TRX Price Retests Channel Break, A Dip To Buy Or Wait?

The TRX price continues the sideways trend as it consolidates despite the Bitcoin price falling 4.6% to the $36K mark. Surviving the sharp increase in supply pressure observed market-wide, Tron manages to sustain above the psychological mark of $0.10.

Timeline of Tron

In a sector marked by volatility and challenges, the Tron [TRX] protocol managed to pull through the third quarter with robust financial metrics. Justin Sun, the entrepreneur behind the group of companies, including TRON, HTX, Poloniex, and TUSD, recently provided a snapshot of his businesses' Q3 performance.

At the time of writing, Tron was trading at a significant resistance level previously retested in June and July. Furthermore, the cryptocurrency was almost oversold which means it was in a psychological profit-taking zone.

Tron (TRX) price has held quite well in the past few months, making it one of the best-performing coins in the industry. It rose to a high of $0.085 on Wednesday, the highest level since July 29th. It has risen by more than 86% from the lowest level in December.

Tron (TRX), the blockchain platform founded by Justin Sun, has been showing a good performance for the most part of 2023. The project, which was launched just six years ago, recently registered an impressive surge in transaction activity, underscoring the increasing organic demand for the TRX cryptocurrency.

Tron's rapid growth over the last few years and especially in 2023 underscores more potential organic demand for the TRX cryptocurrency. It is thus no surprise that the cryptocurrency maintained an overall uptrend since November last year.

In a recent turn of events, Justin Sun, the founder of TRON, has expressed his interest in bidding for the assets and tokens of the now-bankrupt cryptocurrency exchange, FTX. This move comes as a strategic attempt to alleviate the selling pressure that has been mounting in the cryptocurrency industry.

Tron (TRX) has orchestrated an impressive recovery, bouncing back from last week's dip of $0.07000 and regaining losses it incurred this month. As of the latest data from CoinGecko, the TRX price currently stands at $0.076, despite a minor 1.2% decline over the past 24 hours.

Tron blockchain has been outshining almost all of its competition in terms of TVL growth. It currently has the second highest total value locked, trailing behind the Ethereum network

Q2 of 2023 brought some good news for Tron as it was the only blockchain after Cardano that saw positive momentum in terms of its TVL. With a weak bearish sentiment, will TRX see some bullish movement in the coming days?

Tron's latest bearish moves were seen giving way to the bulls considering TRX's sideways action. Additionally, Tron also announced that it would embrace Huawei's Node Engine Service.