- Tron (TRX) surpassed its key resistance level to hit its 18-month high.
- A surge of 241% in the daily trading volume indicates a boost in investors’ sentiment.
- TRON holds the second-highest TVL, following the top contender Ethereum.
TRON (TRX), the native cryptocurrency of the Tron blockchain, has entered the top gainers list with a 24-hour gain of over 8%. TRX staged a rally to an 18-month high of $0.09439, marking its highest peak since January 2022.
Astoundingly, as per TradingView, around 00:00 UTC, TRX experienced a 17% surge — from $0.08043 to $0.09439 — within a specific 4-hour time frame. This price rally is presumably tied to a suspicious $62 million stablecoin minting by TRON founder Justin Sun. Apart from this, another positive trigger could be the rising traction of TRON-based USDT in Latin America. Let’s analyze the price movement of this cryptocurrency and decode its further growth trajectory.
TRON (TRX): 24H Price Analysis
Over the past three weeks, TRON (TRX) has been in a bullish state. The daily price chart highlights the current price movement above the 50-day exponential moving average (50EMA). Meanwhile, the daily relative strength index (RSI) has surged above 70, moving into the overbought zone.
Furthermore, the average directional index (ADX) of TRON (TRX) rose above 25 to denote a strong trend. However, at the time of writing, the price of TRX was at $0.08714 — 7.68% down from its intraday high. According to CoinMarketCap data, the altcoin stood with a market cap of $7,823,845,007 and a bullish 24-hour trading volume of $590,275,728. Also, TRON continues to stand tall as the second-largest TVL holder, with $5.75 billion, after Ethereum.
TRON (TRX) Eyes a New Price Target
TRX executed a positive breakout from its horizontal channel by flipping its key resistance level of $0.0857. On a positive note, if TRX sustains a commendable uptrend, it would gain its entry into the $0.1 level. If TRX fails to defend this rally, there are possibilities for the altcoin to retrace to its support levels: $0.0857 and $0.0717.
| Target Resistance | $0.1036 |
| Critical Support Levels | $0.0847; $0.0717 |
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Source: https://thenewscrypto.com/altcoin-news-tron-trx-eyes-a-new-target