Amid increasing trade tensions among major world economies, the cryptocurrency markets are experiencing varied responses, with Tron (TRX) displaying notable strength.
The recent creation of 1 billion USDT on the Tron network by Tether reflects sustained institutional interest, even amid fluctuations in the market.
### Key Technical Insights
– Following a 7.5% drop, TRX bounced back from 0.221 on April 7th, climbing to 0.243 by April 10th.
– A distinct double-bottom pattern was observed in the support area between 0.226 and 0.227, supported by a notable surge in trading volume during the recovery phase.
– The 48-hour analysis reveals a strong upward trend characterized by higher lows and higher highs, with robust support at 0.238 and resistance at 0.242.
– Fibonacci retracement levels indicate that the ongoing rally has recaptured the 61.8% mark of the previous downturn.
– Momentum indicators suggest a sustained bullish outlook as TRX nears the critical psychological threshold of 0.245.
– Over the last 100 minutes of trading, TRX rose by 0.6% from 0.241 to 0.242, establishing a clear ascending channel.
– Significant buying activity was recorded between 10:52 and 10:58, leading to a rise in TRX from 0.241 to 0.242 on elevated volume.
– A brief pullback to 0.241 around 11:15 set a higher low, preserving the integrity of the upward trend.
– Fibonacci extension analysis suggests a target of 0.243, with immediate support located at 0.241.
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