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The Tron Network has gained significant attention within the crypto space over the past few days. This has resulted in it outperforming all the top tokens within a shorter time frame. Notably, with a market capitalization of $12.776 Billion, it has secured the title of the 10th largest cryptocurrency.
Following this, TRX-based altcoins have recorded a similar price action by experiencing a significant surge in their respective portfolios over the past few days. With the present market sentiments, is this the right time to invest in the Tron ecosystem?
Scroll down as, in this article, we have covered the market sentiments, price action, and possible short-lived price targets of the Tron (TRX) and SUNDOG crypto tokens.
Tron (TRX) Price Action
The TRX price has constantly displayed a bullish price action by adding 6.83% to its portfolio within the past day with a trading volume of $778.23 Million. Moreover, it has jumped approximately 16% within the past week and has recorded a YTD return of 36.43%.
The EMA 50-day acts as a support to the Tron price chart, indicating a strong bullish sentiment for the altcoin in the cryptocurrency space.
The Relative Strength Index (RSI) has breached its overbought range in the 1D time frame, highlighting an increase in the buying-over-selling pressure within the crypto space. Moreover, the average trendline records a bullish curve, suggesting that the altcoin will continue gaining value this week.
If the market holds the TRX price above its support level of $0.1450, the bulls will prepare to test its upper resistance level of $0.160 during the upcoming weeks. Conversely, a bearish reversal could pull the altcoin toward its lower support level of $0.1275 this month.
SUNDOG (SUNDOG) Price Action
Built on the Tron chain, this meme coin made its first appearance in the crypto market on 15th August through the Bitget cryptocurrency exchange. Following the release, this meme coin instantly gained momentum from investors, resulting in it recording a massive price surge.
The meme coin has surged 121.36% within the past day with a trading volume of $59.942 Million, a change of +59.62%. Furthermore, it recorded an All-time Low (ATL) of $0.04197 on 18th August (2 days ago) and has surged over 290% since then.
Today’s @sunpumpmeme traffic is 100% higher than yesterday, but we are fully prepared and confident that we can resolve any issues. There won’t be any problems with our service today. If you encounter any issues, feel free to report them here at any time! TO THE SUN!
— H.E. Justin Sun å™å®‡æ™¨(hiring) (@justinsuntron) August 20, 2024
On the other hand, the founder of Tron Network, Justin Sun, has been constantly mentioning the fundamentals and activity of the SunPump memecoin since yesterday. This highlights a strong bullish sentiment and a positive outlook for this crypto token in the coming time.
Notably, with a trading price of $0.1665 and a circulating supply of 1 Billion SUNDOG tokens, this meme coin has secured the 243rd position in the global crypto list with a market capitalization of $165.332 Million.
