Tron price rose to two-month highs on Friday, gaining 0.4 percent at the time of writing to trade at $0.1648. The crypto coin has been on an uptrend this week, resisting the periodic shocks experienced by the rest of the crypto market, including Bitcoin. While BTC has been resilient above the $65k mark, it has lacked the momentum to close the gap to the psychological $70k mark.
TRX has gained 3.6 percent in the last week, while Bitcoin has inched up marginally by 0.3 percent. In the end, the difference between Tron and the crypto market bellwether is consistency. Bitcoin has not registered successive daily gains for the last seven days, underlining its wobbly momentum.
Tron’s DeFi activity has also helped strengthen Tron price momentum. According to DeFiLlama data, Tron’s TVL (Total Value Locked) was the highest among the top ten DeFi chain ecosystems in the last 24 hours, having risen by 1.39 percent. In addition, the TVL rose by 3.2 percent in the last week, only outperformed by Bitcoin, Solana and Polygon.
The next major barrier for Tron price is at $0.1700, a level that would also serve as the year-to-date high. However, to get there, Tron may need a market-wide momentum led by Bitcoin, as opposed to an asset-specific momentum. Tron’s 24-hour trading volume was up by 1.85 percent at the time of writing, indicating that the buyers’ control of the momentum was under threat.
The momentum on TRX price signals control by the buyers. The upside will prevail if the coin stays above the pivot mark at 0.1647. With the upward momentum in play, the first resistance is likely to come at 0.1653. That said, a stronger momentum could break above that mark and test the second barrier at 0.1658.
On the other hand, moving below 0.1647 will signal control by the sellers. In that case, initial support will likely come at 0.1644. However, an extended control by the sellers could break below that level invalidate the upside narrative and test 0.1640.
This post was last modified on Oct 25, 2024, 10:44 BST 10:44