The altcoin market is seeing an impressive surge as the total market cap excluding Bitcoin and Ethereum crosses the $1 trillion mark. Among the standout performers, Tron (TRX) is gaining significant attention as it powers through recent resistance levels.
In the past 24 hours, TRX has increased by 4.73%, reaching the psychological price level of $0.25. This rally has pushed Tron’s market cap to a robust $21 billion, reigniting discussions about a potential breakout. Will this momentum continue, pushing TRX to the coveted $0.30 mark? Let’s break down the technicals and market developments.
Tron Price Analysis
Looking at the 4-hour chart, TRX has been following a falling channel pattern, characterized by a series of lower highs and higher lows. Currently, Tron is testing the upper trendline of the channel with its ongoing recovery, having posted an intraday gain of 2.90%. If it manages to break through this local resistance, a breakout could propel the token higher.
On the daily chart, the outlook is even more bullish. TRX has printed three consecutive bullish candles, signaling growing market optimism. The Relative Strength Index (RSI) is nearing overbought territory, a sign that bullish momentum is building. Additionally, the 20-day and 100-day Exponential Moving Averages (EMAs) are showing signs of a positive crossover, further strengthening the bullish outlook.
World Liberty Financial’s Support for Tron
In a significant move, World Liberty Financial, led by Donald Trump, has acquired 10.81 million TRX tokens, boosting its total holdings to 30.11 million tokens worth $7.35 million. This strategic investment highlights growing institutional interest in Tron and the broader DeFi ecosystem.
World Liberty Financial spent another 2.65M $USDT to buy 10.81M $TRX 2 hours ago, bringing their total $TRX purchase to 30.11M ($7.35M).
— Spot On Chain (@spotonchain) January 22, 2025
In the past 3 days, the fund has spent a total of $168.4M on 6 tokens, including:
• $99.95M on $ETH
• $47M on $WBTC
• $7.35M on $TRX
•… https://t.co/EjB88IYWVc pic.twitter.com/tI88VTbW7A
Price Targets for TRX
From a technical perspective, if the ongoing recovery successfully breaks through the local resistance, TRX is likely to target the key resistance level at $0.3021, which aligns with the 38.20% Fibonacci retracement. However, if the market experiences a bearish reversal, the support level at $0.24, near the 50 EMA, will be critical.
Also Read: Donald Trump’s World Liberty Financial Boosts TRX Holdings, Triggering 5.7% Surge in Price
As Tron continues its bullish ascent, all eyes will be on these critical price levels to determine whether the recovery will hold and if TRX can reach new highs.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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