Tron Upward Price Momentum At Risk Unless Key Resistance Is Breached

Over the past few weeks, the price of Tron (TRX) has experienced an upward movement. However, it has struggled to break through a crucial resistance level for a significant period of time. In the last 24 hours, TRX saw a 1% increase, while on the weekly chart, it recorded a 3% gain. The bullish momentum has been maintained since surpassing the $0.68 price level. The technical outlook suggests a potential shift towards bullish influence. Related Reading: Cardano Price Threatens Multi-Month Low Unless Bulls Defend This Support Demand and accumulation indicators have shown improvement in the daily timeframe. While Tron has managed to resist the broader market sentiments affecting other altcoins, it remains vulnerable to fluctuations in the Bitcoin price. To sustain its daily gains, it is crucial for TRX to surpass the immediate resistance level. Failure to do so may result in a reversal of its upward trend. The increase in the TRX market capitalization indicates that demand has started to revisit the market. Tron Price Analysis: One-Day Chart At the time of writing, Tron (TRX) was trading at $0.078. The altcoin faced overhead resistance at $0.079, and a successful move above this level would likely propel TRX above the $0.080 mark. However, if it is rejected at $0.079, the coin could experience a significant decline. It is worth noting that TRX has previously faced rejection at the $0.083 level, which will serve as an important resistance. On the downside, the nearest support for Tron is located at $0.074. If TRX fails to hold above this support level, it may drop further to $0.068. The trading volume of TRX in the last session was green, suggesting that buyers have started to establish control over the price. Technical Analysis Following a period of decreased investor interest earlier this month, Tron (TRX) is currently showing signs of recovery in terms of demand on the daily chart. The Relative Strength Index (RSI) indicates that buyers are exerting dominance in the market, as it is above the half-line. This suggests a positive sentiment and increased buying pressure. Additionally, the price of TRX has moved above the 20-Simple Moving Average (SMA) line, indicating that buyers are in control of the price momentum in the market. This further supports the notion that buyer dominance is prevailing. To sustain this buyer momentum, it is crucial for TRX to break past the $0.079 resistance level. If TRX successfully surpasses this level, it may continue its upward movement Contrary to rising demand, TRX has maintained sell signals on the daily chart based on the Moving Average Convergence Divergence (MACD) indicator. The MACD histogram formed red bars, indicating sell signals for the altcoin. This suggests a potential decline in price if TRX fails to move above the immediate resistance level. Related Reading: MATIC Price Shows Bullish Formation – What’s Next? Furthermore, the Chaikin Money Flow (CMF), which measures capital inflows and outflows, is below the half-line. The upcoming trading sessions will be crucial for TRX to determine its future direction. Featured Image From UnSplash, Charts From TradingView.com

View Details

TRX Bulls Charge Ahead As Tron Network Prepares For Major Upgrade

The Tron (TRX) Network is set to undergo a major upgrade on July 11th, and TRX and other key metrics have seen a steady uptrend as the upgrade approaches. The upcoming Periander upgrade brings significant enhancements to the Tron Network, while TRX experiences a surge in on-chain metrics. Tron Network’s latest update, Great Voyage—v4.7.2 (Periander), [...]

The post TRX Bulls Charge Ahead As Tron Network Prepares For Major Upgrade appeared first on Crypto Breaking News.

View Details

BitTorrent Bridge Breakthrough: Justin Sun’s TRX To Reach Ethereum Network

Justin Sun, the founder of the Tron blockchain, has announced that the Tron network’s native asset, TRX, can now be fully accessed on Ethereum (ETH), the largest altcoin network in the cryptocurrency industry. This has been made possible through the BitTorrent Bridge, which allows for seamless interoperability between the two blockchains.  BitTorrent Bridge Paves The Way To Ethereum Integration Interoperability in the context of blockchain refers to the ability of different blockchains to communicate and exchange information with each other seamlessly. In this case, the BitTorrent Bridge enables Tron’s native asset, TRX, to be transferred and accessed on the Ethereum network, and vice versa. Related Reading: Litecoin Breaks $95 As Whale Transactions Spike This means that TRX holders can now access the larger Decentralized Finance (DeFi) market and decentralized applications (dapps) available on Ethereum, while Ethereum users can now access TRX and its associated dApps on the Tron network. The BitTorrent Bridge acts as an intermediary between the two blockchains, facilitating the transfer of assets and data in a secure and decentralized manner. The move is a significant development for the Tron ecosystem, which is currently the second-largest DeFi ecosystem with over $5.6 billion in total value locked and more than 2.9 million active users, according to DeFiLlama data. Justin Sun’s tweet regarding the Ethereum expansion via BitTorrent Bridge has already had a positive impact on TRX’s price, with the asset jumping by 2% following the announcement. This further demonstrates the potential for Tron to expand its reach and appeal to a wider audience in the cryptocurrency industry. With Tron’s expansion to Ethereum, the cryptocurrency industry continues to see the growing importance of interoperability between different blockchains. As more projects explore the potential of cross-chain functionality, the industry is likely to see further development and innovation in the coming years. TRON Sets New Daily Transaction Record Despite the challenges faced by the cryptocurrency industry in recent months, TRON has continued to perform strongly, defying expectations and posting impressive growth. According to a Twitter thread by Justin Sun, the network hit a new record high in daily transactions, processing over 10 million transactions in a single day. Furthermore, Sun notes that the robust performance of the TRON network is a result of its quality and efficiency, as well as its ability to continuously improve and deliver concrete results. Looking ahead, TRON has set an ambitious target for the year, aiming to double its transaction volume. Sun emphasizes that this increase is not just a measure of quantity, but also a reflection of the network’s ability to maintain its strong fundamentals and generate revenue even in a challenging market. Related Reading: Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market Moreover, the growth in TRON’s transaction volume is expected to further bolster protocol revenue and demonstrate the strength of the TRON ecosystem. As the cryptocurrency industry continues to evolve and face new challenges, TRON is positioning itself as a leader in the space by focusing on innovation, efficiency, and delivering results. Featured image from Unsplash, chart from TradingView.com

View Details