Tron Price Prediction: Explosive Network Growth, User Activity and TRX Price Rally to $0.14
Highlights
- The TRX price reverted above the 50% FIB level indicating a healthy retracement for buyers to replenish bullish momentum.
- Recent on-chain data shows a significant increase in Tron Network activity, with 3 million active addresses recorded on May 6th.
- The intraday trading volume in Tron is $385.7 Million, indicating a 38% gain.
Tron Price Prediction: The cryptocurrency market has experienced a slight slowdown in its recovery pace, as Bitcoin, the leading digital currency, retreated from the $65,000 resistance level. This overhead supply pressure prompted a fresh correction among several altcoins. However, the TRON coin price displayed significant resilience, maintaining its position above the $0.118 support level.
A recent bounce from this level led to a 3.8% increase in the altcoin’s price over two days, also culminating in the formation of a bullish reversal pattern known as the inverted head and shoulders pattern.
Also Read: Reasons Why Bitcoin Price May Cross 70K Soon
Tron Price Prediction: Navigating TRX Healthy Retracement
TRON began the ongoing recovery phase in late April, rallying from a critical support level at $0.105 and the 38.2% Fibonacci retracement level. This bullish shift drove the asset’s value up by 18%, pushing it to test the resistance at $0.123.
This resistance level has held firm for the past seven weeks, resulting in a sideways trading pattern for the near-term TRX. However, daily analysis indicates that this recent recovery has formed an inverted head and shoulders pattern.
This pattern development often signals a change in market dynamics and allows buyers to lead higher rallies.
Moreover, the Tron Network is showing a marked increase in user activity according to recent data from IntoTheBlock, as reported by Felixreads. The analysis highlights an impressive rise in daily active addresses on the network, with May 6th alone seeing 3 million active addresses participating in transactions.
This significant activity corresponds with an even more substantial volume of transactions totaling 7 million on the same day. These figures indicate a growing engagement and utilization of the Tron blockchain, suggesting a robust year-to-date performance
The TRX price currently trades at $0.122 and a breakout above the neckline resistance of $0.123 will intensify the recovery momentum. if the pattern holds true, the buyers should drive a rally to $0.133, followed by $0.144.
Technical Indicator:
- Exponential Moving Average: A bullish crossover between the 20-and-100-day shows boasts the buyers to lead higher rallies.
- Moving Average Convergence Divergence: A bullish crossover state between the MACD (blue) and signal (orange) lines above the midline accentuates the recovery momentum and is gaining traction.
Related Articles
Recent Posts
- Price Analysis
Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
Cardano price could go parabolic in the coming weeks as the odds that the Securities…
- Price Analysis
HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
HBAR price has gained fresh traction after climbing above $0.24, reflecting renewed strength in Hedera…
- Price Analysis
Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
The Toshi Coin price surged 57% at the time of press, making it one of…
- Price Analysis
Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
Shiba Inu price has crashed in the past few days, moving from a low of…
- Price Analysis
Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
PEPE price has entered a decisive phase, showing tightening ranges as accumulation signals continue to…
- Price Analysis
XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
The XRP price has gained renewed attention as both technical and institutional factors converge. Recently,…