Justin Sun introduced the Tron network and its home currency, TRX, caused quite a stir a few years ago. However, over time, TRX appeared to have declined in both price and market cap. The recent bull run didn’t seem to have made much of a difference in altcoin price, but the asset ended up reflecting the preference of the crypto market.
While TRX has been in the crypto game for a while, it didn’t get anywhere near $ 1. Justin Sun was known for his sophisticated marketing skills, but TRX didn’t make it past $ 0.30. As the Tron network advanced in the DeFi area, the price of TRX also rose. At the time of writing, TRX was trading for $ 0.048, up 7.98% over the past 24 hours.
The coin’s market capitalization had dropped dramatically since 2018. In the past few days, TRX has risen from a position above fifteenth to twenty-third place. Even so, the billion-dollar club didn’t exist. At press time, Tron’s market capitalization was approximately $ 3.42 billion.
This drop in the asset’s position on the crypto ladder didn’t seem to have hurt the altcoin’s popularity as it was trending on Twitter. Justin Sun shared a tweet about it.
#TRON is trendy on @Twitter? #TRX pic.twitter.com/av2Sw2kskK
– Justin Sun? (@justinsuntron) February 10, 2021
Tron (TRX) one hour price chart
Source – TradingView
The daily moving average indicator indicated that the bulls were in the altcoin market. The 50-day moving average (blue) was above the 100-day moving average (red), which was viewed as a bullish crossover. The Relative Strength Index marker was within the 80 medians, but buyers were correct in the TRX market.
Tron (TRX) one day price chart
Source – TradingView
The volume on TRX’s one-day price chart was lower compared to the last week of January. The MACD line and the signal line showed great differences. With the MACD line above the signal line, the indicator formed a bullish crossover. The Money Flow Index indicator suggested that the asset was overbought as it was above the median of 80.
While the asset is already pretty close to $ 0.05, the bulls of the market confirmed that TRX would hit that number.