Tron Rises 24% Amid New Developments – Will The Uptrend Continue?

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Tron Rises 24% Amid New Developments – Will The Uptrend Continue? - NewsBTC

Quick Summary:

However, questions remain about whether the token will continue to go against the broader market or follow the dip. Tron On-chain Developments Drive TRX Sky High With Tron’s focus on stablecoin development made apparent by Tron founder Justin Sun last month, yesterday saw a big win for the platform as Tether minted over $1 billion USDT without paying any gas fees on the platform.

According to CoinGecko, the token has increased more than 24% since last week, a sign that investors on the platform have held TRX and accumulated to capture more gains. Related Reading: Cardano (ADA) Nears Key Level As Analyst Eyes Over 100% Upside – Details Tron’s developments will help TRX hold against the downward trajectory the market has taken today.

The relative strength index (RSI) supports this as it nears to push the limits of the bullish momentum, with a possible cool-down period in the next couple of days. Accounting the market’s general momentum, we might see TRX stabilize on its current trading range between $0.1583 and $0.1665 in the short term.