Bulls Circle TRON (TRX): How High Can The Asset Climb?

29 Jun, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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TRON Price Surge: Is ATH on the Horizon After 11M TRX Burn?

The native token of decentralization blockchain TRON (TRX) is trading against the general bearish market as bullish factors mount for the asset. The ascending trend line of the asset comes with growing active users amid higher volume on the network. This goes against the wider market trend as most coins sat in the red zone.

The crypto market cap plunged to $2.2 trillion from $2.6 trillion due to widespread asset correction. As a result, Bitcoin price dropped below $61,000 with similar sentiment in altcoins and meme coins. While coins like TRX defy the market direction, users make projections of a positive price swing.

TRON Keeps Bullish Momentum

TRON is up 2.78% today to trade at $0.1255 against other top coins. This week, the asset soared 5% and 12% in the past 30 days taking its market cap up to $10.9 billion. Daily trading volumes remain high for the asset and on-chain activities as bullish pressure ignites. Trading volumes are up 14% above $246 million, per CoinGecko data.

While bulls project the asset surpassing many resistance levels, others claim the bearish outlook will break its uphill drive. This week, active addresses tapped a 2.5 million daily average marking a steady increase in adoption throughout the year.

On a more technical basis, TRX price reclaimed the daily exponential moving average. Moving in a wedged pattern, TRON’s price looks set to break the current resistance in addition to a positive Relative Strength Index (RSI).

Other Assets In The Woods

Other crypto assets are trading negatively as fluctuations continue. Bitcoin is down 0.47% today exchanging hands at $61,030 while Ethereum’s price fell to $3,388. The leading altcoin dropped 1.78% in the last 24 hours and 3% this week. BNB which pulled momentum earlier this month tanked to $571 declining 2.48% this week. Solana, Ripple, and Avalanche also recorded daily losses. While sentiments remain low, analysts point to rallying bullish sentiment to send assets close to Q1 2024 highs.

Also Read: XRP Price Recovery: Will XRP Rank Under Top 5 in 2024?

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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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.