|

Tron Price Analysis: TRX/USD bulls are at working breaking down big resistance area

  • TRX/USD running with chunky gains of over 5%, out-performing its peers in the market.
  • Solid fundamental updates continue to be reported by the Tron foundation.

The Tron price is seen holding decent gains of over 5% in the session on Wednesday, further continuing the solid run to the upside. TRX/USD has jumped a chunky 40% since the commencing of this most recent trend north.

TRX/USD foundation have continued to report solid fundamental updates, around the Tron network. Recently in their weekly report, they announced the approval of proposal no. 13, this was put forward by the founder Justin Sun. The goal is to increase the amount of energy in the network and to significantly reduce transaction costs of the Tron network.

The price at the time of writing for TRX/USD was trading at 0.028100, up over 5%. Bulls are attempting to breakdown resistance, which is seen tracking from $0.026000-0.029000. They are very close to completely breaching and moving above, which would be the first time since August 2018.

TRX/USD daily chart

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

More from Ken Chigbo
Share:

Editor's Picks

XRP under pressure as derivatives soften and 200-day EMA support is tested

XRP faces intensifying headwinds, trading at $1.37 on Tuesday, while the 200-day EMA provides immediate support. XRP remains vulnerable to further downside, as weakening momentum signals continue to exert pressure.

Crypto Today: Bitcoin, Ethereum, XRP struggle to extend gains despite ETF inflows

Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.

Bitcoin kicks off September with strength after 25% August surge

Bitcoin starts September on a stronger footing after delivering a nearly 25% monthly return in August, its best performance in 21 months. BTC is trading above $78,900 on Tuesday, while renewed spot ETFs inflows and Strategy’s latest Bitcoin purchase signal continued institutional demand.

Bonk eyes breakout rally as retail demand rises

Bonk price is up 7% on Tuesday, building on the previous day’s 7% gains to reclaim the 14% loss from last week. A Solana-based meme coin is gaining retail attention as speculative, leverage-driven demand has lifted BONK Open Interest by 35% over the last 24 hours.

Bitcoin: Billions in ETF inflows push BTC toward decisive breakout
Bitcoin (BTC) extends gains so far this week, trading near $80,000 after testing the 50-week Simple Moving Average (SMA) at $81,114 earlier. Strong institutional demand is supporting the rally, with spot BTC Exchange Traded Funds (ETFs) on track to record a second consecutive week of billion-dollar inflows.