• Tron (TRX) recently surged to an 18-month high of $0.09439, seeing a 24-hour gain of over 8%.
• The surge in TRX’s value could be attributed to a suspicious $62 million stablecoin minting by TRON founder Justin Sun and the rising traction of TRON-based USDT in Latin America.
• Analyzing its price movement further, it can be seen that the average directional index (ADX) has risen above 25 indicating a strong trend, while the daily relative strength index (RSI) has moved into the overbought zone.
TRON (TRX) Sees Uptrend: Is $0.1 an Attainable Target?
Recent Price Rally
Tron (TRX), the native cryptocurrency of the Tron blockchain, recently surged to an 18-month high of $0.09439, seeing a 24-hour gain of over 8%. This price rally could be tied to a suspicious $62 million stablecoin minting by TRON founder Justin Sun as well as the rising traction of TRON-based USDT in Latin America.
Price Movement Analysis
Analyzing its price movement further, it can be seen that TRX is currently trading above its 50-day exponential moving average (50EMA). Additionally, its average directional index (ADX) has risen above 25 indicating a strong trend, while its daily relative strength index (RSI) has moved into the overbought zone. At present, it stands with a market cap of $7,823,845,007 and bullish 24-hour trading volume of $590,275,728.
Potential Targets
If TRX sustains this uptrend momentum and flips its key resistance level at $0.0857 then it would gain entry into the coveted level at $0.1 mark. However if fails to defend this rally then there are possibilities for it to retrace back to support levels at either side – $0.0847 or $0.0717 respectively .
Conclusion
Overall this surge in investors’ sentiment towards TRON’s native cryptocurrency indicates that if all goes well it might attain heights not yet seen before and hit targets beyond our expectations!