The Altcoin market is seeing significant rallies almost across the board as BTC price consolidates above $59k. TRON is recording significant volatility following a fresh wave of optimism in the Altcoin market. After attaining highs of $0.0704 on Feb. 19, TRON declined to subsequently enter consolidation. Propping up from lows of $0.0372, TRON took unhurried steps till its breakthrough came on Mar. 19. After Lindsay Lohan’s endorsement. Earlier, the American actress and singer revealed plans of launching a new exclusive NFT on the TRON blockchain. On Mar. 20, TRX/USD pumps higher to intraday highs of $0.068 gaining 18.43% in the last 24 hours and 29.06% weekly. Tron (TRX) is presently trading at $0.065. Ranking 22nd largest, TRON market valuation stands at $4.74 billion with a 24-hour trading volume of $4.45 billion. Justin Sun, TRON CEO stated in a recent tweet that Specification for TRC-721, the first non-fungible token (NFT) standard on the TRON blockchain has been made publicly available. First announced in December 2020, TRON’s NFT standard aims to open up new possibilities for applications built on its blockchain.
*Propping up from lows of $0.0372, TRON took unhurried steps till its breakthrough came on Mar. 19.
*TRX/USD pumps higher to intraday highs of $0.068, gaining 18.43% in the last 24 hours and 29.06% weekly
*TRON CEO stated that Specification for TRC-721, the first non-fungible token (NFT) standard on the TRON blockchain has been made publicly available
Key Levels
Resistance Levels: $0.0800, $0.0704, $0.0688
Support Levels: $0.0604, $0.0568, $0.0463
TRX/USD Daily ChartTRON zoomed higher, surging from an intraday low at $0.051 on March 19 to an intraday high of $0.068 today before the bulls ran out of steam. The rising moving averages and positive RSI suggests that the bulls have the advantage. A strong push off the current level could increase the possibility of a break above the yearly high at $0.70.
The next target objective on the upside is $0.1. On the downside, the TRX/USD pair is likely to find support at $0.051, the MA 50 ($0.048), and $0.037. If that happens, the pair may digest the gains by trading in a range, before attempting to start the next trending move.
TRX/USD 4-Hour ChartBreaking out of a consolidation range on March 18, the bulls tried pushing TRX price towards the $0.070 overhead resistance located at the yearly highs but the rally stalled short. A sustained break above the resistance level could open the doors for a bigger rally towards $0.1.
On the downside, TRON sits atop robust support levels found at the MA 50 ($0.053) and MA 200 ($0.051). A break below this level could intensify the fall to $0.046 and $0.037. The TRX/USD pair is only bullish while trading above the $0.056 and the MA 50 at $0.053, key resistance is found at the $0.068 and $0.070 levels.
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