- TRON (TRX) coin has a volume of $87 Million, which raised by 37.4%.
- TRX has a circulating supply of 88 Billion coins.
- The TRX coin has given a rise of 53% in the previous year.
TRON (TRX) represents a decentralized blockchain operating system that emerged through the efforts of the Tron Foundation in 2017. Initially, TRX tokens were constructed as ERC-20 tokens on the Ethereum platform. However, a year later, they transitioned to their own dedicated network.
The TRX cryptocurrency is currently on an upward trajectory. It has been consistently forming higher highs in its price pattern, accompanied by a notable surge in trading volume.
The total trading volume for TRX stands at $87 million, with a significant increase of 37.4% in today’s market session, as reported by CoinGlass. This surge in trading volume is indicative of growing interest from buyers.
TRX has exhibited a remarkable annual price increase of nearly 53%, demonstrating positive performance for the coin.
At present, TRX is trading at $0.09, with a total circulating supply of 88 billion and a fully diluted market capitalization of $8.6 billion.
Back in January 2018, Tron (TRX) reached its peak at $0.18 before entering a prolonged decline. Over a relatively short period, the coin’s price experienced a decline of approximately 75%. However, it eventually found support at the $0.04 level, leading to a subsequent price recovery.
The recent price movement has caused TRX to trade within a channel pattern, and there has been a recent breakout from this channel pattern with a notable increase in trading volume. This suggests that the price is likely to experience an upward trend in the upcoming time.
Tron (TRX) Price Analysis
Technical Indicators Summary
TRX displays a scenario where the RSI line is situated above the SMA line. Also, both the lines are near the 70 level, which is considered a positive sign. This arrangement suggests the potential for a future price increase in TRX.
Furthermore, the MACindicator for TRX is currently positioned above the signal line, signalling positively for the price. Additionally, the presence of a green histogram reinforces the likelihood of a price increase in the days ahead.
Conclusion
In conclusion, the price of the TRX is moving upwards with the formation of a higher high pattern. The price has recently given a breakout with a good volume and the indicators are positive for the coin. Also, the coin has shown a positive return in the previous revealing a positive indication for the coin. Hence, the price is likely to rise in the upcoming days.
Technical Levels
- Support Level – $0.091 and $0.083
- Resistance Level – $0.11 and $0.146
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.