Tron (TRX) Holds Steady Above $0.29 After Monday Gains
Tron (TRX) price remains above $0.2900 on Tuesday. It gained 2% on Monday. The project is led by Chinese billionaire Justin Sun. Tron is seeing growing demand on its decentralized exchanges (DEXs). At the same time, retail fear is easing, helping stabilize TRX futures. The technical outlook shows potential for Tron to rise past resistance levels.
On-Chain Demand Rises as Retail Sentiment Improves
Tron’s on-chain activity stayed strong last week despite wider crypto volatility. Data from DeFiLlama shows Tron’s DEX volume hit $843.5 million last week. This is up from $532.53 million earlier. Higher volume suggests more users are joining the network. This could boost demand for the TRX token.
Retail interest decline since late August has now steadied. Data from CoinGlass reports TRX futures open interest at $264.52 million. It has held above $250 million since last week. This steady level shows traders’ fear is softening. If the crypto market stays stable, TRX demand might rise again.
Tron Eyes Key Resistance Levels Near $0.30
TRX trades just below its 200-day Exponential Moving Average (EMA) at $0.3022. The 50-day EMA is falling after crossing below the 100-day EMA, forming a Death Cross pattern. The recent price bounce comes from a support line connecting lows from February and March.
Tron needs to break above the 200-day EMA to continue its upward trend. Other resistance levels are the 50-day EMA at $0.3104 and a trendline near $0.3261. This trendline links highs from August and October.
Technical indicators show selling pressure easing. The Relative Strength Index (RSI) is 46, recovering from oversold levels. The Moving Average Convergence Divergence (MACD) recently crossed above its signal line. It shows rising bullish momentum.
If TRX falls below last week’s low of $0.2764, this bounce will fail. That could lead to a bigger drop toward the May 31 low near $0.2632.
