Can TRON Price Hit New ATH Amid Legal Victory?
Highlights
- TRON price surpasses Cardano in market rank after Justin Sun’s victory against SEC in securities lawsuit.
- Additionally, Sun’s meme coin has also garnered popularity, driving mass user migration to Tron, boosting platform adoption.
- Technical indicators show that the market is in the overbought territory.
TRON (TRX) price recently experienced a notable increase, rising over 18% in the past week. This uptick coincides with a broader recovery across global markets, signaling a positive shift for investors. The surge reflects a growing confidence in TRX, fueled by sustained bullish momentum in the cryptocurrency sector.
TRON Price Rises as Judge Sides with Justin Sun Over SEC in Key Legal Battle
TRON Price prevailed in a recent legal decision. As previously reported by Coingape media, a New York federal judge dismissed the SEC’s motion to hasten the lawsuit it filed against the Tron Foundation and its CEO, Justin Sun.
The court’s ruling delayed the SEC’s attempt to sort out initial legal issues before possibly going to trial. The SEC had sought an earlier pre-trial meeting and the ability to file more documents in its case involving Tron, the BitTorrent Foundation, and Rainberry Inc. This development represents a legal hiccup for the SEC in its enforcement efforts.
TRON Price Surge: Meme Leaders Propel TRX to New Heights
The TRON price is poised for significant growth as key meme community leaders are eager to integrate their platforms. In a recent discussion, the leader shared their plans to transition millions of users to TRX’s burgeoning ecosystem. This move is anticipated to amplify network activity and escalate the overall value of Tron.
Today, I talked with several major meme community leaders about the meme ecosystem on Tron. They said they plan to bring millions of users 🤯 to the Tron community and can’t wait to join the Tron ecosystem as soon as possible. They’re already here—what about you? TO THE SUN🌞
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 19, 2024
Justin Sun emphasized their readiness to tap into the Tron network, foreseeing a substantial rise in user engagement. This development could elevate Tron’s position in the digital market, making it a central hub for meme coin enthusiasts.
TRON Price Analysis: TRX Rises by 2%, More Gain Ahead?
Over the past 24 hours, the Tron price has seen a significant uptick. At the time of writing, the TRX price hovered at $0.1545 during European trading hours, making a small 1.2% jump. Tron has climbed into the top 10 cryptocurrencies by market cap, surpassing Cardano, and now holds the 10th position with a market capitalization of $13 billion.
TRON price shows signs of a bullish trend, with its value rising. If this upward trend holds, we could see the price reaching as high as $0.2 and even touching a new all-time high at $0.3.
According to CoinMarketCap, the trading volume is down by 34% to $1.2 million in the last 24 hours.
The moving average convergence divergence (MACD) indicates a potential uptrend. The MACD line has crossed above the signal line, suggesting a bullish momentum. Additionally, the relative strength index (RSI) indicates that the asset is overbought with a value exceeding 87, fueling a bullish trend.
On the flip side, if market conditions are sour, the TRON price prediction is expected to level off at around $0.14. If the downturn persists, the price may decline to approximately $0.135, ushering in a bearish period.
Frequently Asked Questions (FAQs)
1. How does TRON benefit creators?
2. What can you do on TRON?
3. How is TRON different from Ethereum?
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- Crypto Market Correction Intensifies As S&P 500, DXY Enter Dangerous Territory
- BitGo To Follow Gemini’s Footsteps With US IPO After 4x Revenue Surge
- Michael Saylor Predicts Bitcoin Will Outperform S&P 500 Forever
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
