Justin Sun rolled out the Tron network and its native currency TRX made quite a buzz, a few years ago. However, over time, TRX seemed to have dropped, both in terms of price and market cap. The latest bull run seemed to have made no big difference in the altcoin price, but the asset was finally mirroring the predilection of the crypto market.
Despite being in the crypto game for quite some time, TRX failed to get close to $1. Justin Sun was known for his elaborate marketing skills, but TRX did not make it past $0.30. While the Tron network was making progress in the DeFi space, the price of TRX was also seen bucking up. At the time of writing, TRX was trading for $0.048 with a 7.98% surge in the last 24-hours.
The market cap of the coin had slid down drastically since 2018. Over the last couple of days, TRX went from staying above the fifteenth position to the twenty-third position. Nevertheless, it did not exist the billion club. During press time, Tron’s market cap worth around $3.42 billion.
This drop in the asset’s spot on the crypto ladder seemed to have not affected the altcoin’s popularity as it was trending on Twitter. Justin Sun shared a tweet about the same.
— Justin Sun🌞 (@justinsuntron) February 10, 2021
Tron (TRX) one-hour price chart
The daily moving average indicator advertised that the bulls were in the market of the altcoin. The 50 daily moving average (blue) was above the 100 daily moving average (red) deemed bullish crossover. The Relative Strength Index marker was within the 80 medians, but a buyers’ notion was sound in the TRX market.
Tron (TRX) one-day price chart
The volume in the one-day price chart of TRX was lower compared to the last week of January. The MACD line and the signal line had a great disparity. With the MACD line above the signal line, the indicator formed a bullish crossover. The Money Flow Index indicator suggested that the asset was being overbought as it was over the 80 median.
While the asset is already quite close to $0.05, the market’s bulls affirmed that TRX would achieve this number.