TRON (TRX) and Trump Token prices surged ahead of the dinner between TRON founder Justin Sun and former President Donald Trump. What's next for these cryptocurrencies post-event?
The price of TRON (TRX) is currently trading at $0.2770, its highest level since last December, marking a 37% increase from its February low. Similarly, TRUMP has reached $15.28, up by 112% from its yearly low.
This surge in both cryptocurrencies can be attributed to various factors. Firstly, it follows the overall crypto market rebound, with Bitcoin surpassing the $111,000 mark. Additionally, it is fueled by the announcement of the dinner between Justin Sun, the TRON founder, and Donald Trump, the US president. Sun, being the largest TRUMP holder, has the crypto community eagerly anticipating this dinner.
On the 12-hour chart, the price of TRON has been showing an upward trend since March, forming an ascending channel with gradual accumulation. A breakout above the resistance at $0.30 would confirm further upward potential. However, a drop below $0.25 would challenge this optimistic scenario.
For TRUMP, the daily chart indicates a bounce since the dinner announcement in April. The price has recently surpassed a critical resistance level at $16.43. A breakthrough of this threshold would pave the way for further advancements, targeting $20 initially.
Investors should remain vigilant post the Justin Sun and Donald Trump dinner. Some participants are already showing selling signs. Nevertheless, if both cryptocurrencies can hold their current levels, they could continue their progression in the coming weeks.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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