Tron Price As Network Transactions Soar: Is $0.3 Possible?

TRON, a decentralized blockchain-based platform, has witnessed a surge in value over the past 24 hours. The altcoin is currently hovering above $0.13, consistent with most cryptocurrencies trading in a sideways trend.  At the time of writing, Tron price is trading at $0.1343 during European business hours, making a surge of 2%

According to CoinMarketCap data, TRON’s market cap has increased by 2% to $11 billion, ranking it 11th among cryptocurrencies. The trading volume has also seen a significant rise of 20%, totaling $267 million over the last 24 hours.

Tron Price Shows Resilience in a Sideways Market

Over the past week, the value of TRX price experienced notable fluctuations. Beginning the week at $0.1346, TRX initially showed promising gains, peaking at around $0.136 before encountering a downward trend. The cryptocurrency briefly dipped to $0.1332 but rebounded, climbing above $0.1340, where it currently stands. 

This slight decline of 0.17% over the last seven days indicates a period of relative stability amidst the typical volatility of the cryptocurrency market. 

TRON’s Market Presence Expands with Increased Transactions

The fueling bullish trend in the cryptocurrency market is evident as the total number of transactions on the Tron Network has recently surpassed 8.1 billion, while Ethereum has also shown impressive performance with over 2.45 billion transactions. 

The total number of transactions on #TronNetwork has exceeded 8.1B and the total number of transactions on #Ethereum has exceeded 2.45B. pic.twitter.com/DKY3AXbeTZ

— Lookonchain (@lookonchain) July 24, 2024

This growth reflects increasing user activity and adoption of these blockchain platforms, indicating a robust expansion in the sector. 

The Tron Network’s milestone is highlighted by its recent transaction count of over 2.451 billion, pointing towards a significant spike in demand and utilization. 

Technical Indicators Suggest Potential Stability

Tron price is experiencing a notable surge, indicating a potential upward trend. If this growth persists, Tron price prediction might surpass the $0.15 level soon. With sustained positive momentum, it could approach $0.2 and possibly reach as high as $3.

On the flip side, if market sentiments turn sour, Tron price could stabilize at around $0.13. A further drop could reduce its price to about $0.12. If bearish pressure intensifies, TRX might find support at the $0.1 mark.

The daily technical indicators for the TRON cryptocurrency indicate a slight increase. The Awesome Oscillator (AO) shows diminishing green bars, suggesting that the momentum, while still positive, could weaken. 

The Average Directional Index (ADX), which measures the strength of a trend, continued to decline, sitting at 23.61. 

The Moving Average Convergence Divergence (MACD) indicates a weakening momentum as the MACD line (blue) hovers closely with the signal line (orange), suggesting potential stability or a lack of strong movement in the near term. 

The Relative Strength Index (RSI), which stands at 58.96, positions itself modestly above the midpoint of 50. This indicates a somewhat neutral market sentiment, neither overly bought nor sold.