Changelly also anticipates a similar performance from TRON (TRX). The platform also predicts TRX will hit $0.35 on Apr. 18. Like CoinCodex, Changelly does not expect TRX’s price to hold above $0.35 either. The platform anticipates TRX to trade at $0.27 on Apr. 24.
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There is also a possibility that TRX will not rally as predicted. Macroeconomic headwinds continue to present considerable challenges to the crypto market. How the market performs over the coming weeks is yet to be seen.