TRON (TRX) Consolidates at $0.34 Resistance After $1 Billion Buyback Rally
The post TRON (TRX) Consolidates at $0.34 Resistance After $1 Billion Buyback Rally appeared on BitcoinEthereumNews.com. Iris Coleman Aug 10, 2025 08:10 TRX trades at $0.34 after hitting key resistance following TRON’s $1 billion buyback announcement, with $2.95M outflows signaling potential profit-taking phase. Quick Take • TRX currently trading at $0.34 (+0.06% in 24h) • TRON’s RSI at 66.38 suggests neutral momentum with potential for further upside • $1 billion buyback program announced August 4th drove initial 8% price surge • Recent $2.95 million outflows indicate profit-taking near key resistance levels What’s Driving TRON Price Today? TRON’s price action over the past week has been dominated by two competing forces. The blockchain’s announcement of a $1 billion buyback program on August 4th initially sparked significant bullish momentum, driving TRX price higher by 8% as investors anticipated reduced circulating supply and enhanced tokenomics. However, as TRX approached the critical $0.34 resistance level yesterday, market dynamics shifted. Data shows $2.95 million in outflows as traders began taking profits from the buyback-driven rally. This profit-taking behavior is typical when assets reach technically significant resistance zones after strong rallies. The consolidation phase TRON is experiencing reflects a healthy pause in the uptrend rather than a reversal. Despite the recent outflows, the underlying buyback program fundamentals remain intact, providing potential support for future price appreciation once current selling pressure subsides. TRX Technical Analysis: Mixed Signals Emerge TRON technical analysis reveals a complex picture with both bullish and cautionary signals. TRX RSI currently sits at 66.38, placing it in neutral territory with room for further upside movement before reaching overbought conditions. This RSI reading suggests TRON maintains bullish potential without immediate reversal risk. The moving average structure strongly favors bulls, with TRX price trading above all major moving averages. TRON’s price sits at $0.34, well above the SMA 20 at $0.33, SMA 50 at…
The post TRON (TRX) Consolidates at $0.34 Resistance After $1 Billion Buyback Rally appeared on BitcoinEthereumNews.com.
Iris Coleman Aug 10, 2025 08:10 TRX trades at $0.34 after hitting key resistance following TRON’s $1 billion buyback announcement, with $2.95M outflows signaling potential profit-taking phase. Quick Take • TRX currently trading at $0.34 (+0.06% in 24h) • TRON’s RSI at 66.38 suggests neutral momentum with potential for further upside • $1 billion buyback program announced August 4th drove initial 8% price surge • Recent $2.95 million outflows indicate profit-taking near key resistance levels What’s Driving TRON Price Today? TRON’s price action over the past week has been dominated by two competing forces. The blockchain’s announcement of a $1 billion buyback program on August 4th initially sparked significant bullish momentum, driving TRX price higher by 8% as investors anticipated reduced circulating supply and enhanced tokenomics. However, as TRX approached the critical $0.34 resistance level yesterday, market dynamics shifted. Data shows $2.95 million in outflows as traders began taking profits from the buyback-driven rally. This profit-taking behavior is typical when assets reach technically significant resistance zones after strong rallies. The consolidation phase TRON is experiencing reflects a healthy pause in the uptrend rather than a reversal. Despite the recent outflows, the underlying buyback program fundamentals remain intact, providing potential support for future price appreciation once current selling pressure subsides. TRX Technical Analysis: Mixed Signals Emerge TRON technical analysis reveals a complex picture with both bullish and cautionary signals. TRX RSI currently sits at 66.38, placing it in neutral territory with room for further upside movement before reaching overbought conditions. This RSI reading suggests TRON maintains bullish potential without immediate reversal risk. The moving average structure strongly favors bulls, with TRX price trading above all major moving averages. TRON’s price sits at $0.34, well above the SMA 20 at $0.33, SMA 50 at…
What's Your Reaction?
