Here is why TRX is up by more than 3% today

Here is why TRX is up by more than 3% today

By Hassan Maishera - min read

The crypto market is heavily bearish at the moment and has lost more than $200 billion over the past few days.

The cryptocurrency market has been in a bearish trend over the past few days. The market has shed over $200 billion in the last few days, with the total market cap now above $1.52 trillion. 

In the last 24 hours, the market has lost nearly 4% of its value. Bitcoin remains the market leader but has lost its $35k support level and is now trading around $33k per coin. 

Ether, the second-largest cryptocurrency by market cap, has also dropped below the $2,500 psychological level and further losses could see the ETH bulls forced to defend their position above $2,000.

TRX, the native token of the TronDAO ecosystem, is one of the best performers amongst the top 20 cryptocurrencies by market cap in the last 24 hours. TRX has added more than 3% to its value and now trades at $0.08404 per coin.

The coin is performing well as TronDAO’s USDD stablecoin continues to gain traction. TRONDAO recently revealed that the total supply of the stablecoin has now surpassed $240 million.

Key levels to watch 

The TRX/USDT 4-hour chart is currently bullish as Tron has been performing well in recent days. The MACD line is above the neutral zone, indicating bullish momentum for TRX.

The 14-day relative strength index of 52 shows that TRX is no longer in the oversold region. 

If the bullish momentum continues, TRX could rally past the $0.0910 resistance level over the next few hours. In the event of an extended bullish run, TRX could trade above the $0.10 level for the first time this year.