The TRON price is trading higher by 9% and now targets the April high at $0.147, followed by the 2020 peak at $0.1798
Tron, which trades under the TRX ticker, is firmly in recovery mode as the market attempts to recoup losses suffered in the Crypto market meltdown earlier this month.
The TRON price is currently $0.1300. Although down close to 50% from its year high of 0.1798, the coin has given investors a respectable +411% return in 2021.
Whilst the recent bull run in the TRON price may be described as parabolic, it is yet to mirror the performance of some high-flying peers, many of whom set new price records in 2021. The TRON price would need to increase a further 238% to match the 2017 high at $0.455.
TRON, who acquired file-sharer BitTorrent in 2018, prides itself on its network’s transaction speed. According to coinmarketcap.com, the system has the capacity to handle 2000 transactions per second compared to Bitcoin’s 6 TPS and Ethereum’s 25 TPS.
Looking at the 4-hour chart, we see that the price is well supported at $0.91. The support level was tested in three consecutive candles on the 23rd of April before the market turned higher.
A series of higher highs and higher lows has followed. This suggests that buying interest is returning. The first target on the upside comes at $0.147, around 12% higher than the current valuation. Should this threshold be crossed, we could see the TRON price extend higher, towards this year’s peak of $0.1798.
A break of $0.1144 (April 24th high) would cancel the immediate bullish call.
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