Tron Inc. said it bought another 150,997 TRX on October 26, which brings its reported holdings above 720.5 million tokens. The Nasdaq-listed company paid an average of $0.3311 per token, putting the purchase at approximately $50,000.
The update continues its existing accumulation strategy as TRX attempts to hold around the $0.33 level. While the company keeps adding more of it, the price has yet to see a convincing recovery from its October decline.
Another installment in a daily buying plan
In its October 26 X post, Tron Inc. announced a new purchase and reiterated its intention to increase its holdings.
The purchase comes after a strategy disclosed earlier this year. A February SEC-filed announcement showed plans to buy about $50,000 worth of TRX daily for 360 consecutive days. Today’s reported acquisition is consistent with that approach that was announced earlier in the year.
Keeping the dollar amount broadly fixed means the number of tokens bought will change with the price. A lower TRX price buys more tokens; a higher price buys fewer.
The latest addition is about 0.02% of the company’s reported treasury.
Tron Inc., which trades under the stock ticker TRON, is also separate from the TRX cryptocurrency. Its treasury decisions describe one company’s exposure to the token.
TRX’s bounce still has ground to recover
At the time of this writing, TRX traded near the $0.3309 price level after recovering from the recent decline that took it to the $0.328 price level.
That recovery has been a modest one. A look at the chart shows it has seen several unsuccessful rebounds during October, with prices generally retreating from earlier trading areas.
The next test it might face is around the $0.332–$0.333 price area. If it moves above that area and stays there, the recovery attempt will become stronger. Beyond it, the $0.335–$0.337 level is a previous trading zone where if it advances, it could face selling.
Its recent lows around the $0.327–$0.329 level are a level that is important to watch. This is because buyers have stepped in around that region, but if it keeps dropping below it, it would bring $0.325 into view.
For now, TRX has found some breathing room without reversing its recent weakness. The company’s purchase and the price bounce occurred on the same day, but nothing shows that they are connected in any way.
Final Summary
- Tron Inc. reported around $50,000 purchase, taking its treasury above 720.5 million TRX.
- TRX recovered toward the $0.331 level, with the $0.332–$0.333 area the next area it needs to cross.
Be the first to comment