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The cryptocurrency markets are staying in a quiet consolidative mode today. TRON (TRX) is trading generally up as the market recovers. At the time of writing, TRON was consolidating higher at $0.067, gaining 18.43% in the last 24 hours. Ranking 24th largest, TRON market valuation stands at $4.77 billion with a 24-hour trading volume of $1.65 billion. On June 24, the BINANCE NFT Marketplace went live with the launch of the first premium auction titled ‘Genesis’. Binance had earlier announced support for the APENFT (NFT) airdrop program to TRON (TRX), BTT, and JST holders. Tron’s positive climb from lows of $0.04 on June 22 coincides with the news of Binance completing the first round of APENFT (NFT) airdrop distribution to holders of TRON (TRX) and other tokens earlier stated.
Key Levels
Resistance Levels: $0.1600, $0.1234, $0.0866
Support Levels: $0.0600, $0.0445, $0.0224
TRX/USD Daily Chart: Ranging
TRX/USD Daily Chart
TRON (TRX) has been in recovery mode since June 22, slowly erasing the slump to a three-month low of $0.044, which shot the price out of the $0.062 – $0.089 range area. The TRX/USD pair is currently aiming to extend its positive momentum above the MA 200 ($0.067) after reaching intraday highs of $0.069, with the RSI backing the bullish attempt as the indicator is sloping upwards again after hitting a bottom in the oversold area.
That said, the $0.069 level, which has been a former support area, appeared a tough barrier to overcome on Thursday. Nevertheless, should the bulls claim the 0.70 handles, they may also need to breach the MA 50 ($0.087) to meet the key $0.149 – $0.182 key resistance territory. Alternatively, if sellers press TRX price back below the $0.054 mark, the recent June 22 low of $0.04 could see another test.
TRX/USD 4-Hour Chart: Ranging
TRX/USD 4-Hour Chart
TRX/USD consolidated around the MA 50 at $0.064 before taking a downturn beneath this key level to finally constructing some footing at March support lows of $0.04. At the time of writing, TRX was holding around the MA 50. The 4-hour RSI is endorsing a neutral-bullish price action, while above 50. If sellers succeed in pushing TRX price under the MA 50 at $0.064, initial support could develop from the $0.057 level before the bears challenge the recent floor at $0.046.
Otherwise, if buyers manage to drive the price over a cluster of resistance from the $0.070 up to the MA 200 at $0.071, the $0.10 barrier could then try to neutralize buyers’ efforts to improve. Beyond this, the bulls would need to endure and then surpass the resistance boundary of $0.13-$0.18. To summarize, although some improvement in market sentiment is evident in TRON price, a break either above or below the moving averages will reveal a clearer price direction.
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