The revenue generated by the TRON network has dramatically increased over the last few days, according to DeFi Llama’s chart. Coincidentally, the value of TRX, the native token of TRON, has been rising since the start of the year. Yet, given the multiple advances that have lately occurred on the blockchain, the rising price of TRX is not unexpected.
One of the most notable advances was the modification made to the volume and stake rate of TRX, which has significantly decreased the token’s supply in the cryptocurrency market. Moreover, the Caribbean island nation of Dominica recently authorized the use of TRON as its national blockchain for the creation of Dominica Coin (DMC), the nation’s official coin.
Key TRON Levels To Watch – February 24
TRXUSD has been bullish ever since the rebuff at the $0.04530 support. According to the Moving Average, the market began its uptrend in December 2022, and it keeps rallying across the diagonal support. On January 13, 2022, a bearish order block was created as prices crashed to the downside.
As the expansion of price continues to the upside, the bearish order block might cause a retracement to the downside. This expectation also conforms with the bearish divergence indication signaled by the Relative Strength Index as it forms lower highs and the price forms higher highs.
TRON Key Levels
Resistance Levels: $0.17680, $0.13140, $0.09230
Support Levels: $0.6550, $0.04530, $0.03730
Total Market Capitalization: $1.06T
TRON Market Capitalization: $6.21B
TRON Volume: $0.21B
Market Rank: #16
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