TRON Price Surges as Network Transactions Skyrocket: Is $0.3 Target Attainable?
TRON, a decentralized blockchain-based platform, has seen a notable surge in value over the past 24 hours, with the altcoin currently trading above $0.13. The price surge of 2% during European business hours has driven the market cap of TRON up 2% to $11 billion, positioning it as the 11th largest cryptocurrency by market capitalization, as per CoinMarketCap data. The trading volume has also surged by 20% to $267 million over the last 24 hours.
TRON at the Sideway Trend
Despite the broader sideways trend in the cryptocurrency market, TRX price has displayed resilience amidst notable fluctuations. Starting the week at $0.1346, TRX peaked at around $0.136 before encountering a mild downward trend, rebounding back to the current trading price of $0.1343 after a brief dip to $0.1332.
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TRON Number of Transaction Surge
According to Lookonchain post shared on X, that the recent surge in TRX price aligns with a noteworthy increase in the number of transactions on the Tron Network, surpassing 8.1 billion transactions. This growth, along with Ethereum’s performance of over 2.45 billion transactions, signifies increasing user activity and adoption of these blockchain platforms, indicating a robust expansion in the sector.
Technical Analysis
From a technical perspective, TRX price is displaying a notable surge, implying a potential upward trend. Sustained positive momentum could potentially propel TRX price beyond $0.15, with further potential to approach $0.2 and even reach as high as $3. Conversely, a bearish scenario could see TRX stabilize at around $0.13, with potential further reduction to about $0.12. In the case of intensified bearish pressure, TRX might find support at the $0.1 mark.
Analyzing the daily technical indicators, the Awesome Oscillator (AO) shows diminishing green bars, signalling the potential weakening of positive momentum. The Average Directional Index (ADX) remains at 23.61, indicating a declining strength of the trend. The Moving Average Convergence Divergence (MACD) shows a potential lack of strong movement as the MACD line closely aligns with the signal line, suggesting potential stability in the near term. The Relative Strength Index (RSI) stands at 58.96, indicating a relatively neutral market sentiment, neither overly bought nor sold.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
