Deep Dive
1. Macro Sentiment Shift (Mixed Impact)
Overview:
The U.S. Senate advanced a bill to end a 40-day government shutdown on November 11, easing political uncertainty. This triggered a risk-on rally across crypto, with TRX rising 1.5% in sync with Bitcoin (+3.6%) and XRP (+11.2%).
What this means:
TRX benefited from improved market-wide liquidity sentiment. However, the crypto Fear & Greed Index remains at 31 (“Fear”), suggesting fragility. TRX’s 24h volume rose 19.78% to $747M, signaling short-term speculative interest.
What to look out for:
Final Senate/House approval of the bill and whether crypto maintains momentum post-resolution.
2. Ledger’s TRON Integration (Bullish Impact)
Overview:
Hardware wallet leader Ledger announced TRON blockchain support (Nov 10) ahead of its planned 2026 U.S. IPO. This follows Ledger securing $100B+ in crypto assets and expanding enterprise services.
What this means:
Institutional adoption tailwinds: Ledger’s 7.5M+ users gain direct TRX storage, enhancing accessibility. TRON’s role in stablecoins (hosting $80B+ USDT) aligns with Ledger’s focus on secure custody for high-volume assets.
3. Technical Rebound (Neutral/Bullish)
Overview:
TRX rebounded from oversold levels (30-day RSI hit 27 on Nov 5) after a -17.7% 90-day drop. Key metrics:
- RSI14: 45.57 (neutral)
- MACD: Bullish crossover (histogram +0.0013)
- Support: $0.285 (Fibonacci 78.6% level)
What this means:
The bounce reflects short-term trader positioning rather than structural strength. Resistance at $0.313 (23.6% Fib) needs a decisive break for sustained upside.
Conclusion
TRX’s rise combines macro relief, Ledger’s institutional nod, and technical mean reversion. However, its -7.77% 30d performance lags behind Bitcoin (+77.55% yearly), reflecting lingering skepticism about TRON’s DeFi competitiveness against Ethereum/Solana.
Key watch: Can TRX hold above $0.295 (200-day EMA) if the Senate bill faces delays?