coinjournal.net
Key takeaways
- Tron’s $TRX is the best performer among the top 10 cryptocurrencies, up 1% in the last 24 hours.
- $TRX could surge towards $0.29 on strong technicals.
$TRX defies broader crypto market conditions
$TRX, the native coin of the Tron ecosystem, is the best performer among the top 10 cryptocurrencies by market cap this week. While other top cryptos are down 3% or more this week, $TRX added 1% to its value during that period.
The coin’s positive performance this week can be attributed to Tron revealing plans to go public in the United States via a reverse merger in a deal led by a Trump-linked bank.
SRM Entertainment, a Nasdaq-listed merchandise supplier, will raise $100 million from a private investor to buy TRON tokens. Furthermore, the company will issue preferred shares and warrants that value the deal at up to $210 million.
The company will purchase $TRX tokens as part of its strategy, similar to the Bitcoin method adopted by Strategy and Metaplanet. This strong fundamental has supported $TRX’s price this week amid bearish market conditions.
$TRX could surge towards the $0.2924 resistance level
$TRX’s technical indicators are promising and signal further upward movement. At press time, the price of $TRX stands at $0.2744. However, it could rally towards the $0.02924 resistance level in the near term.
The Moving Average Convergence Divergence (MACD) indicator is heading into the positive zone, indicating that the bulls are currently in control. $TRX also has a relative strength index (RSI) of 50, which is currently higher than other major cryptocurrencies, indicating bullish strength.
$TRX 4-H PA">
$TRX’s price sits well above the 50-day and 100-day Exponential Moving Averages, showing that buyers are firmly in charge. The coin has also begun to print a classic cup-and-handle shape on the daily chart. This pattern usually indicates a bullish continuation signal and could see $TRX record excellent gains in the near to medium term.