TRX Gains 10% Following Tether’s $1 Billion Mint on Tron
Cryptocurrency markets exhibit mixed reactions amid trade disputes, with Tron (TRX) showing resilience.
- Tether minted 1 billion USDT on the Tron network, indicating institutional interest despite volatility.
- TRX rebounded from a 7.5% correction, rising from 0.221 on April 7 to 0.243 by April 10.
- A double-bottom pattern formed around the 0.226-0.227 support zone, supported by increased volume.
- The analysis shows an uptrend with strong support at 0.238 and resistance at 0.242.
- Fibonacci retracement indicates the rally reclaimed the 61.8% level of the previous decline.
- Momentum indicators suggest bullish sentiment as TRX approaches 0.245.
- In the last 100 minutes, TRX gained 0.6%, moving from 0.241 to 0.242.
- Strong buying pressure noted with TRX rising from 0.241 to 0.242 on increased volume.
- A pullback to 0.241 established a higher low, maintaining the uptrend.
- Fibonacci extension targets 0.243 as the next level, with immediate support at 0.241.