On Thursday, Oct. 29, TRON (TRX) prices rose sharply from $0.328 to $0.365 within hours. The surge coincided with a $234 million USDT swap to TRX on the SunSwap platform, according to blockchain data firm Bitquery.
Attackers who had previously drained Binance hot wallets across ten blockchains moved the USDT into TRX, citing the inability of a central issuer to freeze TRX transfers. The swap price was $0.367 per TRX, while the market price at the time was around $0.33, contributing to the rapid price increase.
Technical response
Following the spike, TRX experienced a 13.4% correction. The 1‑day chart showed a bearish market structure, with a prior swing from $0.3775 to $0.3108 in May and early June establishing key Fibonacci levels. The 78.6% retracement level at $0.363 acted as resistance, and the price retreated below $0.3108 after the session close.
On‑balance volume (OBV) continued its downward trend, and the MACD indicator dropped sharply. However, the MACD later formed a bullish crossover in bearish territory, suggesting a possible short‑term bounce.
Potential near‑term range
Analysts note that the impulse move down from $0.365 could see TRX rebound to a range of $0.333‑$0.352, with the $0.33 supply zone potentially acting as a resistance point. Swing traders and long‑term investors are advised to remain aware of the broader bearish trend, as further declines toward $0.30 or $0.27 are considered possible in the coming weeks.
Summary
The October 29 price surge was driven by artificial demand from a large USDT swap and reversed after hitting a key technical resistance level. TRX now resides in a bearish price structure, though a short‑term bounce toward the $0.33 zone cannot be ruled out.
