The Tron price is tilting higher as investors attempt to retest its all-time high of $0.068, which it tested on March 20. The TRX price is trading at $0.0600, which is 135% above where it started the year. It has also risen by more than 440% in the past year.
The background: Tron is one of the oldest blockchain networks in the world. It was made famous when Justin Sun, the founder, decided to pay millions of dollars to have lunch with Warren Buffett. Today, Tron has continued to grow, with its market capitalization rising to more than $4.31 billion.
It is now the 23rd-biggest blockchain in the world, having been passed by fast-growing cryptocurrencies like Polkadot, Chainlink, Theta, and Terra. Further, it is also well-known for its 2018 acquisition of BitTorrent. It describes its goal as:
“Offers public blockchain support of high throughput, high scalability, and high availability for all Decentralized Applications (DApps) in the TRON ecosystem.”
The four-hour chart shows that the Tron price has been attempting to bounce back after falling to $0.0398 on February 23. It reached a high of $0.684 on March 20. The price is along the 25-day and 15-day moving averages. It is also slightly above the ascending black channel that connects the important levels since late February.
However, a closer look shows that the TRX price has also formed a double-top pattern whose neckline is at $0.0587. Therefore, for now, we should not rule out another decline as bears target the lower side of the channel at $0.0525, which is 15% below the current level. A move above $0.065 will invalidate this trend.
