Billionaire Justin Sun has triggered significant growth for Tron following a series of posts on X (formerly Twitter), but how high can TRX crypto go?
In this article, jump in and discover the latest TRX price trends and uncover whether there could be a stronger play available in the August crypto market – Pepe Unchained.
The huge increase in TRX price, as it pushes towards a new all-time high, comes from a fleeting Tron meme coin narrative – triggered after crypto billionaire Justin Sun launched a Pump.Fun clone named Sun Pump.
TRX Price Analysis: How Far Can Tron Crypto Price Climb – A New ATH And Beyond?
As TRX consolidates in prime position, Tron is currently trading at a market price of $0.155 (representing a 24-hour change of +1.23%).
This comes after sweeping sudden market interest fuelled explosive growth for TRX over the past week.
So far, TRX has surged +37.5 % after bouncing from lower support at $0.1215.
The upside move saw TRX’s price successfully break back above the critical local support of the 20DMA at $0.1334 in a significant technical strengthening that boosted Tron’s growth.
Tron price is now hammering the upside of the Bollinger band range, suggesting substantial buy-pressure, as TRX consolidates below a potential new ATH.
Overall, the current technical structure depicts a bullish pendant pattern, suggesting the upside is likely to continue.
However, with the move powered by a potentially fleeting narrative (after all, Tron gas fees are high, and Sun can only command the market’s attention for so long), it seems wise to exercise the caution highlighted on the RSI.
Indeed, this key indicator is currently demonstrating severe overbought divergence at 72.1, and this comes at a time of wider anxiety across the crypto market as most major altcoins trade at a loss.
Overall, it seems likely that TRX is maxing out in the short term at these current consolidatory levels.
All eyes are now on the number of new coins deployed on Sun Pump for signs of continued or fleeting growth.
But despite the excitement, TRX price growth has still been limited to less than 50% due to its high market cap of $13.5Bn—hardly the 10x that many traders are after.
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The post TRX Explodes with $2 Billion Trading Surge, What’s Driving Tron’s Wild Ride? appeared first on Cryptonews.
