Tanya Abrosimova
Independent Analyst
- TRON's ecosystem continues growing steadily as the number of addresses exceeds $4.6 million.
- TRX/USD is hovering around critical resistance level created by $0.02000.
TRON (TRX), now the 14th largest digital asset with the current market value of $1.3 billion, is changing hands at $0.0198 after a short-lived spike above $0.0200 during early Asian hours. The coin has gained nearly 6% in recent 24 hours and recovered the losses of the previous day. An average daily trading volume is registered at $1.4 billion, which is in line with the recent data.
Notably, Tron's network has been growing steadily. According to the latest statistics, there are now over 4.6 million Tron accounts with over 4,000 accounts added on a daily basis. Tron Foundation wrote on Twitter:
According to the latest data from @TRONSCAN_ORG, the total number of #TRON accounts has surpassed 4.6M, and is now 4,606,346. #TRX $TRX.
This data illustrates a steady growth of Tron's ecosystem and supports the price increase.
TRX/USD: technical picture
From the technical point of view, TRX/USD has reached an important psychological and technical resistance of $0.0200. The price has been trying to penetrate it since January 29 with little success so far. However, once this barrier is taken out, the uoside momentum will gain traction with the next focus on $0.02300, which is the highest level since October 2019 and a recovery high from September 24 low of $0.01117.
On the downside, the correction may take the price towards Tuesday's low at $0.0184, which is also a lower boundary of the recent consolidation channel. This area is likely to slow down the sellers; though, if it is cleared, the downside momentum may be extended to SMA200 daily at $0.0169. TRX/USD has been trading above this MA since January 28.
TRX/USD daily chart
-637164929504870882.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.