Tron Price Analysis: TRX/USD on the verge of strong growth as $0.0230 is broken

Tron, now the 11th largest digital asset with the current market value of $1.5 billion, has gained over 12% in recent 24 hours to trade at $0.02320 at the time of writing. TRX/USD hit $0.02377 on Friday amid a strong bullish wave triggered by market fundamentals ab positive technical developments. An average daily trading volume spiked to $1.9 billion from $1.4 billion the day before.

Justin Sun pumps his coin again

Tron's founder announced that he had finally had a lunch with prominent investor Warren Buffet. He won a right to dine with the financial legend by donating $4.5 million in Buffet's charity fund. Notably, the historical lunch took place on January 23, that is two weeks ago, but Sun revealed the details only recently. This fact made many cryptocurrency community members curious. They suspected that he had been waiting for a favorble moment to pump his coin. 

However, there were also many positive comments from Tron supporters who touted the lunch as a historical event that will pave way for cryptocurrency adoption. Mr. Sun presented Buffet with SamsungGalaxy Fold and introduced him to the world of digital coins holders.

TRX/USD: Technical indicators imply that the correction may be due

On the intraday charts, TRX/USD broke free from a tight range limited by $0.0220 on the downside and $0.0230. If the move outside this channel is sustained, it will set the stage for a strong bullish trend. The next resistance is created by $0.0245 (the highest level since the end of July 2019, and $0.0250.

On the downside, a sustainable move below $0.0220 will trigger more sell-offs towards SMA500 1-hour at $0.0210 and SMA100 1-hour at $0.0200. This psychological area is likely to slow down the bears and trigger another upside wave; however, if it is broken, SMA200 1-hour at $0.0195 will come into view. 

TRX/USD 1-hour chart