TRX was initially based on ERC-20, but it later moved to its own network. This network has been very popular because of the low transaction fees. Over the past 24 hours, the token’s market capitalization has increased by approximately 21% to $8.7bn. Volume has risen by 102% due to the price increase, currently standing at $3.3bn. This is mainly due to Justin Sun’s announcement that Tron will be creating its own stablecoin, which gives the coin its pump.
The TRX traded at $0.0863 as of the writing of this article
TRX traded in an “Ascending Triangle” pattern. It broke through multiple support levels at $0.06 and began moving upwards, forming the ‘Higher High Higher Low’ pattern. The asset then broke the resistance line and surged to $0.08987. TRX is in a strong resistance zone between $0.090 and $0.095 so we can expect profit booking at these levels. It must close above $0.095 to continue its rally, while $0.079 will provide strong support.
Support 2Support 1AssetResistance 1Resistance 2$0.07$0.079TRX$0.095$0.105
Bitcoin, Ethereum Cash, and other cryptocurrencies are investments. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. Author’s analysis is intended to be used as information only and not as investment advice.
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