TRX, the native cryptocurrency on the TRON network, experienced a slight downtick of 0.6% during the Friday market hours, to currently trade at $0.31. While this altcoin is slightly underperforming the broader crypto market today, it has recorded significant gains since the early February low of $0.268. This recovery, backed by a significant surge in Tron’s total volume locked (TVL) indicates increasing capital commitment and user trust in the ecosystem. Will the Tron price surge above the $0.35 mark?
The crypto market witnessed significant volatility this week amid the dynamic changes in geopolitical landscapes and shifting macroeconomic expectations. The week began with heightened tension as U.S. President Donald Trump gave a Tuesday evening ultimatum to Iran for the opening of the Strait of Hormuz.
Instead of some extreme measures, the U.S., Iran, and Israel agreed on a two-week ceasefire and a temporary waterway. The truce initially fueled a relief rally across broader markets, including cryptocurrency. However, the ceasefire is fraying rapidly due to the disagreement among the parties, including Israeli strikes in Lebanon, the status of the Strait of Hormuz, and conflicting interpretations of nuclear enrichment rights.
As a result, a majority of major cryptocurrencies have been struggling to drive a sustainable recovery. However, the TRON price rallied from a February low of $0.26 to currently trade at $0.318, registering 18.5% gain. Consequently, the asset’s market capitalization is $30.15 billion.
Amid price recovery, the total value locked in the Tron blockchain has swept to 26.64 billion, with a 15.6% increase in the last 30 days. On-chain data indicate consistent capital inflows into staking and DeFi platforms, especially TRX Staking, JustLend DAO, and Just Cryptos.
This expansion is indicative of increased capital investment and user trust in the Tron ecosystem, which could increase network usage, liquidity, and protocol incomes in the short term.
Since December 2024, the TRON price has actively resonated within two converging trendlines of a symmetrical triangle pattern. The chart setup typically drives a significant sideways trend between a downsloping resistance trendline and an ascending support trendline to create a narrowing range.
On March 17th, the coin price gave a decisive breakout from the pattern’s resistance trendline, signaling a major change in traders’ sentiment. The post-breakout rally pushed the price 4.68% up to reach $0.31. However, given the long duration of this pattern formation, this breakout rally could further extend to a long-term recovery.
With sustained buying, the coin price could flip the overhead resistance of $0.324 into potential support and push the TRON price to $0.346, followed by $0.37.
However, the lower high formation in the momentum indicator RSI reflects weak conviction from buyers. Therefore, the coin price could face an initial reversal from this resistance and promote a mid-term sideways trend.
