Tron has updated its historical cost record

The price of the cryptocurrency Tron TRX $0.26 TRON -8.78% Market capitalization $22.37 billion VOL. 24 hours $0.33 billion has skyrocketed by more than 100% in a few hours, reaching a new record of $ 0.44. This happened due to the increase in liquidity due to the growth of Tether (USDT) issuance on the Ethereum and Tron networks. As a result, the token’s trading volume increased by more than 500%. This made it the 4th largest asset on the day after USDT, BTC, ETH, and XRP.

It is noted that the growth of Tron’s price is supported by strong demand, but the current market situation may indicate a possible corrective movement.

At the time of writing, the TRX rate has reached $ 0.355, the market capitalization is $ 30.63 billion,
and daily sales reached $ 13.43 billion.

The price is testing the upper resistance level of the rising wedge, and if it breaks through this level, we can expect further growth to $ 0.7. After that, there may be a pullback to $ 0.5 and a recovery to the $ 1 level.Nevertheless, the Relative Strength Index (RSI) has exceeded 91, indicating that a resting phase may be starting. This could lead to price consolidation within the wedge before reaching its top and a subsequent breakout above $ 1.