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FxWirePro- TRXUSD (chart of the day)

Thu, 04 Jul 2024, 00:17 am UTC

TRON is an ambitious project dedicated to the establishment of a truly decentralized Internet and its infrastructure. The TRON Protocol, one of the largest blockchain-based operating systems in the world, offers public blockchain support of high throughput, high scalability, and high availability for all Decentralized Applications (DApps) in the TRON ecosystem.

TRON uses a Delegated Proof-of-Stake consensus mechanism.

Main features of TRON

Transactions per second -2000

Block Production- 3 seconds

Number of validators- 27

Average fee per transaction- Free

TRXUSD showed a minor pullback after a massive sell-off.

Any daily close above $0.15 confirms further bullishness.

TRXUSD gained more than 20% after a minor sell-off. The pair holds above the short-term (21 and 55 EMA) and long-term moving average in the 4-hour chart. It hit a high of $0.1300 yesterday and is currently trading around $0.12929.

The bullish invalidation can happen if the pair closes below $0.045. On the lower side, the near-term support is $0.100.Any close below targets $0.0700/$0.0450.

The pair's near-term resistance is around $0.1300. Any breach above confirms minor bullishness. A jump to $0.150 is possible. A surge past $0.15 will take it to $0.20/$0.30.

It is good to buy on dips around $0.090 with SL around $0.070 for TP of $0.20.

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