Tron Price Prediction: $TRX Breaks Free From 400-Day Resistance to Chase $0.15
Highlights
- A bullish breakout from a broadening channel pattern accelerates the buying momentum.
- The supply pressure at $0.148 and $0.17 may trigger an occasional pullback in TRX price.
- The intraday trading volume in Tron is $299 Million, indicating a 23% loss.
Tron Price Prediction: TRX, the native asset of the TRON network, has witnessed consistent gain in February so far. From the monthly low of $0.111, the coin value surged 18% to reach the $0.13 mark. Amid this rally, the coin price breaks above a resistance trendline of the channel pattern indicating buyers are accelerating toward higher recovery.
A recent analysis from a content partner of IntoTheBlock highlights an optimistic trend for TRX holders, with 99% of addresses (115.9 million) enjoying substantial profits. Merely 1.17 million addresses are at breakeven, with no addresses underwater. This pattern closely aligns with Bitcoin’s, featuring a landscape where almost every TRX investor is in profit. This insight underscores optimism within the TRX network and seller probability of panic selling.
$TRX hodlers, come feast your eyes on this! via @intotheblock
99% of addresses (115.9M) massively in profit
Just 1.17M at breakeven & 0 losing money.Mimicking $BTC with barely any underwater addresses.
With almost ALL holders piling profit, $TRX to the moon! 🚀 #BTC #TRX pic.twitter.com/Ejzvih0cKj
— Crust Bestie |Lia|🥰 (@Crustbestie) February 15, 2024
Also Read: TRON Burns 9.9 Million TRX Tokens, Price to $0.5 Next?
Is TRX Price Ready to Regain $0.15?
Since mid-November 2022, the Tron coin price has been riding a steady and gradual rally under the influence of an expanding channel. The bull run surged the coin value from $0.045 to the current trading price of $0.13, registering a 192% growth.
Amid this rally, the coin price rebounded several times from the two diverging trendlines acting as a key resistance and support. However, as the broader market support recovered, the TRX price broke free from the overhead resistance on February 14th.
This breakout reflects the buyers are pushing for an even more accelerated rally. According to IntoTheBlock’s recent analysis, the TRON network has experienced a significant surge in USDT transaction volume, consistently exceeding $10 billion daily since October 2023.
This robust activity cements TRON’s position as the premier blockchain for USDT on-chain transactions, highlighting its growing dominance and utility in facilitating high-volume stablecoin transfers.
The transaction volume of USDT on the TRON network shows a strong upward trend, with daily on-chain transaction volumes surpassing $10 billion consistently since October 2023. This positions TRON as the leading blockchain for USDT on-chain transactions. pic.twitter.com/WxJEvjbzw2
— IntoTheBlock (@intotheblock) February 14, 2024
Amid this development, if the TRX price shows sustainability above the breached resistance at $0.128, the buyers will chase potential targets of $0.148, followed by $0.18.
Also Read: Crypto Options Expiry Sparks Optimism Amid Chinese New Year Rebound
Technical Indicator:
- Bollinger Band: The coin price challenging the upper boundary of the Bollinger band indicator suggests that momentum traders will prefer trading this asset.
- Vortex Indicator: The VI+(blue) and VI-(pink) in a wide bullish crossover state reflect the buyer’s dominance in this asset.
Related Article: Analysis: How the Crypto Markets are Gearing Up for a Worldwide Recession
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