TRON's native token, TRX, has demonstrated notable resilience, rallying approximately 3% over the last 24 hours to tap the $0.30 level. This performance makes it the best performer among the top 10 cryptocurrencies by market cap, standing in contrast to a generally underperforming market where Bitcoin remains around $89,000.
The rally follows a period of consolidation where TRX was capped by a significant weekly resistance zone between $0.31 and $0.32. Earlier in the week, price action was held down near the lower end of this resistance, with a specific level at $0.3136 restricting upward movement. This led to a 3.5% decline in dollar terms at one point, bringing the price to $0.3018, just below the short-term support of $0.3014.
On-chain and derivatives data provide a bullish backdrop for the current move. CryptoQuant's summary chart indicates a positive outlook, with Tron's spot and futures markets showing large whale orders, cooling conditions, and buy-side dominance. Furthermore, data from DeFiLlama reveals that TRX's stablecoin total supply has surged, reaching a record high of $84.63 billion recently and hovering around $84.41 billion, which boosts network usage and ecosystem attraction.
The derivatives market sentiment is also leaning bullish. Coinglass's long-to-short ratio for TRX stood at 1.36, nearing its highest level in over a month. A ratio above one indicates more traders have opened long positions compared to shorts.
Technically, TRX broke above a falling wedge pattern last week, adding 5% to its value before retracing. It has since rebounded from the $0.294 support level. The token is now trading above the daily support at $0.29 and key moving averages (50-day, 100-day, and 200-day EMAs). The Relative Strength Index (RSI) on the 4-hour chart is at 58, indicating building bullish momentum. The immediate bullish target is the October 22 high of $0.32, a level that has acted as a firm resistance ceiling. A sustained break above $0.33 would signal a move beyond the current constraining range.
