TRX Price Analysis: Bulls Edge Higher Ahead of a Major Announcement, #61 Proposal of the TRON Network Passes

• Tron is up 18.24% on a 7-day basis
• At the time of writing, TRON was exchanging hands at $0.1044
• BitTorrent and TRON will announce a new project deemed as the start of the next era

Investor positive expectations continue to mount as the weekend approaches. Tron, the native crypto asset of the TRON network has had a positive week so far, up 23.20% on a 7-day basis. At the time of writing, TRON was exchanging hands at $0.1044, gaining 4.56% in the last 24 hours. Today, September 3 is a special day for BitTorrent and TRON as both teams will jointly announce a new project deemed as the start of the next era. On Sept 1, TRON completed the integration of NFT infrastructure, Talken while also announcing a token burn of 1,387,209.70 TRX on the same day to reduce total supply. The No.69 voting request (#61 Proposal) of the TRON network passes on Sept. 3. Following, existing low-value TRC10 transactions will be effectively suppressed by the cost increasing of high-frequency TRC10 transactions, and the security and reliability of the TRON network will be further improved.

Key Levels
Resistance Levels: $0.1324, $0.1243, $0.1118
Support Levels: $0.0955, $0.0866, $0.0704

TRX/USD Daily Chart: Ranging

TRX/USD Daily Chart

The TRX/USD pair is edging higher again after the rebound off the $0.08 mark on Aug. 31, marking the fourth consecutive day in the green. The pair spiked to a near three-month high at $0.108 on Friday and is approaching $0.125, which is acting as a barrier since May. The momentum indicators are confirming the recent bullish movement, with the RSI jumping above the neutral threshold of 50.

Bulls keep in focus targets at $0.131 and $0.149 levels. Overstepping these barriers, the bulls may encounter a resistance border from the $0.174 up until the $0.176 yearly high. On the downside, the MA 200 offers immediate support at $0.081, while stronger dips are expected to find ground above key supports at $0.0752 and $0.048 (MA 50 and trendline support).

TRX/USD 4-Hour Chart: Ranging

TRX/USD 4-Hour Chart

Tron rebounded on the $0.087 off the MA 50 on Sept. 1 and sent the price slightly above the $0.10 psychological mark on September 3, surpassing the moving averages. If the price successfully climbs above the $0.1061 high, it may find immediate resistance at $0.131 and $0.149 levels. Above these levels, it could hit the $0.174 barrier before a stronger rally towards the yearly high at $0.176.

On the opposite side, if traders sell the pair and the market dips below the current levels, it could see a flirt with the MA 50 at $0.089 ahead of the $0.081 mark. More losses could find support at the MA 200 coinciding at $0.082. To summarize, a step beyond the $0.1045 current level could open the way for new positive adventures, confirming the bullish picture in a shorter timeframe.

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