TRON (TRX) Shows Resilience Amid Crypto Downturn, Boosted by USDT Trading
The Essentials in Brief
As the crypto market navigates through a bear phase, TRON (TRX) shows remarkable strength. The cryptocurrency is recording growth, which is attributed to the increased acceptance of USDT trading on the TRON network. With an impressive increase in trading volume and positive technical indicators, TRX positions itself as a leading force in the current market recovery.
TRON’s Steadfastness in a Difficult Market
Despite a general decline in the crypto market, with a 6.7% drop in Bitcoin in the last month, TRON has demonstrated remarkable resilience. In the last seven days, TRX recorded growth of 1.12% and even 4.67% in the last 30 days. Particularly noteworthy is the increase in trading volume by 22.38% to 205 million USD. This development is primarily driven by the increased use of USDT on the TRON network. Reports show that the 24-hour trading volume of USDT on TRON exceeds 53 billion USD, surpassing the average daily trading volume of Visa.
Technical Indicators Signal Strength
The technical indicators underline TRX’s current market position. The Relative Strength Index (RSI) is at 56, indicating that the bulls currently have the upper hand. The Chaikin Money Flow (CMF) is positive at 0.33, suggesting stronger buying pressure. Furthermore, an analysis by Coinglass shows that liquidations for long positions have significantly decreased in the last seven days, from 457,000 USD to 6,700 USD, which is another sign of positive market sentiment.
The Future of TRX
After TRX has overcome the trendline barrier of 0.120 USD, it now faces the challenge of reaching the next resistance level of about 0.125 USD. However, if TRX cannot maintain the support level of about 0.110 USD, further corrections could push the price to about 0.098 USD. Nevertheless, current developments and market sentiment suggest that TRX is well positioned to play a leading role in the market in the near future.
Our Assessment
TRON proves to be a remarkable exception in a market largely dominated by bears. The increased acceptance and use of USDT on the TRON network, along with strong technical indicators, point to sustained growth and a possible market recovery. For investors and interested parties, TRX thus offers an interesting opportunity to find potential for growth even in difficult market phases.
Sources: CoinMarketCap, Tron Guy Project on X, Lookonchain, Currency Analysts, Santiment, Tradingview, Coinglass
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