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Tron Price Outshines Bitcoin: Can TRX Keep Momentum and Rise?

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Tron price is rising from the $0.1250 zone against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1320.

  • Tron is moving higher above the $0.1280 resistance level against the US dollar.
  • The price is trading above $0.130 and the 100-hourly simple moving average.
  • There is a key bullish trend line forming with support at $0.1305 on the hourly chart of the TRX/USD pair (data source from Kraken).
  • The pair could continue to climb higher toward $0.1335 or even $0.1350.

Tron Price Eyes More Upsides

Recently, Bitcoin and Ethereum saw a fresh decline below $60,000 and $2,700 respectively. However, Tron price remained stable above the $0.1250 support and climbed higher.

There was a decent move above the $0.1300 resistance zone. TRX price even tested the $0.1315 level. A high is formed at $0.1314 and the price is showing signs of more upsides. There is also a key bullish trend line forming with support at $0.1305 on the hourly chart of the TRX/USD pair.

The trend line is close to the 23.6% Fib retracement level of the upward move from the $0.1256 swing low to the $0.1314 high. The price is now trading above $0.1300 and the 100-hourly simple moving average. On the upside, an initial resistance is near the $0.1320 level

Tron Price

The first major resistance is near $0.1332, above which the price could accelerate higher. The next resistance is near $0.1350. A close above the $0.1350 resistance might send TRX further higher toward $0.1400. The next major resistance is near the $0.1420 level, above which the bulls are likely to aim for a larger increase toward $0.1450 in the near term.

Are Dips Supported in TRX?

If TRX price fails to clear the $0.1320 resistance, it could start a downside correction. Initial support on the downside is near the $0.1300 zone and the trend line.

The first major support is near the $0.1285 level or the 50% Fib retracement level of the upward move from the $0.1256 swing low to the $0.1314 high, below which it could test $0.1280. Any more losses might send Tron toward the $0.1265 support in the coming sessions.

Technical Indicators

Hourly MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.

Major Support Levels – $0.1300 and $0.1285.

Major Resistance Levels – $0.1320 and $0.1350.



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Altcoin

Tron Token Burn: 10 Million Gone—What Does It Mean For TRX Price?

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TRON (TRX) recently garnered attention by incinerating over 10 million tokens, demonstrating its dedication to a deflationary approach intended to enhance its value. Currently, TRX is trading at roughly $0.1605, indicating a small increase.

Analysts express optimism on TRON’s future, forecasting a 57% price increase during the next three months, and an even more remarkable 208% rise over six months, figures from CoinCheckup show. This optimistic perspective indicates that TRX may be poised for a substantial upward trajectory in the cryptocurrency market.

A Robust Technical Foundation

The technical indicators for TRX are converging towards a positive sentiment. The price chart demonstrates a modest upward trend, while the Relative Strength Index (RSI) is presently at 57.58. This statistic indicates that TRX is approaching overbought area, however there still potential for more gains.

The Stochastic indicator, currently at 66.63, reinforces this bullish perspective by demonstrating momentum without indicating imminent exhaustion. Collectively, these factors suggest that TRX may sustain its upward trend in the short future, rendering it an appealing opportunity for investors.

Increasing Enthusiasm For TRON

Alongside the token burn, TRON has had a decent increase in daily active addresses, indicating a growing investor interest, data from IntoTheBlock shows. Although the general trend seems constant, this minor uptick suggests that more people are entering the market.

This increasing participation may enhance the token’s upward trajectory, particularly when coupled with the current deflationary strategies. As TRON endeavors to diminish its circulating supply, these elements may establish a foundation for heightened prices.

Market Sentiment And Trading Conduct

Despite the positive statistics, traders remain extremely cautious. The Long/Short Ratio shows shorts slightly outstrip longs with 54% shorts and 46% of longs. This is a ‘wait-and-see’ attitude by traders while awaiting a possible volatility in the price movement of TRX.

The TRX OI-Weighted Funding Rate is at approximately 0. That means that the balance of longs to shorts is neutral, and hence it may also reflect positively on market sentiment pending short-term variability for TRX’s price.

Recent burning of tokens by TRON and the steady increase in active addresses can boost the momentum TRX needs to post solid growth rates for the next couple of months.

Technical indicators depict a positive trend and solid price projections, which shows TRX will gain substantially in the short term.

Featured image from Pixabay, chart from TradingView



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Tron price retreats as ecosystem growth, open interest falls

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Tron price has retreated over the past eight days as recent momentum in the ecosystem began to fade.

