Tron (TRX/USD) price has been on a sustained uptrend even as other cryptocurrencies have pulled back. The coin has been rallying continuously for the last four days and is now at the highest level since June last year. It is up more than 70% from its low in November last year.
TRX and bitcoin split
Tron has rallied sharply even as other major cryptocurrencies pulled out. Bitcoin declined below $27,000 while Ethereum traded below $1,820. Other popular meme coins like the Shiba Inu, Pepe, and Sui have also been retired.
It is not clear why the TRX price has risen sharply in recent days. One possible reason is that the Tron ecosystem is doing well. According to DeFi Llama, there are 18 dApps in its ecosystem with a total value locked (TVL) of over $5.5 billion. This makes it the third largest chain in the world.
Interestingly, Tron has more users than Ethereum. Data from DeFi Llama shows that the number of active users on Tron has passed 2 million, while BNB has over 1.39 million and ETH has 33k users. Tron has over $45 billion in stablecoins, compared to Ethereum’s $69.59 billion.
Tron has risen in price despite deteriorating financial market conditions. One of the biggest risks in the market is the ongoing debt ceiling crisis in the US which Biden and Kevin McCarthy will meet on Monday to try to reach an agreement.
Tron price forecast
The daily chart shows that TRX price has been bullish over the past few days. It has jumped more than 71% from this year’s lowest level. Tron also jumped above the key resistance at $0.073 cents, which was the high on February 19.
TRX price has moved above the 50-day and 200-day exponential moving averages. It has also formed an inverted head and shoulders pattern, which is a bullish signal. The Relative Strength Index (RSI) and the Stochastic Oscillator have moved into overbought levels.
Therefore, Tron is likely to continue rising as buyers target the next key resistance point at $0.092 cents, which is the June 1 high. A move below the support at $0.073 will invalidate the bullish view.
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