TRON Price Analysis: TRX has strong fundamentals, may resume growth towards $0.0140
- The number of addresses on Tron blockchain has been growing strongly.
- TRX/USD may retest April 7 high at $0.0140, if it clears $0.0135.
TRX is the 16th largest digital asset with the current market value of $862 million and an average daily trading volume of $1.3 billion. The coin has settled at $0.0128 and gained 2% on a day-to-day basis. TRX/USD hit the intraday high at $0.0131 on April 18 and retreated below $0.0130 amid general short-term bearish trend on the market.
Tron's ecosystem is growing exponentially
According to the Tronscan data, the number of Tron addresses hit the record high amid exponential growth registered recently. The supporters see it as a clear signal of users' confidence in TRON's ecosystem.
Notably, the increase in new addresses coincided with the launch of JUST, Tron's first DeFi project.
TRON's founder Justin Sun tweeted on April 21, that the daily increase in accounts hit the new record of 85,698; however, the next day the number hit a new all-time high above 100,000. The total number of addresses surpassed 5.5 million accounts.
TRX/USD: Technical picture
TRX/USD has returned to 4-hour SMA100 currently at $0.0129. If it is broken, the sell-off may continue towards the next barrier created by the middle line of the 4-hour Bollinger Band at $0.0127. A move below this area will open up the way to stronger support created by a confluence of 4-hour SMA200 and the lower line of the 4-hour Bollinger Band at $0.0122.
On the upside, the short-term recovery is limited by the upper line of the 4-hour Bollinger Band at $0.0132. This resistance is followed by March 18 high $0.0135. A sustainable move above this area is needed for the upside to gain traction with the next focus on psychological $0.0140, which is also the highest level since April 7.
TRX/USD 4-hour chart
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Author
Tanya Abrosimova
Independent Analyst
