TRON's Illicit Activity Plummets, Price Surges 12%

TRON (TRX), the native cryptocurrency of the TRON blockchain, has witnessed a significant decline in illicit activity in 2024, according to a recent report from TRM Labs. This development can be largely attributed to the T3 Financial Crime Unit, a collaboration between Tether, TRON DAO, and TRM Labs, aimed at combating illicit transactions of USDT on the TRON blockchain.

In addition to this positive development, TRON has also experienced a significant price hike, with the cryptocurrency surging by 12% from the key support level of $0.216 to the current price of $0.2493. This bullish momentum is likely to spark optimism among TRON investors and could push the price to test the significant level of $0.275 if sustained.

The decline in illicit behavior on the TRON network is a motivating factor behind this price action. As the blockchain grows and becomes more trusted, investor psychology is likely to improve, attracting more users and developers to the network and boosting demand for TRX in the long term.

Technically, the $0.275 resistance level is the immediate barrier in line for TRX. If the bullish trend continues, a breach of this key level can open the doors for further rallies. However, any signs of waning momentum can trigger a pullback to the $0.216 support level.