TRX coin price formed a large God candle and reached its all-time high of $0.4485 after Justin Sun compared it to Ripple’s XRP.
Tron (TRX) has been one of the best performing cryptocurrencies, rising over 240% in the last 12 months.
This increase was largely attributed to an X contribution from Justin Sun. who predicted that TRX would reflect XRP’s performance over the past few weeks.
Meanwhile, there are signs that Tron is close to overtaking Tether (USDT) and Ethereum (ETH) in relation to the fees paid this year. Data from TokenTerminal shows that over $1.84 billion in fees have been incurred since the beginning of the year.
Ethereum, the most profitable network in crypto, has earned $2.30 billion this year, while Tether brought in $2.1 billion. If Tron’s network growth continues at this pace, the chances that it will overtake these networks in the coming months increase.
Tron’s network generates fees from the large-scale transactions that occur within its blockchain. For example, data from TronScan shows The network processed over $229 billion in USDT volume in the last 24 hours. This was achieved by processing over 2.1 billion transactions during the same period.
Tron also reported over $10.57 billion worth of transactions in the last 24 hours, up 480% from the previous day. Additionally, the circulating supply of TRX tokens has declined due to mining activities. It is now available 86.29 billiona decrease from 88.5 billion in the same period last year.
TRX price analysis
The TRX token has maintained an uptrend since its low point of $0.04532 in 2022 and 2023. On the weekly chart, it has risen above key resistance level at $0.1797, the upper side of the cup and handle pattern – one of the most popular bullish indicators.
Tron has moved above all moving averages while the MACD and Relative Strength Index have reached extremely overbought levels.
The closely watched Market Value to Realized Value indicator has risen to 2.8, still well below its all-time high of 6. This suggests that Tron price may have more upside potential. This trend will be confirmed if TRX rises above the weekly high of $0.4488. In this case, the token could continue rising as bulls target the key resistance level at $1.
The bullish view would be invalidated if Tron price falls below $0.1797 (the upper side of the cup-and-handle pattern).
Leave a Reply