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- 1 TRX’s market value and trading volume have increased, ranking 13th on CoinMarketCap.
- 2 Technical indicators suggest low momentum and consolidation.
- 3 The Lookonchain analyst platform optimistically compares TRX volume to Visa, indicating growing adoption due to increased demand and visibility.
A famous entrepreneur, H.E. Justin Sun, is the founder of Tron. It has multiple use cases, with the main one being the transaction fees on the Tron blockchain.
Recently, H.E. Justin Sun retweeted Token Terminal’s post, showcasing a growing graph of monthly fees since launch. It surged from Jul 2020 and has been at its peak by mid-2024. The post also conveyed that the Tron (TRX) is on track to generate a whopping $1.65 Billion in transaction fees over the next 12 months.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) June 17, 2024
Moreover, Tron (TRX) crypto surged by 0.36% in market value and by 0.95% in trading volume in the last 24 hours, as per the CoinMarketCap. When writing, its market value is $10.212 Billion, and its trading volume is $218.312 Million.
When writing, it ranks 13th among the top 100 cryptos on CoinMarketCap, with 87.251 Billion TRX in circulation. The volume-to-market cap ratio highlights weak liquidity, often featuring less stable market charts.
A recent daily chart shows that the Tron (TRX) price has shown a resurgence possibility from the $0.1090 price mark, exhibiting a 0.43% intraday growth on the daily chart, with the price traded at $0.1174.
Decoding Tron (TRX) Price Pattern on the daily Chart!
The past price structure of the TRX crypto shows a long bullish rally from Nov 2022, the support level of $0.050 to a peak of 0.1439 by Feb 2024. It showed a steady and consistent growth of 220%. After the rally, the price showed exhaustion, as it failed to surpass the main supply zone; the bulls lost to bears and ended up in a narrowing range that looked most similar to a symmetrical triangle pattern.
TRON 1.D. Price Chart | Source : TradingView
The lower boundary and upper boundary of the narrowing wedge show the 4 notable touches, proving it to be a symmetrical pattern, and the 4 touches were at the $0.1090 price mark. The market needs a big liquidity candle that could give a massive breakout toward the higher levels.
However, if the price continues to trade within the pattern and goes for the decline with the bears dominating, it could demonstrate a breakdown.
TRX Price Forecast and Indicators’ Overview
According to the symmetrical triangle narrowed wedge, if the price breaks down, the bears could eye for the supports of $0.09500 and $0.08500.
However, if breakout happens, the price could aim for $0.12800 and $0.14390 levels.
Technical indicators show that the price has been in a low momentum and is trading between 50-day and 200-day EMAs. Meanwhile, the RSI has rebounded after hitting an oversold reign, but at the 50.83 median line, signifying no strength in momentum and depicting consolidation. MACD highlights a bullish cross with a histogram rising at 0.000273.
Why A Major On-chain Analyst Platform Optimistically Compared TRX With Visa?
The tweet from @lookonchain presents an optimistic view of TRX cryptocurrency, as they reported a 24-hour trading volume of USDT on the Tron Network at $53.03 Billion, surpassing Visa’s average daily trading volume of $42 Billion. This high volume on the Tron Network suggests a robust and active ecosystem.
In particular, Visa is a globally well-known and established global payment processor, and the comparison with it implies that the Tron Network has been handling a bigger transaction volume that even rivals a major player in the financial industry. It could be seen as an impactful sign of growing adoption and trust in the network.
However, the high volume of transactions, the TRON Network processed, could lead to an increased demand for TRX assets. This abrupt demand could potentially drive up the price of TRX.
The 24-hour trading volume of $USDT on #TronNetwork is $53B, exceeding Visa's average daily trading volume.
— Lookonchain (@lookonchain) June 21, 2024
Visa's trading volume in Q1 2024 was $3.78T and the average daily trading volume was $42B. pic.twitter.com/jolGKIUcxE
Moreover, the comparisons with major financial entities on social platforms like X, could increase the visibility of TRX and the Tron Network in the broader financial community. That could potentially attract new users and investors.
The tweet suggests that the Tron Network is experiencing significant usage, which appears to be a positive sign for the TRX cryptocurrency’s future prospects.
Summary
TRON has various use cases, with transaction fees being a key one. A post retweeted by Justin Sun showed Tron’s growing monthly fees, expected to reach $1.65 billion next year. The trading volume of the TRX crypto has increased, ranking 13th on CoinMarketCap. The price analysis suggests a potential breakout in the future.
The TRX price could break down or break out from a symmetrical triangle pattern, with potential support at $0.09500 and resistance at $0.12800. Technical indicators suggest low momentum and consolidation. The Lookonchain analyst platform optimistically compares TRX volume to Visa, indicating growing adoption and potential price increase due to increased demand and visibility.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
