The crypto market has been slow since the start of the week. Bitcoin is still hovering around $89,000. Most major coins are struggling to move higher.
TRX is telling a different story. The Tron token has climbed around 3% in the last 24 hours. It has touched the $0.30 level. This makes it the strongest performer among the top 10 cryptocurrencies by market value.
TRX has turned bullish earlier this week. Because of that, buyers are now eyeing the next resistance near $0.32.
Right now, TRX is trading close to $0.30. It is clearly outperforming other big coins. This strength is backed by improving on-chain and derivatives data.
According to CryptoQuant, TRX currently has a positive outlook. Data shows strong whale activity in both spot and futures markets. Large buy orders are visible. Selling pressure is cooling. Buyers seem to be in control. This points to a possible move higher in the short term.
There is also strong growth in stablecoins on the Tron network. Data from DeFiLlama shows that the total stablecoin supply on Tron has been rising since late December. It hit a record high of $84.63 billion earlier this week. On Friday, it was still holding near $84.41 billion.
A rising stablecoin supply usually means more activity on the network. It also attracts more users and liquidity. This adds more strength to TRX’s bullish case.
Derivatives data also supports the upside view. Coinglass shows that the long to short ratio for TRX is at 1.36. This is close to the highest level seen in over a month. A ratio above 1 means more traders are betting on prices going up rather than down.
From a price action point of view, TRX looks strong. It broke out of a falling wedge pattern last week and gained around 5%. However, it gave back most of those gains on Tuesday when the wider market fell.
TRX then found support near $0.294 on Wednesday. Since then, it has risen about 3.5%. It is now trading above the key $0.29 support level.
The price is also above the 50-day, 100-day, and 200-day moving averages. This usually signals a healthy bullish structure.
If this momentum continues, TRX could move toward $0.32. This level was last seen on October 22 and may attract selling pressure.
Short-term indicators look supportive. On the 4-hour chart, the RSI is at 58. This is above the neutral level and shows growing bullish momentum. The MACD lines are moving closer to positive territory, which suggests buyers are slowly taking control.
For a stronger rally, the MACD needs to stay in positive territory for some time. If that fails and the price pulls back, sellers could push TRX back toward the $0.29 support level.
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