TRON (TRX) Records Brief Price Surge Amid Bulls Dominance

• At the time of writing TRX is trading at $0.0808, up 2.18% in the last 24 hours.
• The price of TRX might gradually decline if it is unable to break above the $0.0815 barrier level.

Transaction and wallet activity on Tron, a measure of its popularity among investors and traders, have lately grown, lending credence to the recent price jump.

Moreover, Tron’s founder, Justin Sun, has shown interest in purchasing the assets of defunct cryptocurrency exchange FTX. The goal, as the founder of Tron indicated, was to lessen the selling impact on the cryptocurrency market.  

Messari reports that, excluding stablecoins, the entire value of liquid crypto assets held by FTX liquidations is $1.3 billion. Several cryptocurrencies, notably Tron (TRX), were revealed in the report to be among the holdings of FTX liquidators.

On the other hand, the TRON team featured some of their most recent innovations lately. The team opened virtual world stores in real time for developers’ conference attendees, and the network joined the JCBA as an affiliate. In addition, Curve received a $2 million investment from TRON DAO Ventures.

Price Consolidating

At the time of writing TRX is trading at $0.081, up 2.18% in the last 24 hours. Moreover the trading volume is up 45.95%. The price is consolidating at the time of writing. TRX faces $0.0815 as an early point of resistance if it manages to climb further.

Clearing which it faces resistance at $0.0828 and a further rally all the way till $0.085 is expected. If TRX price manages to sustain a close above $0.085, it might rise much further.

The price of TRX might gradually decline if it is unable to break above the $0.0815 barrier level. The $0.080 area provides first support for the price. Once it drops below $0.0780, the price may drop rapidly.