TRON (TRX) Flies After Announcement Of US Binance Listing

TRX rises after US Binance announces it will be trading Tron. (TRON Network)

JAKARTA – The crypto asset TRON (TRX) experienced a price increase after Binance AS announced that it would list TRX on the exchange recently. This is part of the 'Binance Effect,' because every time a coin is listed on the exchange, it usually experiences a significant price increase. This is because the purchasing power on Binance is fairly high.

According to U.Today's report from chart analysis on TradingView, TRX experienced an 8.5 percent price increase as reported from U.Today. According to the coin's daily chart, Tron broke through one of the strongest resistance on the daily chart and reached the level the cryptocurrency market saw last January.

The aforementioned resistance is the 200-day exponential moving average, which TRX has not broken or touched since early December. With the emergence of buying power and a very oversold market, asset prices quickly break through the moving averages and move further.

Prior to the listing, TRX was also moving in a sharp short-term trend since mid-March. Prior to the listing, the assets had already increased by more than 24 percent. The movement of altcoins from 2017 is very similar to that of other projects like Cardano, Ethereum, and even Zilliqa.

As additional information, TRON is dedicated to accelerating the decentralization of the Internet through blockchain technology and decentralized applications (DApps). Founded in September 2017 by HE Justin Sun, the TRON network has continued to deliver impressive results since the launch of MainNet in May 2018.

July 2018 marked a pivotal moment for Justin Sun as it successfully acquired BitTorrent, a pioneer in decentralized services that has nearly 100 million monthly active users. The TRON network has gained tremendous traction in recent years, with more than 84 million users on the blockchain and more than 3 billion transactions.

In addition, TRON hosts the largest supply of stablecoins circulating worldwide, overtaking USDT on Ethereum in April 2021. The TRON network completed full decentralization in December 2021 and is now a purely community-regulated DAO (Decentralized Autonomous Organization), as reported from the official TRX website.

As of writing, the price of TRX is trading at the level of IDR 1.050. Meanwhile, in the past week, TRX's performance increased by 11.6 percent based on data from Coinecko.