Neon glowing TRON (TRX) coin in Ultra Violet colors with cryptocurrency blockchain nodes in blurry background. 3D rendering
The Tron price is in a strong bullish rally as the Bitcoin and altcoin season gets into high gear. The TRX price surged to a high of $0.0956, which was more than double where it was in July. As a result, its total market capitalization has jumped to more than $6.7 billion, becoming the 26th biggest crypto in the world.
Tron is a large blockchain project that was started by Justin Sun, who is a relatively young Chinese. Sun is widely known for his spending habits that include paying $4 million to have lunch with Warren Buffett, the Oracle of Omaha. This week, he announced that he had bought a cryptopunk non-fungible token (NFT) for more than $10 million in TRX tokens.
Tron, is simply an operating system that enables developers to build and run decentralized applications. It is widely regarded as the biggest blockchain OS in the world. The closest competitor to Tron is EOS, the blockchain project that was built by Block.one.
Tron uses the concept of smart contracts and divides them into four main types, including bandwidth, CPU, storage, and RAM. The TRX token is the native currency for the ecosystem and it allows users to temporarily get the bandwidth. Tron uses a system known as a delegated proof-of-stake consensus mechanism to verify transactions.
The Tron price has a close correlation with the performance of Bitcoin and other altcoins. Therefore, the current rally is happening simply because other cryptocurrencies like Bitcoin and Ether are also in a bullish momentum. Other coins have recently surged, with Bitcoin approaching its $50,000 mark. Ethereum is approaching $4,000 while Solana and FTX Token have soared to an all-time high.
Turning to the daily chart, we see that the TRX price found a strong support at $0.0493 in May, June, and July. After failing to move below that support level, the price of has more than doubled. Along the way, the coin has jumped above the 25-day and 15-day moving averages (MA) while the Relative Strength Index (RSI) has been in a bullish momentum.
Therefore, the path of the least resistance for the coin is to the upside. As such, the next key level to watch will be the resistance at $0.15, which is about 60% above the current level.