The crypto market prices have fluctuated wildly recently, with TRON (TRX) being one of them. According to the latest market data, TRX is currently trading at $0.119, with a 14.75% decrease over the past month but a 1.27% increase in the last 24 hours. TRON's market cap stands at over  $10.4 billion, the 15th largest cryptocurrency by market cap. The trading volume over the past 24 hours is over $292million.  Notably, the volume-to-market cap ratio for the same period is a healthy 2.79%, indicating a decent level of liquidity.

TRON Data Chart (CoinMarketCap)

The circulating supply of TRX tokens is 87,700,333,118, with a slight difference of the total supply that stands at 87,700,390,476. 

TRON Technical Analysis: A Bullish Outlook on the Horizon

TRON has been trading in a bearish trend for the entire month of March after hitting resistance at the $0.1451 zone 26th February. However, last week's candle closed bullish, following a double retest of support at the ascending triangle and horizontal support level.

TRXUSD Weekly Chart (TradingView)

Despite prices currently trading below last week's close, TRON has demonstrated bullish pressure since hitting a low of $0.1151 earlier this week and the price is now on a trajectory to test resistance at the $0.1225 zone.

TRX Daily Technical analysis

TRON has been trading bearishly since February 28th, following a rejection at the $0.1451 resistance zone. However, on March 19th, the price found support at an ascending trendline and has since bounced back, trading within a ranging channel between $0.1225 and $0.1150.

TRXUSD Daily Chart (TradingView)

Currently, TRON is trading towards a double resistance level, comprising of the ascending trendline and the ranging channel resistance at around $0.1225. If the bulls maintain their recent momentum, upward pressure toward this resistance zone is much more likely. With the Relative Strength Index (RSI) on the daily chart standing at 42.30, indicating a bullish pressure and the potential for further upward movement.

On the 4-hour chart, TRON has been trading bullishly since hitting the ranging channel support at $0.1150 on April 2nd. The price is currently trading towards the ranging channel resistance, with an RSI of 47, suggesting room for further buying pressure. In the event of a retracement, TRON may revisit the support levels at the ranging channel support or the ascending trendline slightly below but chances are minimal before it tests the resistance at 0.1225 zone

Overall, the technical analysis suggests that TRON is in a downtrend but the current bounce has the potential for further price appreciation in the coming days and weeks. However, traders and investors should exercise caution and conduct thorough research before making any investment decisions, as the crypto market remains highly volatile.

TRON Reinforces Commitment to Scarcity and Value Growth

TRON's recent burn of 12,211,187 TRX on April 4th showcases its dedication to deflation and value growth. 

With a net negative production ratio of -7,144,852, the burn highlights TRON's efforts to reduce circulating supply and increase scarcity, potentially driving long-term value appreciation for the TRX token. This move aligns with TRON's broader vision of creating a robust and sustainable ecosystem.