Justin Sun’s Tron Price Prediction As Community Hikes Network Energy Cap To 120 Billion, But Traders Shift Focus To This 100X Crypto
The TRON price jumped 4% in the last 24 hours to trade at $0.1665 as of 03:37 a.m. EST on trading volume that soared 41% to $1.1 billion.
This comes after Justin Sun announced on his social media platform that the TRON community’s proposal No. 92 has now taken effect, raising the energy limit to 120 billion. The energy cap will allow TRX stakes to conduct more transactions, reduce gas fees, and enhance network activity.
TRON Price To Breach Its Current Resistance
In the last week, the TRON price has been on an upward trend, rising through a rising channel pattern in the last 4 days, as the bulls struggled to overcome the $0.175 resistance, data from GeckoTerminal shows.
TRX now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the current bullish stance.
Additionally, the Relative Strength Index (RSI) is trading up towards the 70-overbought region, currently at 62, as the buying intensifies.
The Moving Average Convergence Divergence (MACD) is soaring over the neutral zone, a signal that the asset is currently on an uptrend. Moreover, the blue MACD line is trading above the orange signal line, forming a bullish crossover, which could prompt a bullish rally.
Based on the TRON price analysis on the TRX/USD 4-hour chart, the main indicators show that TRX could sustain its current bullish run, as the bulls target $0.19.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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