Tron Price Analysis — April 9
Login

Tron Price Analysis — April 9

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


Tron (TRX) has posted more than 140% in gains over the past two weeks and still shows healthy prospects for additional gains in the near term. According to some reports, here are some of the crucial fundamental factors underpinning the prospects for more gains in the sixteenth-largest cryptocurrency.

Firstly, the Tron network is launching a new stablecoin today. The new stablecoin, called True USD (TUSD), will be backed by the USD and has gotten touted as “the first regulated stablecoin fully backed by the US Dollar.”

This launch could influence the price action of the TRX over the coming hours and days, as it paints a good picture for Tron’s usability.

Secondly, Tron recently reported that its daily transactions have grown by more than 300% over the past three months, which means that more than 3 million transactions are getting facilitated on Tronscan. Such transaction numbers top that of larger cryptocurrencies like Bitcoin and Ethereum, further highlighting the massive usability of Tron.

The last factor is the steady hike in ETH gas prices, which has prompted many traders to seek other alternatives like TRX. Presently, a single ETH transaction costs anything between $12 to $20, which is too expensive for many traders.

Transactions on TRC20 are as low as $1, making it a much attractive alternative for cryptocurrency developers and traders.

Key TRX Levels to Watch — April 9
Tron suffered a massive correction from its recent rally to a new all-time high at $0.1495 some days ago and fell below the $1.050 support area. The sixteenth-largest cryptocurrency was able to facilitate a rebound from this low and climbed to the $1.2500 area.

TRXUSD – Hourly Chart

However, the climb to the $1.2500 resistance got followed by a sideways momentum, which has triggered a slight bearish movement. That said, TRX is currently trading along a descending trendline towards its weekly low. Tron has to post a clean break above the trendline and the $1.2000 resistance to gain any bullish traction.

Meanwhile, our resistance levels are at $0.0900, $0.0987, and $0.1000, and our support levels are at $0.0823, $0.0782, and $0.0750.

Total Market Capitalization: $1.99 trillion

TRON Market Capitalization: $8.5 billion

TRON Dominance: 0.43%

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News