What to know:
- TRON (TRX) holds key support, with analysts targeting a sustained breakout above $0.35.
- Analysts warn against false breakouts, favoring steady consolidation before the next rally.
- Tron Inc. bought 151,322 TRX, raising its treasury to more than 704 million tokens.
TRON (TRX) maintained a bullish structure by holding a key support zone, with analysts favoring steady consolidation or a clean breakout for the TRX price while warning against false moves. Meanwhile, Tron Inc. expanded its token treasury, reinforcing its long-term strategy of strengthening its digital asset reserves.
At the time of writing, TRX is trading at $0.3321 with a 24-hour trading volume of $492.43 million and a market capitalization of $31.5 billion. Following the 1.13% gain over the last 24 hours, the TRX price structure and continuous institutional accumulation point to a bullish reversal ahead.
Source: CoinMarketCap
Also Read: TRX Price Eyes $0.3420 Breakout as Tron Inc. Increases Treasury Holdings
TRX Price Eyes $0.35 While Defending Crucial Support
According to the crypto analyst Umair Orakzai, the TRX price continues to hold above a key support range, keeping its bullish market structure intact as traders monitor the next major move.
Analysts say the consolidation above support remains a positive signal, provided the TRX price stays within the established range. A stable structure could strengthen buyer confidence and build momentum toward a breakout above the crucial $0.35 resistance level.
Source: Umair Orakzai’s X Post
However, a bullish rejection past the high of the range may jeopardize the present outlook by provoking a strong rejection. This would inspire bearish players to go short on the TRX price and cause spot buyers to cash out profits and sell the token.
According to analysts, the price of TRX needs to either make a clean breakout above $0.35 or consolidate.
Tron Inc. Adds TRX to Strengthen Crypto Treasury
The data from Tron Inc. further highlighted that the company has added to its crypto treasury by buying another 151,322 TRX coins at an average price of $0.3304 per coin.
This new purchase raises the company’s total TRX coin holdings above 704 million coins, thus emphasizing its dedication to creating one of the largest corporate treasuries of the native token of the Tron network.
Source: TRONSCAN
The firm indicated that it intends to continue growing its Tron Digital Asset Treasury (DAT). With a continued increase in its holdings of TRX tokens, the Tron company will be seeking to enhance its financial position and take advantage of the growth of the blockchain ecosystem in the future through prudent digital asset investments.
Following the bullish price predictions and continuous institutional accumulation, the TRX price has performed well. The move is also backed by the general recovery trend in the crypto market as the BTC price has surged above $63,000.
What’s Next for TRX?
TRON’s next move will be determined by whether the coin is able to maintain its key support level and breach the key resistance level of $0.35.
If this happens, the bulls could have more room to push the TRX price upwards. More institutional buying and expansion of Tron Inc.’s treasury could help here.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: TRON Price Prediction: TRX Holds Key Support as Analysts Eye $0.36 Rally
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