- The price of Tron is facing resistance at $0.0275 and $0.028
- The TRX/USD trading pair price may soon breakout
- The TRX bulls have been gathering momentum
Tron News Today – Tron’s price is trading beyond $0.0260. As long as buyers sustain the $0.0245 support, the TRX/USD pair could rise to $0.030 again. Tron surged by $1.8 billion in value between August and September 2020. However, the move may have been cut short. The digital asset has lost $1.3 billion from its market cap. It is changing hands at $0.02643 at press time. The TRX/USD pair began today at $0.02680 after it closed the previous session at $0.02680. The price action for the coin ranged between $0.02630 and $0.02718 today. Tron’s price dropped by 0.09% on Wednesday after it lost 0.54% on Tuesday.
The TRX/USD Pair Surged From $0.240 Past $0.0260 and $0.0265
The TRX/USD trading pair recently rose from the $0.240 area. It broke past the $0.0260 and $0.0265 resistances to a lively area. Tron’s price also managed to breach the $0.275 level to stay above the 55-day SMA. The pair got to a high of $0.278 after which it started a correction.
An ascending parallel pattern shaped up near $0.0263 via the 4-hour chart for TRX/USD. The MACD indicator turned bullish on October 9. This was reportedly the first time it has happened since August 31. If the price of Tron goes below the parallel channel at $0.0263, its next support will be at $0.0260. An additional drop would take its price to the $0.0240 support. A further drop would send it $0.020 and bring Tron’s total market cap to $1.4 billion.
There’s High Selling Pressure at $0.02750 and $0.0280
Buyers are currently facing selling pressure near $0.02750 and $0.0280. If the bulls manage to sustain the current momentum and break the resistance at the above-mentioned areas, it could initiate a bullish breakout. Buyers may try to move in at $0.030. The TRX/USD trading pair is currently moving sideways (in between two distinct plains). The resistance at $0.0275 is the pathway to $0.028 and $0.030. This would increase the total market cap of Tron to $2.1 million in the near-term.
The Tron network recently hit a new record. This time Tron is home to 3,000 wrapped Bitcoin (that is BITTRON). Tron’s wrapped BTC holders are more than 800 at press time. Meanwhile, the users of the network have completed about 8,100 transactions with the BITTRON token. Tron’s DeFi ecosystem is still kicking. It has impacted the performance of the TRX token. More is expected in the coming days.