The TRON (TRX) token is showing strong signs of a bullish rally, supported by recent news and rising trading volumes.
Bullish Trend of TRX
According to recent analysis by crypto analyst CryptoTony, TRX has been maintaining steady bullish momentum since bouncing back from the $0.20 support level. The analyst pointed out that breaking above a key horizontal resistance level has triggered a strong upward trend on the weekly chart. TRX is now forming higher lows and higher highs, typically seen as a signal of sustained bullish behavior.
SEC Approval for $1B
Tron Inc. received approval from the U.S. Securities and Exchange Commission (SEC) for a $1 billion shelf registration. This approval allows Tron to issue various securities, including common and preferred shares, debt instruments, and warrants. The registration provides flexibility for future capital raises without the need for repeated filings.
Current Price and Market Analysis
At press time, TRX is trading at $0.3377, reflecting a 4.41% gain in the past 24 hours. The token found support near $0.3243 before pushing above resistance at around $0.350. Although a slight pullback followed, TRX continues to hold within a strong upward structure. Market watchers are now monitoring whether this momentum will push TRX into a new phase of price discovery.
In summary, TRX continues to gain momentum amidst optimistic news and increased trading volumes. Given the current market conditions, analysts predict the potential for further gains for the token.
