Tron is facing massive buying spree after Binance listing announcement
The famous “Binance Effect”, which was one of the most bullish events for almost any cryptocurrency or project in 2017, still shows a strong presence as Tron (TRX) is listed on the Binance platform. US with an 8.5% spike in price, per TradingView.
According to the daily chart of the coin, Tron broke through one of the strongest resistances on the daily chart and reached the level that the cryptocurrency market saw back in January last time.
The resistance we mentioned earlier is the 200-day exponential moving average, which has not been broken or touched by TRX since early December. With the emergence of buying power and a strong market oversold, the price of the asset quickly broke through the moving average and moved further.
Before the listing, TRX was also moving in a sharp short-term trend since the middle of March. Prior to the listing, the asset was already up more than 24%. The movement of the altcoin from 2017 is quite similar to other projects like Cardano, Ethereum and even Zilliqa.
Such a drastic trend change is linked to the return of risky trends in financial markets. Since digital assets are considered risky assets, traders and investors are more eager to expose themselves to risk. Cryptocurrencies remain among the most accessible ways to increase portfolio risk.
Tron, along with other cryptocurrencies, offer various solutions for traders, investors and cryptocurrency users in general. One of the most popular solutions built on the Tron network is TRX-based USDT stablecoin, which has recently celebrated $41 billion in circulation on the network.
At press time, TRX is trading at $0.07 with an 8% gain in the past 24 hours. Since early March, Tron has added more than 30% to its value.
