Tron (TRX) Records Positive Moves While Major Cryptos Bleed
The past few days haven’t been encouraging for investors, given the price action of many digital assets, but TRON seems like the exception. Some of the top shots in the crypto list include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, and even memecoin DOGE, which are currently down today, February 14.
Also, the Coingecko chart reveals that the global crypto market cap is now below one trillion. But amidst the red on these crypto assets, TRON is all green in its 1-hour, 24-hour, and seven days price charts.
What Is Keeping Tron (TRX) Afloat When Others Bleed?
Over the years, participants have noticed that news on crypto-related topics, regulations, network developments, Bitcoin trends, etc., affects asset prices. So while it’s difficult to pinpoint the exact factor sustaining the enthusiasm around Tron (TRX), there are some important details to note.
In a tweet on February 11, Justin Sun, founder of the TRON Network, reiterated the value proposition of this blockchain. According to Sun, the developers are working “tirelessly” to achieve a “secure, cheap, and fast network for their users.” The message also noted the recent change from the energy charging model to the dynamic energy model.
The change is a welcome development as it will grow the Tron network. According to the details, the feature will reduce the massive flow of low-value transactions that delays high-value ones. The Tron Foundation noted that sometimes some low-value transactions are fraudulent.
But with the dynamic energy charging model, the cost for the low-value transactions will increase, thereby discouraging the mass queue. By that, the user experience will improve, hiking the growth of the dApp ecosystem and encouraging developers.
This move to improve the user experience could boost network activity. TRX records a 15.19% gain in its trading volume, indicating that the update is already having a positive effect on the ecosystem. However, more transactions have led to a spike in network fees.
Some users complained about the increase of TRON withdrawal fees on crypto exchange Binance following the change, Sun has reassured them of the network’s commitment to reduce it. In his statement on Twitter,Sun claims the developers are working with Binance to find a solution. He also promised to update the users as the process continues.
TRX Price Prediction, Will The Rally Continue?
TRON has continued its uptrend, recording a fifth consecutive green day since February 10, 2023. The asset has recorded higher highs on the price chart, and the bulls are pushing the rally relentlessly today.
TRX is trading above its 50-day and 200-day Simple Moving Average (SMA), confirming the bullish trend. The 50-day SMA has approached the 200-day SMA and will likely cross above it, which might propel the price to rise even further.
The support levels are $0.06188, $0.06266, and $0.06421; the resistance levels are $0.06653, $0.06731, and $0.08666. The Relative Strength Index (RSI) is 62.10, close to the overbought zone of 70. Also, the indicator points upwards, which signals a potential price increase in the coming days.
TRX’s MACD (Moving Average Convergence/Divergence) is slightly below its signal line and is about to cross over, which shows the emerging bullish trend. Expect TRON to rally to the $0.06653 resistance if the price momentum sustains. However, there is a distinct possibility of a pullback after five consecutive green days for the token.
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Note that all cryptocurrencies are volatile, and altcoins are more likely to deviate from a predicted price direction. Proper technical and fundamental analysis is necessary for all crypto traders, coupled with a sound risk management strategy.