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Altcoin season is already a reality with different cryptocurrencies reaching all-time highs. This is the case of TRON (TRX).
The price of TRX reached a new all-time high by crossing the line of $0.44, thus doubling its price in just a couple of hours and entering the top 10 cryptocurrencies with the highest capitalization.
It should be noted that at the time of writing the price of TRX is 0.359 USD, with daily gains of 56%, weekly gains of 78% and monthly gains of 119%.
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The reasons behind the increase in TRX can be found in a great interest on the part of institutional investment.
As Bitcoin stabilizes at current levels, the interest of large investors spreads to the rest of the cryptocurrencies. That’s why usually when BTC stabilizes, a significant rise happens in different altcoins.
However, precisely the brutal increase in TRX coincides with the news that Justin Sun joined the DeFi project associated with Donald Trump and his children in the role of advisorthat is, to World Liberty Financial. Immediately, this news spread through the crypto media, the price of TRX began to rise sharply.
A sign of a strong rise in TRX, beyond the price increase, was the record that TRON DAO obtained in daily income:
«Tron Network (TronDao) yesterday reached a new daily revenue record of $21.66 million, representing an increase of 98% compared to the previous day.»
TRX Chart Analysis – Key Levels to Watch
Much of the current analysis is bullish for TRX, however, more than anything, the technical outlook for this token is highly positive.
Analysis of the strong rise in the price of TRX: Key levels to take into account. Source: TradingView.
First, the TRX token managed to overcome a key resistance level by breaching the $0.225 line, which corresponded to its all-time high from January 2018.
But beyond that, the price managed to position itself above an important psychological level, such as 0.30 USD. Right now the bulls’ fight could move to maintaining this key level.
To sustain the current levels, the price has support around $0.32, a fall below this level could take TRX to ranges as low as $0.291. The next support would be found around the past all-time high: $0.225 or the 50 EMA.
Regarding the resistances we can mention the level of 0.399 USD, where the price was rejected after a rebound. Also the 0.45 USD that serves as the all-time high in our chart.
There is an upper psychological resistance level and it is $0.50if the price breaks all-time highs, it is likely to face resistance before breaking above that level.
It should be noted that the RSI at 70 points shows that the price is not oversold, in fact, it shows the control of the bulls despite the strong correction.
Justin Sun: TRX should be valued the same as XRP
A statement by Justin Sun, founder of TRON, caused a stir by expressing that TRX should be worth equal to XRP. Additionally, the founder emphasized the record revenue that we mentioned in the first segment of this post.
In other statements, Sun believes that in 2025 this network will continue to gain ground and that this will be the year for cryptocurrencies. Some foundations for this positive outlook are the better regulatory conditions, with clear regulations and greater adoption of cryptocurrencies that is foreseen for that year.
Beyond his predictions, Sun continues to make significant investments in search of greater influence for TRON. In addition to important associations such as those of World Liberty Financial.
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