As the year is coming to an end, TRON (TRX) is under keen observation of analysts on its rally. Traders are hoping for a rebound from the coin’s part. At press time, the coin is trading at $0.2835 with a 1.67% increase in rate. The market cap of the coin exceeds $26.84 billion, and the volume of the coin is around $494.72 million.
Also Read: TRON Enables Fast and Cost-Effective USDT Payments for Asian Merchants
Despite the market’s fluctuating sentiment and even though it is currently in the bearish phase, the market is still stable. TRX has a circulating supply of 94.68 billion, which comes with an annual inflation rate of 9.70%. This adds to a total of 8.37 billion TRX into circulation over the last year alone. The token is available for trading on a total of 127 cryptocurrency exchanges, among which Binance and KuCoin are the largest ones.
The 200-day simple moving average in the long run is projected to reach $0.3003, while the 50-day simple moving average (SMA) in the short term may be $0.2898. All these figures reflect a gradual but certain movement towards the higher ground.
The Relative Strength Index (RSI) is located at 67.87, which is a little over the neutral phase. This indicates that the coin is now being oversold. The pivot points have established the support levels at $0.2790, $0.2773, and $0.2760. The resistance levels of TRX are at $0.2820, $0.2833, and $0.2850.
For the coin to close the year in a strong rally, it needs a few factors to be in line. If major coins achieve a positive rally, alt coins like TRON will get wider market adoption. Continuous use of the coin’s blockchain platform can fuel greater market acceptance. Also, a technical breakout, such as clearing resistance with a much better trading volume, can also help the coin achieve a much better bullish rally.
All these factors, such as macroeconomic development, on-chain momentum, and social sentiments, will help the coin to close December strongly.
Also Read: TRON Enables Fast and Cost-Effective USDT Payments for Asian Merchants

![QQQ short term cycle nearing end; pullback likely to attract buyers [Video]](https://i0.wp.com/editorial.fxsstatic.com/images/i/Equity-Index_Nasdaq-2_Medium.jpg)