Sun. Apr 14th, 2024

• TRON (TRX) surged to an 18-month high of $0.09439.
• The altcoin is supported by a suspicious $62 million stablecoin minting and rising traction of Tron-based USDT in Latin America.
• If sustained, this positive breakout from its horizontal channel could help it reach a price target of $0.1.

TRON (TRX) Surges to 18-Month High

TRON (TRX), the native cryptocurrency of the Tron blockchain, has entered the top gainers list with a 24-hour gain of over 8%. TRX staged a rally to an 18-month high of $0.09439, marking its highest peak since January 2022. Astoundingly, as per TradingView, around 00:00 UTC, TRX experienced a 17% surge — from $0.08043 to $0.09439 — within a specific 4-hour time frame.

Positive Triggers for TRX Price Rally

This price rally is presumably tied to a suspicious $62 million stablecoin minting by TRON founder Justin Sun . Apart from this, another positive trigger could be the rising traction of TRON-based USDT in Latin America.

24H Price Analysis

Over the past three weeks, TRON (TRX) has been in a bullish state. The daily price chart highlights the current price movement above the 50-day exponential moving average (50EMA). Meanwhile, the daily relative strength index (RSI) has surged above 70, moving into the overbought zone. ADX also rose above 25 to denote a strong trend at present levels..

Price Target for TRX

TRX executed a positive breakout from its horizontal channel by flipping its key resistance level of $0.0857 which suggests that if sustained there are possibilities for it to reach up to $0.1 level provided it can defend this rally or else will retrace back to its support levels:$0.0857 and $0.0717 .

Conclusion

As per CoinMarketCap data ,The altcoin stood with market cap of 7832845007 and 24 hour trading volume as 590275728 . With second highest TVL holder after Ethereum ,it stands tall despite bearish trends in crypto space indicating that with right triggers ,it can reach new highs and attain higher prices targets .

By admin