Tron (TRX) Spikes 19% Following Justin Sun’s Protocol Update News

The latest increase in the cryptocurrency market had an impact on the price of TRX as well. However, despite the fact that the market is stalling today, Tron’s surge continues. The most recent news coming from China appears to have impacted most of the market, especially Chinese-based projects. However, apart from that, Tron recently announced a few major updates which may have also boosted its value against both USD and Bitcoin.

Updates From Tron

Just today, an official announcement from the company revealed that the newest version of Tron’s Odyssey protocol has been upgraded “smoothly”. As per the report, “Tron’s network incentive mechanism has reached fully decentralization.” Reportedly, the rewards data will now be accessible and traced by everyone and it will secure voters’ rewards using the supervision of their network.

On a different note, 100 million USDT were added to the TRON network last week. In addition, another 40 million were sent from Ethereum’s ERC-20 in a chain swap. The aftermath of these actions means that over 10% of all Tether supply circulating is now on TRON’s network, hence demonstrating its capabilities and utility.

TRX Price Analysis

TRX saw an increase 18.39% price surge over the past 24 hours and it currently trades at $0.0205. This latest surge makes TRX the strongest performing top 10 cryptocurrency over the past day. It has increased by a total of 30% over the past 7 days.

Tron is the tenth-largest cryptocurrency with a market cap of $1.35 billion. There is still some way to recovery as it declined by 12% over the past 90 days.

Looking at the TRX/USD 1-day chart:

TRX managed to rebound at the December 2018 low at around $0.012 in September 2019, preventing the cryptocurrency from creating a fresh multi-year low. Since rebounding, TRX managed to climb above the 100-days EMA to reach the resistance at the 200-days EMA at around $0.0212.
From above; The nearest level of resistance lies directly at the 200-days EMA. Above this, resistance is expected at $0.022 (bearish .382 Fibonacci Retracement level), $0.023, $0.024, and $0.02521 (bearish .5 Fibonacci Retracement). Higher resistance can be located at $0.0255, $0.026, and $0.0273.
From below: The nearest level of support is located at $0.02. Beneath this, support lies at $0.0189, $0.018 (100-days EMA), and $0.0175.
The trading volume has seen a significant surge during the latest rally.
The RSI has risen above the 50 level as the bulls dominate the market momentum. However, we should be cautious as the Stocahstic RSI is poised for a bearish crossover signal which could send the market down.

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Looking at the TRX/BTC 1-day chart:

Against BTC, TRX suffered in 2019 after decreasing by a total of 83% from the high, to reach support at 136 SAT, creating a fresh multi-year low for TRX/BTC. It rebounded from this support and managed to climb above the 100-days EMA to reach the current resistance at 215 SAT.
From above; The nearest level of resistance lies at 220 SAT. Above this, resistance lies at 239 SAT (1.414 Fibonacci Extension level), 235 SAT (1.618 Fibonacci Extension level), and 263 SAT (bearish .382 Fib). This is followed by resistance at 270 SAT (200-days EMA), 300 SAT (bearish .5 FIb), 320 SAT, and 342 SAT (bearish .618 Fib).
From below: The nearest level of support lies at the 100-days EMA at around 200 SAT. Beneath this, support lies at 180 SAT, 162 SAT, and 136 SAT.
The trading volume has been increasing during the latest hike.
The RSI has penetrated above the 50 level as the bills retain possession over the market momentum.

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