The cryptocurrency world has recently been buzzing with discussions regarding Tron (TRX). One of the primary reasons behind this online chatter is the significant surge the TRX coin has made within the past year. The coin’s performance has outshone many of its competitors, with a 240% increment in its price over the last 12 months.
Raising TRX Coin Price
The TRX coin reached an all-time high of $0.4485, from a ‘God candle’ rise, when Tron’s founder, Justin Sun, made comparisons between the coin and Ripple’s XRP. The news significantly boosted the performance of the TRX which had remained fairly stable.
TRX’s Accelerating Performance
The major traction of TRX’s performance has often been credited to Sun’s statements. One of these includes the prediction of TRX mirroring the performance of XRP in the recent weeks, which boosted the investors’ confidence in the coin. The announcement was seen by many as an indicator for the impending success and growth of the coin.
Comparison with Tether and Ethereum
Most impressively, Tron appears to be on the track to surpass major cryptocurrencies Tether (USDT) and Ethereum (ETH) in terms of the fees the network has generated this year. Users have already transacted over this network resulting in over $1.84 billion in fees year-to-date.
In comparison, Ethereum, the most profitable network, has made $2.30 billion this year, and Tether has generated $2.1 billion. If Tron continues this spike in network growth, it will certainly surpass its competitors in the coming months.
Tron Network’s Growth
The Tron network generates fees from the enormous number of transactions it handles in its blockchain operations. For example, recent data shows that the network dealt with over $229 billion in USDT volume in just 24 hours. It accomplished this by handling over 2.1 billion transactions during the same period.
Surge in TRX Transactions
Tron has reported over $10.57 billion in the transaction in the last 24 hours alone. This represents a considerable 480% increase from the previous day’s transactions. On top of that, the circulating supply of TRX tokens has been declining as a result of burning activities. The decrease in supply can inflate the coin’s value as it promotes scarcity.
TRX Price Projection
The TRX token has maintained a bullish trend since it rose from the ashes at $0.04532 in the years 2022 and 2023. On a weekly analysis, the coin has surpassed a crucial resistance level of $0.1797, an uptrend that analysts attribute to the cup and handle pattern – a popular bullish indicator.
Tron has managed to cross all moving averages, with both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index indicating extreme overbought levels.
TRX’s Future Price
Despite reaching a Market Value to Realized Value indicator of 2.8, TRX’s current standing is still way below its all-time peak of 6. This indicates that there is still more room for the Tron price to further accelerate. This projection is confirmed if TRX continues to climb beyond this week’s high of $0.4488.
A rally could ensue, sending the token further towards the skies as bulls begin to target the next resistance level which is set at $1. However, any fall below $0.1797, the upper side of the cup and handle pattern, would invalidate the bullish sentiment.
In conclusion, the TRX coin, like many digital coins in the nascent cryptocurrency market, is filled with potential. As it continues to grow, it will be exciting to see where the coin stands compared to industry giants such as Bitcoin and Ethereum. As Justin Sun and his team continue their efforts, there is no telling how high Tron will soar.
