Tron was one of the best performing cryptocurrencies last month and extended its positive performance into the new month.
The cryptocurrency market retraced some of its earlier gains after losing less than 1% of its value in the past 24 hours. Despite the bearish performance, the total cryptocurrency market capitalization remains above $1.3 trillion.
Bitcoin is holding its price above $31,500 after adding less than 1% to its value so far today. Ether, on the other hand, is down 1.6% in the last 24 hours but continues to trade above the $1,900 threshold.
However, the top performer among the top 20 cryptocurrencies in the last 24 hours is TRX, the native token of the Tron ecosystem.
TRX added more than 6% to its value, outperforming other major cryptocurrencies in the past few hours.
The excellent performance is an extension of what the cryptocurrency recorded last month. TRX is one of the biggest coins traded in the green zone last month, with Bitcoin and others posting huge losses.
The launch of the USDD stablecoin, the Tron Grand Hackathon, and a host of other initiatives pushed TRX to greater heights last month.
Key levels to monitor
The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s continued positive performance.
The MACD line is in the positive zone, indicating bullish momentum. The 14-day RSI of 64 indicates that TRX might enter the overbought region if the rally continues.
At press time, TRX is trading at $0.086488. If the bulls stay in check, TRX could break above the first major resistance level at $0.0925 before the end of the day.
An extended bullish performance could see TRX hit the $0.1 level for the first time this year.