Tron (TRX) was trading at $0.1565 on Monday, Sep. 2, down by over 7% from its highest point this year. This retreat has brought its market cap to over $13.5 billion.

Tron’s key metrics are falling

Still, Tron has been one of the best-performing major coins in recent weeks, having jumped by over 44% from its lowest level in August. It also reached a record high of $0.1690.

The token performed well following several major events during the month. The most notable was the launch of SunPump, the network’s meme coin generator. In less than three weeks, thousands of memes have been created, generating almost $50 million in fees. All meme coins in the ecosystem have a market cap of over $493 million. 

Recently, however, there are signs that the Tron ecosystem is losing momentum. For example, Sundog (SUNDOG), the biggest meme coin in the ecosystem, has dropped by over 24% from its highest level in August.

Other tokens like Suncat, SunWukong, FoFar, and Dragon Sun have also dropped by over 50% in the last seven days.

Additional data shows that Tron’s total value locked in its decentralized exchange network has dropped by 8% in the past seven days to over $8.1 billion. The volume of tokens traded in Tron’s decentralized exchanges has fallen by over 21% in the last seven days. 

Meanwhile, Tron’s open interest in the futures market has also continued falling. It moved to over $141 million on Sep. 2, down from August’s high of $234 million.

Still, Tron is one of the most popular blockchains in the industry. Its network has brought in over $1.1 billion in revenues this year, making it the second most profitable blockchains in the industry. It also has over $59 billion in stablecoins and 2.24 million active addresses

Tron price rally has eased

Tron price
Tron price chart | Source: TradingView

Tron has been in an uptrend since bottoming in 2021, making it less correlated with Bitcoin (BTC) compared to other coins. It jumped to a record high of $0.1690 last month and has now retreated to $0.155.

Tron remains above the 50-day and 200-day Exponential Moving Averages (EMA) and the key resistance point at $0.1451, its highest swing in February.

Therefore, there is a likelihood that the token will drop to the psychological point at $0.15 and then resume its bullish trend. More upside will be confirmed if it rises above the year-to-date high of $0.1690.



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24/7 Cryptocurrency News

Is Tron Meme Coin Season Next?

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Tron (TRX) ecosystem is in the spotlight because of its meme tokens taking off. As one of the industry’s most dominant Layer 1 networks, the protocol is now implementing the play-books of rivals like Solana. For more than a year, Solana has recorded a thriving meme ecosystem with BONK and dogwifhat (WIF) successes. Tron Founder Justin Sun is confident the blockchain will stun the world with its lineup of meme coin innovations.

Tron Meme Coin; Hype Vs Reality

Every protocol has its strengths and weaknesses. While Solana suffers outages from Phantom Wallet and other DApps, Tron still needs to. Riding on this, Sun believes the protocol needs to build on this network stability to bring more value to the community. This desire helped birth the Tron Meme Coin season.

Per data from DeFiLlama, the TRX DeFi ecosystem boasts of a Total Value Locked (TVL) of $8.764 billion. This figure shows a high level of liquidity that surpasses that of Solana at $10.852 billion. This TVL is evidence that the Justin Sun-backed network has what it takes to fuel a sustainable memecoin season.

Already, a number of Tron meme coin have made their emergence with positive milestones. One of the top meme coins to buy in 2024 is Sundog. This token is gaining a huge recognition as one of the key pioneers in its ecosystem with potential growth tracks like dogwifhat.

Several market analysts are engaged in debates on whether this meme hype will last. As a sign of the positive growth is the 410% surge that the Tron meme coin Sundog has printed in the past week. While it might be too early to predict, every thriving memecoin passes through different growth cycles and Tron’s best tokens might also follow the trend.

For now, pundits agree on the major catch for these memecoins, and this includes how early it is for interested investors to get in.

The Sun Pump Advantage

The meme coin world is filled with a lot of fraud. It is not uncommon for projects to rug at the early stage of their launch. To curtail this trend, the Tron ecosystem launched Sun Pump, a fair memecoin launch platform.

With Sun Pump, every new project passes through a bonding curve. Here, investors determine which Tron meme coin will go live on Sun Swap, the ecosystem’s top DEX. The role of Sun Pump is the response of Tron to the Pump Fun platform on Solana. Both protocols work to prevent fraud and is decentralized enough to permit ecosystem-wide participation.

The Sun Pump advantage for now is its newness, one that might favor its adoption over Solana’s Pump Fun. With Sun Pump already beating Pump Fun in earnings, Justin Sun predicts a $4 billion revenue peak with its meme strategy. On which of the protocol’s meme ecosystem will outshine the other, only time will tell.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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