Home
News
- 1 Tron founder Justin Sun is currently siding with the exchanges against the SEC along with Charles Hoskinson
- 2 TRX is currently in a consolidated range on the daily chart. It has seen a drop of 0.27% in past seven days
Tron is one of the popular cryptocurrencies which has seen less fall among the other altcoins in cryptomarket turmoil. Tron token was originally ethereum based but after a year it moved to its own blockchain. The Tron Software also supports smart contracts and various dapps which makes it more scalable. Various developers are currently moving towards the Tron network for developing Dapps and for scalability. The protocol has also a very high throughput and less transaction fees which makes it better to use than other cryptocurrencies.
Tron protocol has a TVL of $5.33 Billion which has been observing a consolidation. The fees collected on the network has been seeing a surge from the start of this year. The overall account on Tron is near 168,205,854 which has been on a rise since MAR 2023. Meanwhile, the number of transactions on the protocol has also been observing a strong growth.
Justin Sun is currently siding towards the exchanges against SEC. He also has donated 10k TUSD towards Sleuth legal battles. Tron market cap has reached $6 Billion and may see more growth in the future.
Is TRX Price Failing to Sustain Above 100 DMA?
The weekly technical chart of Tron suggests a weak bearish momentum in price. On the daily chart, the stock price is seeing a breakdown from its consolidating trend. TRX price is currently near the value of $0.06922 with a drop of 1% in intraday session. The upside trend of TRX can see a halt near the value of $0.075. Meanwhile, the support for the coin can be seen near $0.065. The asset price is trading below the 50 and near 100 Daily Moving Averages. If the asset price sustains below the 100 DMA then a strong bearish momentum can be seen in the future.
The RSI of Tron is near 38 suggesting its presence in the oversold zone. There is a strong downside slope in it hinting towards a bearish momentum.
Summary
Tron is currently observing a strong growth in users where others are struggling. TRX Price is seeing a consolidated trend and can see a new high in future.
Technical Levels
Major Support:$0.06
Major Resistance:$0.075
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
