6 hours ago
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Key Notes
- SEC reviews filing for a staked TRX ETF from Cboe BZX and Canary Capital.
- TRX is breaking out of the range-bound parallel channel $0.20–$0.25.
- Buy/Sell Pressure Delta signals renewed buying interest and bullish sentiment in TRX.
The US Securities and Exchange Commission (SEC) has recently acknowledged the 19b-4 filing by Cboe BZX Exchange for a staked Tron (TRX) ETF, proposed by Canary Capital.
This marks another step in bringing altcoin-based ETFs to the US, as the SEC continues to evaluate several crypto-related products.
Canary Capital submitted its registration in April with Bitgo as the custodian, adding to its existing ETF proposals for altcoins like Hedera, Sui, and Litecoin.
TRX is currently trading at $0.274 with no loss or gains in the past 24 hours. The tenth-largest cryptocurrency is trying to break out of the horizontal channel $0.20-$0.25. It has been consolidating within this range since late-2024, relatively underperforming in comparison to the broader crypto market.
However, the Buy/Sell Pressure Delta, a momentum indicator based on 90-day volume, recently signaled that TRX TRX $0.25 24h volatility: 0.6% Market cap: $23.27 B Vol. 24h: $464.89 M has shifted back into a buying zone. This indicates renewed investor interest and growing bullish sentiment.
Popular trader Crypto NL predicted on X that if TRX continues the anticipated bullish setup, it could reach $0.60 in the upcoming bull run.
https://twitter.com/cryptoking_nl/status/1924903482190172468
Another analyst Javon Marks echoed similar bullish sentiment, stating that the cryptocurrency could cross the $1.11 price target soon. If this happens, traders could see a +400% rally from the current price levels.
https://twitter.com/JavonTM1/status/1924855176743039429
TRX Price Outlook
On the daily TRX price chart, the RSI is currently sitting around 66, indicating moderate bullish momentum. This suggests room for further upside before a potential reversal.
TRX price chart with MACD | Source: TradingView
Bollinger Bands are beginning to widen, potentially signaling the early stages of a breakout. Price is currently approaching the upper band, which generally indicates strong upward momentum. Support can be found at mid band (20-day SMA) around $0.26.
Meanwhile, the MACD has crossed above the signal line with a rising histogram, another bullish sign pointing to building momentum. The nearest resistance lies at $0.30, and a breakout above that could lead to a sharp move upward.
TRX price chart with MACD | Source: TradingView
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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