- Summary:
- Tron price rose by more than 20 percent on Tuesday with most of the crypto market easing down. Will TRX sustain the upside?
Tron price skyrocketed on Tuesday, rising to new all-time highs of $0.284. TRX price was up by 24 percent at the time of writing, with investors recting to Tron Founder Justin Sun’s comparison of TRX and XRP.
Why Is Tron price rising?
The Tron price spike was accompanied by substantial rise in whale activity. The number of transactions worth more than $100,000 rose from 244 to 722 in the last 24 hours. In addition, whale investors with more than 1% of the total TRX in circulation now account for 67% of all coin holders.
Furthermore, Tron’s 24-hour trading volume rose sharply in the 24 hours preceding this writing, signaling styrong bullish control of TRX price trajectory. Data analytics site, CoinMarketCap reported the 24-hour TRX trading volume at +265% at the time of writing, with the value at $5.99 billion. Rising trading volumes during a price ascent typically signals strong bullishness.
Tron Founder, Justin Sun earlier on Tuesday posted multiple times on his X page comparing Tron to XRP. In one such posting, he stated “TRON=XRP”. The comparison drew excitement in the crypto space. XRP has recently experienced exponential growth, registering 82% growth in the last seven days. That momentum has seen it jump past USDT into third place in crypto market capitalisation ranking.
Tron price prediction
Pivot: Tron price pivots at $0.257. Action above this level will favour the bulls. Conversely, a drop below it will swing the momentum to the downside.
Resistance: Initial resistance is likely to be at $0.291. A stronger momentum could break above that level and test $0.300.
Support: With the sellers in control, TRX price will likely find the first support at $0.240. However, extended control by the sellers will break below that level and invalidate the upside narrative. Also, the resulting momentum could drive the coin lower to test the second support at $0.221.
