• Tron (TRX) surpassed its key resistance level to hit its 18-month high.
• A surge of 241% in the daily trading volume indicates a boost in investors’ sentiment.
• TRON holds the second-highest TVL, following the top contender Ethereum.

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. 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. Let’s analyze the price movement of this cryptocurrency and decode its further growth trajectory.

TRON (TRX): 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.


TRX/USDT Daily Price Chart (Source: TradingView)

Furthermore, the average directional index (ADX) of TRON (TRX) rose above 25 to denote a strong trend. However, at the time of writing, the price of TRX was at $0.08714 — 7.68% down from its intraday high. According to CoinMarketCap data, the altcoin stood with a market cap of $7,823,845,007 and a bullish 24-hour trading volume of $590,275,728. Also, TRON continues to stand tall as the second-largest TVL holder, with $5.75 billion, after Ethereum.

TRON (TRX) Eyes a New Price Target

TRX executed a positive breakout from its horizontal channel by flipping its key resistance level of $0.0857. On a positive note, if TRX sustains a commendable uptrend, it would gain its entry into the $0.1 level. If TRX fails to defend this rally, there are possibilities for the altcoin to retrace to its support levels: $0.0857 and $0.0717.


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