- TRX shows strong upward potential with RSI (14) at 87.25 and MACD strongly bullish.
- TRX’s bullish targets now stand at $0.40, $0.45, and potentially $0.50 if momentum continues.
- SUNDOG_TRX and PEPEONTRON_COIN debut on Binance Alpha, boosting liquidity and global accessibility.
TRON (TRX) is picking up steam with the entire crypto market and is eyeing a surge in its value after the market uncertainty. The TRON price over the last 24 hours is showing stability, but over the last week it is also up by 4.95%.
At the time of writing, TRX is trading at $0.3582 with a 24-hour trading volume of $2.42 billion, up significantly by 69.52% over the last 24 hours. The coin has a market capitalization of $33.92 billion, which is showing stability.
The general market trend is turning bullish with the growing confidence and optimism among the investors. Bitcoin has made its new all-time high above $124,000, which has boosted the overall crypto market, including altcoins like TRX.
Binance Alpha Listing Boosts TRX Price Rally
Moreover, the crypto analyst highlighted that the crypto world enjoys vigorous growth with the actual listing of SUNDOG_TRX and PEPEONTRON_COIN on the Binance Alpha exchange. Market orders are now possible for the acquisition and disposition of the tokens with real-time execution at the prevailing prices of the market.
Listing on the Binance Alpha exchange holds the potential for accumulating liquidity and inspiring broader activity in the projects.
In making these tokens available to the global trading community, Binance Alpha solidifies its position in the support of new crypto projects by providing traders with effective and versatile trading tools. Investors and enthusiasts can participate in such new and promising digital currencies with the launching of this new phase of development.
Also Read: TRX Investors Realize $1.4 Billion In One Day
TRX Price Rally Gains Momentum Toward $0.50
TRON continues its further upside momentum in a robust bull shape, indicated by the indicators. The RSI (14) is at 87.25, reflecting overwhelming buy pressure. The MACD is firmly bullish with the MACD line (0.05788) above the signal line (0.04421) and a growing histogram. Both the 20-month SMA ($0.20014) and 50-month SMA ($0.05263) are heading upward, confirming the existence of a healthy long-term pattern.
The price has also broken above the 0.786 Fibonacci retracement level of $0.3476, converting it into primary support. With this breakout, the next immediate resistance is the $0.40 level. On further bullish pressure, TRON could stretch up to $0.45 and even $0.50 in a steeper move.
TRX Volume and OI Surge as Bulls Take Control
TRON’s derivative information showed volume up by 108.77% to $966.88M and open interest up by 0.78% to $609.57M. Both are commonly interpreted as showing new money in and affirming ongoing strength in prices.
The OI-weighted funding rate is 0.0109%, with longs paying the shorts, a sure indication of a bullish sentiment. If this continue, TRON may test $0.45 soon.
Also Read: TRON (TRX) Targets $0.35 Breakout as Trading Volume Surpasses $6 Billion
