Key takeaways
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- Tron’s TRX is the best performer among the top 10 cryptocurrencies, up 1% in the last 24 hours.
- TRX could surge towards $0.29 on strong technicals.
TRX defies broader crypto market conditions
TRX, the native coin of the Tron ecosystem, is the best performer among the top 10 cryptocurrencies by market cap this week. While other top cryptos are down 3% or more this week, TRX added 1% to its value during that period.
The coin’s positive performance this week can be attributed to Tron revealing plans to go public in the United States via a reverse merger in a deal led by a Trump-linked bank.
SRM Entertainment, a Nasdaq-listed merchandise supplier, will raise $100 million from a private investor to buy TRON tokens. Furthermore, the company will issue preferred shares and warrants that value the deal at up to $210 million.
The company will purchase TRX tokens as part of its strategy, similar to the Bitcoin method adopted by Strategy and Metaplanet. This strong fundamental has supported TRX’s price this week amid bearish market conditions.
TRX could surge towards the $0.2924 resistance level
TRX’s technical indicators are promising and signal further upward movement. At press time, the price of TRX stands at $0.2744. However, it could rally towards the $0.02924 resistance level in the near term.
The Moving Average Convergence Divergence (MACD) indicator is heading into the positive zone, indicating that the bulls are currently in control. TRX also has a relative strength index (RSI) of 50, which is currently higher than other major cryptocurrencies, indicating bullish strength.
TRX’s price sits well above the 50-day and 100-day Exponential Moving Averages, showing that buyers are firmly in charge. The coin has also begun to print a classic cup-and-handle shape on the daily chart. This pattern usually indicates a bullish continuation signal and could see TRX record excellent gains in the near to medium term.
