Amidst a consolidating market, Tron is gaining significant traction. The drive for this has come from a surge in trading volume and strategic developments within the network. With the price currently around $0.3367 after a 3.02% daily gain and a 2X volume rise, investors are keen on the next resistance level.
Talking about catalysts, Tron Inc.’s plan to raise $1 billion via a shelf offering could significantly boost liquidity and TRX accumulation without spooking the markets. Concerned about what trade to make with Tron? Read this short-term Tron price analysis for all details.
TRX Price Analysis
Tron price at the time of press is being sold on exchanges for $0.3367. While its market cap is at $31.89 billion, the 24-hour trading volume is up 101.61% at $2.97 billion. Giving an overview of the recent past, the price has ranged from a low of $0.3285 to a high of $0.3407 in the past 24 hours.
On the daily chart, TRX has broken out of the upper Bollinger Band, a sign of high volatility and buyer dominance. The RSI is currently at 74.99, clearly in the overbought territory. This indicates that while bulls are in control, a short-term pullback or consolidation may be on the cards.
The support remains strong in the $0.30 to $0.32 range, which has been tested multiple times during previous consolidations. Immediate resistance lies at $0.3549, followed by one at $0.3967. That being said, if the bullish momentum sustains, and Tron price rises above its current ATH at $0.4407, the next one could be at $0.5177.
FAQs
Yes, the RSI at 74.99 indicates overbought conditions, implying a potential near-term pause or pullback.
Traders need to factor in the resistance levels at $0.3549, $0.3967, and $0.5177. And the support at $0.30 to $0.32.
The TRX price surge is catalyzed by a 101% surge in volume, fresh capital inflow, and by positive sentiment around the $1 billion shelf offering plan.
