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

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?