Highlights
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?
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.
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.
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