Tron’s Price Soars On Recent Social Sentiment
Due to increased social sentiment, Tron (TRX) has witnessed few price pumps from September to October. Recently, Justin Sun, Tron’s founder, has been in the headlines. His name has helped to generate bullish momentum for Tron.
Tron’s Price Soars As Founder Gains More Popularity
The market valuation for the entire crypto market has stayed below $1 trillion in the past month. This has cast doubt on the market going bullish anytime.
Meanwhile, Tron’s price has witnessed a few pumps on short-term charts. TRX’s price has risen by 4.06% in the past 24 hours due to speculations that Justin Sun has purchased Huobi Global.
TRX/USD Price Chart. Source: TradingView
By press time, the token is trading at $0.065 with a volume of $469.96 million. The token’s volume has also increased by over 107.38% in the past 24 hours.
The recent increase in trading volumes and bullish price action indicate fresh retail demand for the coin. However, it is uncertain if the token will maintain this momentum.
Although the token’s price has increased recently, it is still far from its ATH of $0.295 in March 2018. The token has dropped by over 77.74% since then.
TRX’s price hit the $0.058 level ten days earlier after sliding below the $0.065 barrier at the end of August. Meanwhile, the coin has gained a 9.59% hike from $0.058.
Can Tron Sustain Recent Bullish Momentum?
The push from bulls is too weak to move the price above the $0.065 resistance level. A solid increase in daily RSI revealed that buyers were pressing in as the price regained pace while retail volumes increased.
This was a promising short-term indication in regard to technical data. Unfortunately, on-chain signals still showed TRX pricing on a rocky path.
Furthermore, the $0.065 barrier would be critical in the coin’s future trend. In the near term, retail push can help TRX rise over the indicated level. Still, a rebound above the next significant barrier at $0.703 is unlikely with inadequate supply indicators.
Despite Sun’s Huobi takeover announcement, TRX on-chain indicators revealed that activity had dropped to all-time lows, accompanied by poor weighting social sentiment.
Furthermore, the total supply of stablecoin owned by whales with over $5 million is treading in a negative range. This indicates low whale confidence in the price of the token.
However, data shows an increased funding rate. This reveals increased bullish sentiment for the token in the future.
In the short run, Tron’s price could move above $0.065 due to recent bullish movements. Unfortunately, TRX bulls may have a tough time sustaining it if sellers enter the market.
