TRON (TRX) Price Analysis for Today, August 20 – TRX Technical Analysis

On Aug 20, 2024

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TRON (TRX) continues to demonstrate its strong position in the cryptocurrency market, with a market capitalization of approximately $12.50 billion and a 24-hour trading volume around $736.20 million. Ranked #10 on CoinMarketCap, TRX is trading near $0.1435, reflecting sustained investors’ interest.

TRX Key Statistics

Current Price: $0.1435
Market Cap: $12.50 billion
Trading Volume (24h): $736.20 million
Circulating Supply: 86.94 billion TRX
Total Supply: 86.94 billion TRX
CoinMarketCap Ranking: #10

In the past 30 days, TRX has risen by 3.17% from its peak, and over the last 7 days, it has increased by 5.58%. Additionally, when compared to the lowest prices recorded in these periods, TRX has surged by 22.27% in the past month and 14.37% over the past week. This consistent upward movement highlights TRX’s resilience and growing investors’ confidence.

TRX/USD Market Analysis

Key Levels:

Resistance: $0.144, $0.145, $0.150

Support: $0.139, $0.129, $0.118

TRON (TRX) Price Analysis for Today, August 20 – TRX Technical Analysis

TRXUSD – Daily Chart

TRX/USD is currently testing critical resistance at $0.144. The Bollinger Bands suggest that TRX is trading near the upper band, indicating strong bullish momentum. The MACD line’s position above the signal line supports this, suggesting potential further gains. If TRX breaks above $0.144, it may target the next resistance levels at $0.145. However, a failure to break this resistance could see TRX pulling back towards support at $0.139 and $0.129, where renewed buying interest might emerge.

Will TRX Maintain Its Bullish Trend?

TRON’s recent bullish momentum raises the question of whether TRX can maintain its upward trajectory. The cryptocurrency has shown remarkable resilience, bouncing back from previous lows and pushing towards higher resistance levels. If TRX can successfully close above the $0.144 resistance level, it could trigger a continued rally towards $0.145 and potentially $0.150. This scenario would likely attract more buyers, reinforcing the bullish sentiment. The expanding MACD histogram and the price’s position above the middle Bollinger Band suggest that the market is leaning towards further gains.

TRON VICTORIOUS AGAINST THE SEC

TRX/BTC Performance Insights

TRX has shown significant strength against Bitcoin, with the TRX/BTC pair recently reaching 0.00000238 BTC, marking a 3% gain over the past 24 hours. This movement places the pair above the upper Bollinger Band, signaling a robust bullish trend. The MACD also reflects continued bullish momentum, suggesting that TRX could aim for the next resistance around 0.00000239 BTC.

In a tweet by @cryptodeadline, TRON (TRX) could experience significant price impacts. It was reported that the TRON ecosystem is seeing a surge in memecoins following an alleged $10M allocation for such tokens. As a result, TRX volatility has increased nearly sevenfold.

So Memecoins on #TRON Ecosystem are exploding because #TRON allegedly allocated $10M for #Memecoins and now Devs are running to the #TRON blockchain.
The number of tokens created on the platform has reached nearly 5,000.
TRX volatility has surged almost 7 times, now totaling… pic.twitter.com/phdokSXQA5
— 𝕯𝖊𝖆𝖉𝖑𝖎𝖓𝖊 ☠️ (@cryptodeadline) August 19, 2024

Alternatives to TRON

While TRON continues to hold its ground, another cryptocurrency that has been capturing significant attention is PlayDoge ($PLAY). PlayDoge is quickly gaining momentum, supported by a vibrant community and an impressive presale, which has raised over $6 million so far. This strong backing underscores the growing interest in the project and hints at its potential for substantial returns.

Presale of PlayDoge to End Soon

PlayDoge is distinguished by its innovative features and the energy of its community, positioning it as a promising contender in the cryptocurrency space. As the official launch of $PLAY approaches, the project presents a unique opportunity for investors looking to diversify their portfolios with high-growth potential assets. With the momentum building rapidly behind PlayDoge, it could be an excellent investment.

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