Altcoins seem to be picking up this week after days of trading in the red zone. Tron (TRX) has followed suit, and the token’s value has significantly gained by 17.1% in 24 hours. This reflects the sport it has gained from the entire cryptocurrency market. At the time of writing, TRX is trading at $0.065 on major exchanges.
TRON Price Analysis
TRX’s price is showing great signs of recovery from the $0.045 drop a few days back. Once the token reached $0.05, it created a new entry position for holders, and this is responsible for the current bull rally to above $0.065.
The token’s next resistance lies at $0.07, which it needs to push beyond if it intends to regain its recovery above $0.10. However, this will largely depend on the increased demand for the token that will create buying support. Moreover, reaching that level will also depend on whether the token gains support from the broader cryptocurrency market.
The token might also retreat to lower levels if no support is garnered. Lack of support or another crypto tumble might lead to the establishment of levels around $0.04. The support level of TRX on the lower side is $0.07.
The CEO of TRON and BitTorrent, Justin Sun, has recently ventured into NFTs. The CEO has bought an NFT painting at an auction for HKD 2.5 Million. Sun is an enthusiast of NFT collectables, and this could mean that we might see a Tron NFT in the market soon. If this happens, the price of TRX is bound to move upwards.
(2/2)🎨As a supporter of the arts and innovation of all kinds, this year I have won works by @beeple, #AndyWarhol, #Picasso, and more great artists, and have made them into #NFTs, and look forward to further bridge art and blockchain!🚀
— Justin Sun 🅣🌞 (@justinsuntron) June 21, 2021
At the beginning of June, Sun announced that Tron was making plans to relocate to El Salvador and become the first crypto firm in the Central American country. Such a move could also be good for TRX, given that the country is strongly leaning towards cryptocurrencies after accepting bitcoin as legal tender.
— Justin Sun 🅣🌞 (@justinsuntron) June 7, 2021
Such promises show that TRX is a good buy for the long term because growth in its ecosystem will good for the token.
Where to Buy TRX
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