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
After a 17% Jump, Is Litecoin Price Rebound Sustainable Amid Dominant Sell Activity?
The Litecoin price has shown impressive resilience after recording a sharp 17% rebound in just…
- Price Analysis
Cardano Price Soars 10% Amid Retail Accumulation: Will Bulls Target $1?
Cardano price surged by 10% amid renewed interest from retail investors, signaling a potential shift…
- Price Analysis
Bitcoin Price: How Low BTC Could Fall by the End of 2025?
Crypto treasury firms holding Bitcoin, Ethereum, and XRP are recording steep unrealized losses following the…
- Price Analysis
Post-Giveaway Supply Shock: Impact on FUNToken’s Liquidity and Market Depth
The $5M FUNToken giveaway by 5m.fun has led to the locking of millions of $FUN…
- Price Analysis
Aster Price Poised to Hit $2 as Coinbase Adds ASTER to Listing Roadmap
Aster price surged over the past 24 hours, maintaining stability above the $1 mark. The…
- Price Analysis
Filecoin Price Rockets 51% as Grayscale’s FIL Holdings Hit Record High — What’s Next for FIL?
The Filecoin price continues its explosive recovery, climbing over 51% in the past 24 hours.…