Tron (TRX) is down slightly in the last 24 hours at $0.061. The St. Maarten government on the island of the Eastern Caribbean may soon formally adopt Tron. The head of the United People’s Party and second vice chairman of St. Maarten’s parliament, Member of Parliament (MP) Rolando Brison, has long been vocal about the advantages of blockchain technology and cryptocurrencies for his country’s citizens and economy. The Tron protocol has now been proposed as the nation’s blockchain infrastructure, and TRX, a cryptocurrency built on the Tron platform, has been declared legal tender for everyday use. Justin Sun, the founder of Tron, tweeted about the milestone: “Another milestone for TRON! St. Maarten to adopt TRON as legal tender marks another achievement for our push on worldwide blockchain adoption.” The Commonwealth of Dominica declared seven cryptocurrencies based on Tron to be legal tender and designated Tron as its national blockchain in an official announcement made in October 2022.
Key Levels
Resistance Levels: $0.850, $0.750, $0.650
Support Levels: $0.600, $0.550, $0.500
TRX/USD Daily ChartTRX dipped slightly on Thursday but stayed within the previous two days’ range. The technical indicators continue to suggest some market caution, with the RSI flattening in buying territory. If sellers push the TRX below the consolidation floor at $0.600, another negative barrier at $0.55 may appear.
Alternatively, if buyers find support off the MA 200 at $0.610, significant resistance may form around the horizontal barrier at $0.650. Overcoming this, the price may reach $0.720 before reaching the $0.750 high. If the rally continues, the bulls could test the $0.800 level before attempting to retrace.
TRX/USD 4-Hour ChartAbove $0.600, TRX is firmly entrenched within a consolidation zone around the 4-hour MA 50. The immediate hurdle at $0.650 might limit the upside. A downward leg might encounter the $0.600 support zone before dragging the bears farther below the $0.55 level in the event of a decline.
Alternatively, a significant barrier at $0.65 might limit the upside, with a break here and a nearby $0.70 barrier required to provide a stronger bullish signal for a possible continuation of the recovery. Above these levels, the $1.00 level may come into focus. In summary, the prediction is neutral to positive as prices continue to move around the moving averages.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
