Tron’s TRX jumped 8.5-percent against the US dollar per its 24-hour adjusted timeframe.
The TRX-to-dollar instrument (TRX/USD) was trading at 0.023 by 1400 UTC, down 4.16-percent from its intraday high. In contrast, the pair had dropped massively during Monday’s trading session, establishing a lower low towards 0.021. However, a market-wide upside correction saw to TRX/USD revival during Monday’s US session. The sentiment rippled through today’s Asian and European trading hours. As a result, the pair managed to settle a fresh intraday high towards 0.024.
In total, the cryptocurrency market cap has surged from $125.418 billion to $130.66 billion in the past 24 hours. Among the high cap assets, Binance Coin and Litecoin are leading the bullish correction with gains ranging between 13-, and 18-percent. At the same time, Ethereum and Bitcoin Cash have registered close to 5-percent appreciation. Meanwhile, Bitcoin, XRP, and Stellar have jumped a modest 2- to 3-percent.
While Tron is naturally moving in the direction the overall market trend, its upside has more potential to sustain owing to strong fundamental factors. On Monday, controversial crypto firm Tether announced that it would launch its stablecoin USDT on Tron blockchain. The addition expects to elevate Tron’s decentralized application ecosystem, increase their decentralized exchange liquidity, and make Tron more available to institutional investors.
Tron CEO Justin Sun also announced today that they would launch their second BitTorrent Token airdrop on March 11, 0000 UTC. The event would see TRX holders receiving 990,000,000 BTT tokens. That also explains why TRX could sustain its bullish correction until the date of the airdrop – at least.
As the TRX/USD market heads into a new US session, the pair’s upside momentum is being capped by a 200-period simple moving average (depicted in the red curve). At the same time, TRX is religiously supported by an ascending trendline, which has helped the price rise 9.66% across 28 bar formations. TRX/USD expects to trend between these two key levels this Tuesday.
Tron could attempt to break above the 200-SMA once provided with adequate trade volume, which is relatively lower at the press time. Should it happen, the digital asset will enter a false breakout area defined by 0.024 and 0.025. Apparently, the same area served as a consolidation range to the TRX price action between Feb 24 and March 2. Therefore, a jump above 200-SMA opens decent long opportunities towards levels defined inside the 0.024-0.025 area.
Meanwhile, a converse price action could push TRX/USD towards the ascending trendline as mentioned above. Therefore, a pullback action coupled with an increase in volume could open a short intraday opportunity towards the said trendline.