- TRON (TRX) rallies 8.8% amid a crypto market downturn, showing strong buying pressure and resilience.
- TRX eyes $0.35 resistance, signaling potential for new highs.
TRON (TRX) is showing remarkable strength amid a broader crypto market correction, rallying 8.8% while Bitcoin dips 3.5%. This surge puts TRX in a prime position to challenge the $0.35 level, signaling potential new highs for the network’s native token.
TRON Outshines Bitcoin and Tracks Ethereum
Since mid-July, TRON has gained 8.85%, contrasting Bitcoin’s recent declines. Interestingly, Ethereum climbed 15.38% in the same period, and TRON’s price movements have started aligning more closely with ETH. Data from IntoTheBlock reveals a strong 0.94 correlation with Ethereum compared to just 0.74 with Bitcoin. This highlights a trend among traders to watch TRX alongside Ethereum rather than the flagship crypto.
TRON Bulls Maintain Control
Technical charts show TRON maintaining bullish momentum despite market volatility. After breaking a key resistance level on July 29, TRX tested and held the $0.32 support zone, indicating a healthy uptrend. Trading volume has consistently stayed above the 20-day average, while the Chaikin Money Flow indicator above +0.05 confirms continued buying pressure. The Money Flow Index briefly dipped below 50, but the overall sentiment remains positive.
Critical TRON Price Levels
The 4-hour chart shows that short-term momentum has slowed slightly, but the 50-period moving average continues to provide strong support. Coupled with the $0.32 demand zone, this level is crucial for traders to monitor. A drop below $0.32 could signal waning bullish strength, while a sustained bounce sets TRX up for a test of the next resistance at $0.35.
A successful break above $0.35 could open the door for TRON to target new all-time highs, maintaining its pattern of resilience when larger market movements, like Bitcoin’s, appear weak.
TRON’s performance in July demonstrates its ability to stay strong during broader market downturns. With solid technical backing, robust trading volume, and key support holding firm, TRX is well-positioned for another upward push. The $0.35 resistance remains the next milestone for traders and investors to watch closely.
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