TRON (TRX) has been able to resist the downward pressure that has affected many other altcoins in the market. While Bitcoin (BTC) has declined by 6.7% in the last 30 days, TRX has actually seen a 1.12% increase in the last seven days and a 4.67% increase in the last 30 days. This positive trend is partly due to the increased adoption of trading USDT on the TRON network, with users choosing TRON over other platforms. The Tron Guy Project on X reported that the trading volume of USDT on TRON has surpassed Visa’s average daily trading volume, showing the growing popularity of the platform.
Market analysts have also pointed out positive developments for TRX, such as breaking records with the highest daily users and weekly revenue. This increased activity on the TRON network indicates a trend towards greater crypto adoption and TRON’s position at the forefront of this digital transformation. As a result, TRX is poised for a possible recovery from its recent downward trend, with more bullish market sentiment driving upward movement in its price.
Technical analysis of TRX’s market performance shows a positive outlook, with rising Open Interest and the RSI indicator favoring the bulls. The increase in Open Interest suggests heightened investments and market activity, indicating a sustained upward trend in the market. The CMF indicator also shows a positive buying pressure, with prices closing in the upper range and accumulating in a bullish market sentiment. Additionally, TRX has seen a significant decrease in liquidation for long positions, further indicating positive market sentiment and investor confidence in the platform.
Looking ahead, TRX bulls are aiming to challenge the next resistance level around $0.125 after overcoming the $0.120 trendline barrier. However, failing to hold the support level around $0.110 could lead to corrections pushing prices down to around $0.098. Overall, TRX’s market cap in Bitcoin terms is showing positive signs, with a potential for further growth and recovery in the coming days. Stay tuned for more updates on TRON’s performance in the cryptocurrency market.
