TRON Price Analysis: What Does 37% Increase in Active Addresses Mean for TRX Recovery

Highlights
- The Tron Network has witnessed a notable rise in active addresses, now totaling 2.27 million. This uptick is indicative of increased transactional volume and enhanced engagement on the platform.
- The TRX price may extend its current correction trendline until the downsloping resistance trendline is intact.
- The intraday trading volume in Tron is $385.7 Million, indicating a 44.75% gain.
TRON Price Analysis: Defying the current market volatility, the TRON coin has been on a bullish streak since last Friday, the day the Bitcoin network completed the fourth halving. The positive upswing surged the TRX price from $0.105 to $0.115, registering 10.5% growth. The rising price poised to challenge a monthly resistance on the daily chart indicates a potential for higher growth.
Also Read: Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next?
Is TRX Price Heading to $0.12?
The mid-term trend TRON price is still bearish evidenced by a dynamic resistance trendline in the daily chart. This downsloping trendline led the coin value to plunge from $0.144 to $0.104 within two months, accounting for 27.2%.
However, the downward trend found suitable support at 38.2% Fibonacci retracement level at $0.105 amid the recent bitcoin halving. The renewed buying pressure following this health retracement has reverted the price back to the $0.115 mark.
This uptick is further accelerated by a significant development in The Tron network according to data from the crypto analytics firm IntoTheBlock. The number of daily active addresses on the Tron blockchain has notably increased, with current figures showing there are now 2.27 million active addresses.
The number of daily active addresses on @trondao has been on the rise!
There are currently 2.27 million active addresses, a 37% increase compared to last month pic.twitter.com/BjZGEWYRhX
— IntoTheBlock (@intotheblock) April 24, 2024
This marks a substantial 37% increase from the previous month, underscoring a growing interest and engagement in the Tron ecosystem.
If the bullish momentum persists, the TRX price will breach the overhead trendline favoring buyers to lead a fresh recovery rally. The post-breakout rally would bolster buyers to chase a potential target at $0.12, followed by $0.144.
Technical Indicator:
- Exponential Moving Average: The TRX price reclaiming the 200-day EMA indicates the buyers holding a firm grip over this asset.
- Relative Strength Index: The daily RSI slope projects a notable bullish reversal indicating the rising buying momentum at the bottom.
- Coinbase CEO Says Market Structure Bill Will Pass by Year-End Despite Government Shutdown
- Breaking: Trump To Meet China’s President On October 30, Bitcoin Bounces
- Breaking: Trump Pardons Binance’s Changpeng “CZ” Zhao, BNB Spikes
- Peter Schiff Challenges Binance Founder CZ to Debate as Bitcoin Vs. Gold Rivalry Heats Up
- Robinhood Lists HYPE As Hyperliquid Flips CZ Backed Aster In Perp DEX Volume
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
- Ethereum Price Poised for Breakout as Wyckoff Re-Accumulation Meets BlackRock’s $110M Purchase
- BNB Price Prediction as Analysts Eye $1500 Ahead of Fresh Coinbase and Robinhood Listings
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK