TRX Price Soars 6% Following Justin Sun's Meme Coin Ecosystem Expansion Plans

Tron's native cryptocurrency, TRX, has seen a significant 6% climb today following an announcement from its founder, Justin Sun. Sun revealed plans to

Tron’s native cryptocurrency, TRX, has experienced a significant 6% surge today following an announcement from its founder, Justin Sun.

Sun unveiled plans to aggressively develop the meme coin ecosystem on the Tron blockchain, a move that has clearly resonated with the market.

This news triggered a strong market reaction, with daily trading volumes soaring 64.66% to over $1.16 billion. In the last 48 hours, TRX has rebounded by 15%, bouncing off key support at $0.21.

Tron Doubles Down on Meme Coins

Justin Sun took to X (formerly Twitter) to share his vision, stating that the initial step in Tron’s meme coin adoption will be his commitment to not personally profit “a single cent from memes.” This declaration appears to have instilled confidence among investors.

The first rule of making memes on Tron: I will not personally profit a single cent from memes. Any losses will be fully covered by myself, and all proceeds will be donated.

— Justin Sun (@JustinSunQTUM) August 24, 2023

Furthermore, the crypto entrepreneur made a bold promise that any losses will be “fully covered” by Sun himself, adding that all proceeds will be donated. His commitment to meme projects without personal financial gain has strengthened investor confidence, fueling speculation of further price growth.

Meanwhile, Sun confirmed that TRX, the native token of the Tron ecosystem, will soon be available on the Solana (SOL) (CRYPTO: SOL) blockchain network and asked developers to get “ready to buy and collaborate.”

Analysts Eye $1 for TRX

Analysts are setting ambitious price targets for TRX. Popular crypto analyst Javon Marks has forecasted a massive price surge, predicting that TRX is on track to reach $1.11, a 516% increase from its current levels.

Tron (TRX) is heating up again. Expect some serious volatility in the coming weeks as this coin is either going to massively continue its bull run or we will see another strong pullback.

My 0.50 fib on the chart has excellent confluence with the 208ma and we are currently testing this level. A bounce is expected here.

Those who missed out on the 100x from the 2020 bottom might get another chance if we breakout to new all-time highs later this year. From the 0.08 low in December to 0.21 low in August, this coin is still down 75%.

Those who believe in the metaverse and Web3 space shouldn't sleep on TRX. It's one of the oldest crypto projects and it has a large and active community. The project is also backed by a billionaire.

Personally, I believe a move to $0.78 will complete the golden pocket and $1.11 will complete the 2.0 fib. Both are too optimistic in the short-term but possible in the long-term.

Those who prefer safer entries can wait for the 0.38 fib at $0.17 or 38.2% Fibonacci retracement from the August high to August low.

No financial advice. Always do your own research before investing in cryptocurrencies. #Tron #TRX #CryptoAnalyst #CryptoTips #BitcoinAnalyst

— Javon Marks (@Javon_Marks) August 25, 2023

Adding to the bullish outlook, social analytics platform LunarCrush reports a significant spike in community engagement on Justin Sun's blockchain protocol. Tron now accounts for 1.05% of all crypto-related discussions, highlighting the escalating investor interest in TRX.

TRX Price Analysis: Bulls Regain Momentum

TRX is currently being handled at $0.2344, notching up a 6% rally in the last 24 hours, as per data from CoinMarketCap.

The digital asset hit a daily high of $0.243 and has successfully claimed back the 20-day Exponential Moving Average (EMA) at $0.2304, which is now being retested as a support level.

The Relative Strength Index (RSI) stands at 53.09, showing neutral momentum. Nonetheless, a push above the 60 mark might indicate a further build-up of bullish strength, whereas a slide below 45 could suggest a potential slowdown.

The upper Bollinger Band resistance is at $0.2505, while support lies at $0.2135. A breakout above the resistance could propel TRX toward the $0.30-$0.35 range, whereas a breakdown might test the $0.21 support level again.