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Phemex Analysis in A Minute: TRX Boom 103% in One Day!

The biggest news today is that TRON (TRX) surged 103% over yesterday. This breaks its record for the highest daily gain, shatters its market cap record by reaching a new high of $36 billion, and propels it into the top 10 biggest coins by market cap.

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News & Fundamental Analysis

While the exact cause of this surge is unknown, many speculate that Justin Sun's post comparing TRX to XRP may have ignited FOMO (fear of missing out) in investors who missed the XRP rally, leading them to rush into TRX. This post quickly caught the attention of many investors, prompting them to take a deeper look into TRX. Here's what they found:

1. TRX is now the most widely used blockchain network for USDT transactions.

2. TRX's daily transaction volume surpasses 8.96 million, which is 2.6 times larger than XRP's daily transaction volume of 3.39 million.

3. TRX's daily transaction volume has surpassed $50 billion, exceeding VISA's daily volume of $42 billion.

All of this data further fuels the bullish sentiment on TRX, ultimately leading to the historic 103% surge in a single day!

Possible Scenarios

Beyond fundamental analysis, let's explore potential scenarios for TRX through key support and resistance level analysis.

1. Rising Higher:

The price has dropped 18% from its new all-time high (ATH) of $0.45028 and is currently trading at $0.38656. This is a healthy pullback, allowing the price to consolidate before potentially rising further. If the price breaks through $0.43 with high volume, it may continue climbing and establish a new ATH.

2. Continued Retracement:

On the other hand, the price could continue to retrace down to $0.305, $0.27, or even $0.23. This could present a good buying opportunity for investors seeking TRX at a discount. However, it's advisable for investors to employ a Dollar-Cost Averaging (DCA) strategy and set stop-loss orders to manage risk in case of a further price decline.

3. Consolidation:

It's also possible that the price might consolidate for an extended period between $0.4328 and $0.3678. In this case, it's best to be patient and wait for a clearer direction before making any trades. Range trading is not recommended for TRX at this time due to its high volatility, which translates to a lower risk-reward ratio for range traders.

Conclusion

TRX's recent surge has captured the attention of the crypto community. While the future is uncertain, understanding potential scenarios and implementing effective trading strategies can help you navigate this volatile market. Whether you're a long-term investor or a short-term trader, staying informed and adapting to market changes is crucial. Remember, always conduct thorough research before making any investment decisions.

Tips:

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Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.

 

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