242 Interactions, 2 today
After a quick rally this week, the Tron price has withdrawn. TRX is currently priced at $0.1538, which is marginally lower than this week’s peak of $0.1687. This month, the currency has gained more than 125 percent, and its overall market value has risen to more than $11 billion. It is the world’s 18th largest cryptocurrency, behind only VeChain.
Tron, like all digital currencies, has risen in value this week as a result of the Coinbase listing. Most coins, including BTC, ETH, and Dogecoin, reached new peaks. However, profit-taking has driven most of them lower in the last few hours, with the four largest currencies down by more than 2% in the last 24 hours alone.
Meanwhile, Tron has lately seen a surge in activity. For one thing, the value of Tether in its blockchain has risen to more than $24 billion, marginally more than the value of Ethereum in its network. Justin Sun, the founder of Tron, said in a statement:
“By crossing this historic milestone, I can proudly say that Tron is well positioned to become the global settlement layer and the blockchain protocol of the future.”
On the four-hour map, we can see that the Tron price has reached an all-time high of $0.1687 this week. The currency has also developed an ascending channel trend. In reality, it is now attempting to switch to the channel’s lower side. It has also breached a critical support level at $0.1490.
As a result, in my opinion, the TRX price will continue to sink as bears aim for the lower side of the channel at $0.14, which is almost 10% lower than the current price. A jump over $0.16, on the other hand, would invalidate the bearish thesis.