TRON (TRX) is moving in an upward consolidation after the strong rally that had pushed the price above the $0.33 level. According to CoinMarketCap, as of Saturday, April 25, its price has declined by 1.7% over the last 24 hours and 1.66% over the last week.
At the time of writing, TRX is trading at $0.3225 with a trading volume of $891.32 million, which has surged by 29.07% over the last 24 hours. However, its market capitalization stands at $30.57 billion, which is slightly down by 1.7%.
Source: CoinMarketCap
Also Read: TRON (TRX) Holds Near $0.32, Faces Resistance Around $0.33
TRX Weekly Chart Reveals Long-Term Bullish Outlook
According to TradingView, the TRX weekly chart shows a strong long-term uptrend. The price remains comfortably above all key simple moving averages, which act as a solid foundation for support.
While there is minor recent consolidation, the structural arrangement of these upward-sloping averages confirms that bullish sentiment persists and buyers continue to defend lower levels effectively.
Source: TradingView
Positive signals are also sent by the momentum indicators. In this regard, RSI remains well entrenched in bullish territory, reflecting strong but not overstretched momentum.
Moreover, MACD just gave way to a bullish crossover signal, implying the return of positive momentum. Overall, such signals should be seen as confirmation of a sound consolidation pattern rather than a trend change.
Tron Inc Expands Crypto Reserve with New TRX Purchase
Apart from this price action, Tron Inc. has increased its crypto reserve by purchasing 152,959 tokens for an average of $0.3269.
It increases its digital asset reserves to a total number of more than 693.1 million tokens. It demonstrates that Tron Inc. is actively working on its strategy of increasing reserves via the acquisition of TRX assets.
Source: TRONSCAN
Despite the volatility of the market, Tron Inc. is still determined to expand the number of Tron DAT coins, with the goal of maximizing shareholders’ returns and increasing involvement in the TRON system.
Given the fact that Tron Inc. owns more than 693.1 million tokens, it can be concluded that it is confident about digital assets and their future growth.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: TRON Price Prediction: Bulls Aim for $0.345 After Consolidation Phase
