- The TRX price has increased by 5.06% during the intraday trading session.
- Technical indicators summary reflected a neutral perspective on the current phase.
- The trading volume of TRON has decreased by 20.17% in the last 24 hours.
Launched in 2017, TRON (TRX) is a decentralized blockchain-based operating system developed by the Tron Foundation. The TRON software supports various blockchain systems, smart contracts, and decentralized applications (DApps). The platform uses a transaction model named UTXO, in which transactions occur in a public ledger. TRON uses a delegated proof-of-stake consensus mechanism where owners can vote for super representatives.
TRON Price Witnessed a Negative Rally in the Recent Sessions
The TRX token price has been performing in an uptrend since January 2023. The price formed multiple higher-high swings and continued its bullish rally to date. It reflects the stability and trust of the TRON community in this project.
On November 10, 2023, the price started forming a bullish pennant pattern from the $0.1130 resistance level. The pennant broke at $0.1052 on January 10, 2024. Consequently, the price surged 36% to the $0.1442 resistance and is currently making a bullish correction.
The fully diluted valuation of TRON (TRX) is $10.67 Billion, representing the maximum market capitalization assumption. Additionally, the maximum supply of the TRX token is unlimited, which means the cryptocurrency can become inflationary.
Price to Volume and Social Dominance Analysis
TRON volume has been reflecting excellent performance since January 2024, reflecting stability. Conversely, social dominance also shows stability, capturing 0.418% dominance in the entire cryptocurrency market.
However, the price has been facing some negative remarks since March 2024. The 24-hour trading volume is $10.67 billion, ranked 41st among all the 9,218 active cryptocurrencies. The volume-to-market capitalization ratio (VMR) is 5.32%.
Technical Analysis of the TRON Price
The TRX token price has been moving above the 50-day and the 200-day exponential moving averages since January 2023. It reflects the solid bullish sentiments in the price. Both the EMAs have been acting as dynamic support for the price.
The TRON price faces intense selling pressure from the $0.1442 resistance level. The price fell 22% to the $0.1130 decisional point of interest and is currently retaliating. TRX price can surge above the $0.1442 resistance if it strikes above the $0.1277 short-term high (STH).
On the other hand, if the price closes below $0.1052, it can be expected to drop at the $0.945 decisional bullish point of interest (POI).
Moreover, the relative strength index (RSI) reflected an internal bearish divergence in the price momentum. However, it also reflects a strong positive momentum from the 30-mark lower band. RSI is moving at 39.14 above the signal line.
Summary
TRON is an operating system based on blockchain with a native cryptocurrency called TRX. The project gained a stable social dominance and volume, which reflects users’ trust. The TRX price has fallen to the $0.11130 POI and is getting a solid bullish response. The price can surge above the $0.1442 resistance if it strikes above the $0.1277 short-term high (STH). For the bearish look, the price should close below $0.1052.
Technical Levels
- Resistance Levels: $0.1277 and $0.1442
- Support Levels: $0.1052 and $0.0945
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.