A cryptocurrency analyst and trader is turning bullish on Tron (TRX) as the layer-1 blockchain’s native token surges more than 20% in the past month.
In a new video, the analyst known as Sherpa explains to his 11,300 YouTube subscribers that over the past two years, Tron’s price has performed relatively better than other altcoins.
“TRX has been one of the strongest cryptocurrencies of the entire last period. If you look closely, the fact that TRX is actually close to the all-time highs (recorded) in March 2021 is actually incredible. The number of cryptocurrencies that are actually close to the all-time highs of 2021 is very very very small. TRX is the one that managed to reach that point.”
TRX is trading at $0.151 at the time of writing.
Sherpa, however, says that Tron’s chart currently “looks pretty ugly” and is therefore bearish on the altcoin in the short term.
“It’s actually one of the strongest altcoins overall. That being said, I still think it’s likely to go down in the short term.”
Regarding potential entry points for TRX, Sherpa says:
“I think the price is going to pull back. I don’t know how far. If you’re looking for entries, maybe you can do that old weekly close at $0.143, $0.142… but again, it’s a little risky compared to everything else. But I would be patient with TRX, I don’t necessarily think it’s a must-buy here.”
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