What to know:
- TRX holds strong above the $0.30 support level
- Price is approaching the $0.33 resistance zone
- Momentum remains positive with steady upward movement
TRON has increasingly solid momentum under solid technical setup and also expanding access to the market.
TRON is a decentralized blockchain that allows fast and cheap sharing of digital content and transactions. At press time, the coin is trading at $0.3272 with an increase of 1.08% over the past 24 hours.
TRX Holds Above $0.30 Support
TRX continues to maintain its bullish price action as it remains above both its 50-day and 200-day moving averages on a daily time frame.
TRX’s price is near the $0.33 resistance area, where there appears to be some minor consolidation in price action. However, this pattern of price action still appears attractive to buyers as they are willing to accumulate buy TRX at higher levels.
The MACD indicator has some minor flattening, yet it suggests a pause in momentum rather than a reversal; thus, I would expect that, should TRX be able to break above $0.33 with buying volume, TRX should be able to continue to move towards the $0.34 resistance level.
TRX has strong support between $0.30 and $0.31, and thus may have limited potential for a short-term pullback.
TRX Gets a Boost from Latest Market Update
According to the recent update on X by TRON DAO, that TRX deposits have been activated on Binance.US, with trading pairs to follow soon.
This provides more opportunity for TRON’s growth in the U.S. market and also makes it easier for traders to trade TRX. The increase in exchange trading activity should help create liquidity in the market, which could lead to gradual price appreciation over time.
In conclusion, TRX has a positive medium-term outlook based on its ongoing development of strongtechnical support and other positive factors that provide greater access to the TRX market.
Therefore, if the current situation continues and if TRX continues to develop positively, the price of TRX will likely see a gradual and controlled increase in price as measured by the TRX/USD exchange rate.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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