Where in the past 2-3 weeks most cryptocurrencies including Bitcoin, Ethereum have been facing heavy price drops, Tron cryptocurrency is gaining momentum. Bitcoin price swinged from its high of $70,000 to dropping as low as $49,050. Ethereum experience similar losses dropping from $3533 to $2111.  

Contrarily Tron has been gaining upside momentum. This upside in Tron price surged following a recent announcement by its founder, Justin Sun, on Monday. Sun unveiled plans to incorporate a meme ecosystem on the Tron blockchain, sparking widespread interest among influential community leaders.

What to expect for Tron: Can Tron hold its gains or drop?

In the last 3-4 days, Tron broke above its resistance to record a new All-time-high today (21.08) reaching $0.166 price per Tron token. Currently (as of this article writing) Tron cryptocurrency is trading at $0.154 per token. Latest Tron USD price can be checked from CryptoPurview price tracker.

Since reaching its new ATH of $0.166, Tron cryptocurrency is going for the correction. Using Fib retracement levels (from low of $0.1173 to $0.166), a pull-back to 50%-61.8% Fib level is highly expected, that gives the price range of $0.1411 to $0.1467.

Also using trend line (as show in the below chart), $0.145 level seems to be a strong support level for Tron USD price.

Given widespread community interest post Justin Sun message in X platform, many influential leaders have shown strong enthusiasm for joining the altcoin. This will help to continue build positive Tron price momentum for days to come.

PS: This technical analysis may or may not be useful. Use at your own risk.