TRON (TRX) Price Nears Crucial Resistance Level, Can the Token Reclaim the $0.30 Mark?

TRON (TRX) price has risen as it approaches a crucial resistance level. The token traded at $0.2430, up 3.01% in the past 24 hours.

Key points to note:

TRON (TRX) price encountered resistance at $0.2470, which could influence its short-term movement.

If TRX price manages to hold above $0.2318, buyers might gain control, setting the stage for a rally towards $0.30.

Failure to break through resistance could result in consolidation, keeping price action range-bound in the short term.

Despite short-term setbacks, TRX price has maintained a bullish long-term trajectory, thanks to the network’s expanding DeFi presence and rising USDT transactions.

Investors are now awaiting TRX’s next move as it attempts to break through a crucial resistance level and continue its ascent in the crypto markets.

The TRX price has been on an explosive rally lately, surging as traders eye a crucial resistance level that could determine the next move. At the time of writing, TRX price is trading at $0.2430, up 3.01% in the past 24 hours.

This recent surge has seen TRX price encounter resistance at $0.2470, which could largely influence its short-term movement.

If TRX price manages to hold above $0.2318, buyers might gain control, setting the stage for a rally towards $0.30. Failure to break through resistance could result in consolidation, keeping price action range-bound in the short term.

TRX Price Surges Amid Booming DeFi Activity

Over the past year, TRX price has experienced a massive increase in stablecoin transactions. Notably, the total supply of Tether (USDT) on TRON’s blockchain has surged from $6.7 Billion to $62 Billion. This incredible expansion, which spans four years, highlights the network's growing significance within the decentralized finance (DeFi) space.

As users flock to TRON’s blockchain, drawn by its low transaction fees and quick processing capabilities, they are shifting their stablecoin holdings to the network. This activity is playing a pivotal role in boosting TRX’s price.

Recent on-chain data further substantiates TRON’s expanding footprint in the crypto market. Notably, the blockchain generated $270.3 Million in fees over the past month. This figure surpasses the revenues of Solana, Ethereum, and even Bitcoin.

As the network attracts liquidity and boasts the highest transaction volumes, it is solidifying TRON's position as a major player in the DeFi landscape. This efficiency has attracted attention, especially considering Ethereum’s ERC-20 stablecoin network. Despite long-term growth, TRX price is still trading 44% below its all-time high.

Short-term fluctuations have seen the token decline by 2% over the past month and 5% over the past 60 days. However, a broader outlook paints a bullish picture. TRX price has gained 20% in 90 days, 55% over 120 days, and 89% in 200 days. This sustained uptrend suggests strong buying pressure, particularly around the $0.22 support level, which has held firm repeatedly.

As this trend continues, analysts predict that TRX could break above key resistance levels, pushing the token towards $0.30 in the coming weeks. With booming DeFi activity, TRON’s price action remains a focal point for traders as they anticipate the next breakout.

Will TRX Price Break Resistance and Target $0.30?

As mentioned earlier, traders are closely eyeing $0.2470 as the key resistance level that could largely dictate TRX’s short-term movement.

“If TRX price manages to hold above $0.2318, buyers might gain control, setting the stage for a rally towards $0.30. Failure to break through resistance could result in consolidation, keeping price action range-bound in the short term,” stated BlockchainBaller, a well-known trader.

Moreover, social sentiment remains bullish, with traders urging investors to “buy the dip” and capitalize on the current price action. A breakout above $0.25 would put TRX in a strong position for a rally towards $0.30. The growing ecosystem activity, increasing USDT transactions, and resilient support levels make this scenario plausible.

However, failure to break resistance could lead to consolidation, with price action remaining range-bound in the short term. TRX price has been trading horizontally, with support at $0.22 and resistance at $0.25. This range has held since early January, with repeated failures at the upper boundary. The RSI stood at 56, reflecting neutral momentum. A push above 60 could increase buying pressure, strengthening the case for a move toward $0.30.

TRX price is at a pivotal moment. While short-term corrections have occurred, the token’s long