The Tron price has started the quarter well. The TRX has jumped by more than 22% in the past 24 hours, bringing its market cap to more than $6.17 billion. It is also the 20th-biggest cryptocurrency in the world. It was also among the best-performing digital assets in the first quarter as its price rallied by more than 250%.
What happened: Tron is one of the best-known blockchain projects in the world. It was made famous when its founder, Justin Sun, promised to pay millions of dollars to have lunch with Warren Buffett.
It also spent $126 million to acquire BitTorrent, the decentralized platform known for helping people download illegal content. Today, the BitTorrent Token is worth more than $4.95 billion.
The recent rally is mostly because of the renewed interest of the network. As shown below, the number of active accounts has continued to increase. Similarly, the volume of transactions has continued to rise.
The daily chart shows that the TRX price has been on a strong upward trend. It reached a year-to-date high of $0.0972 in March. During the month, it managed to move above the important resistance levels at $0.0493 and $0.0645 in March.
The price is still being supported by the short and longer-term moving averages. It is also above the ascending trendline that connects the lowest levels since February this year. Therefore, in my view, while the upward trend to above $0.10 is still intact, there is also a possibility of a short-term pullback as investors rush to take profit.
