Cryptocurrency analysts and traders are bullish on Tron (TRX), the native token of the layer 1 blockchain, which has gained more than 20% in the past month.
In a new video, the analyst known by the pseudonym Sherpa tells his 11,300 YouTube subscribers that Tron’s price has performed relatively better than other altcoins over the past few years.
“TRX has been one of the strongest coins over the entire period. If you look at it, it’s actually amazing that TRX actually came close to its all-time high in March 2021. There are very, very, very few coins that have come close to their all-time highs in 2021. TRX was the one that actually got there.”
As of this writing, TRX is trading at $0.151.
However, Sherpa said that Tron’s chart is currently “pretty ugly” and therefore he expects the altcoin to decline in the short term.
“It’s actually one of the strongest altcoins overall. That said, I still think there’s room for a short-term downside.”
On potential entry points for TRX, Sherpa said:
“I believe it will pull back. I don’t know how far it will go. If you’re looking for an entry, you could probably do the previous weekly close at $0.143, $0.142… But again, that’s a little bit risky in all other respects. But you have to be patient with TRX. I don’t think you should necessarily buy here.”
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