Tron Price Analysis — April 9

Tron Price Analysis — April 9

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%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.