As a seasoned researcher with over two decades of experience in the ever-evolving cryptocurrency landscape, I must admit that Tron’s current performance is quite intriguing. The coin’s resilience during this market turmoil and its impressive Q3 revenue figures have caught my attention.
Among the limited cryptocurrencies thriving during this market turbulence, Tron’s price is one of them. Over the past 24 hours, it has increased by 0.2% and is currently trading at $0.1539. Notably, in Q3 of 2024, Tron surpassed Bitcoin and Ethereum in terms of revenue generation. With a few challenges to conquer first, the TRX price appears poised for additional growth.
Tron Price Ranges as Network Records $577.2 Million in Revenue
According to recent reports, Tron Network announced an impressive Q3 earnings exceeding $577.2 million, primarily fueled by increased stablecoin transactions and Justin Sun’s strategic moves aimed at tapping into the rapidly expanding meme coin sector.
This revenue surge marks a 43% growth in the third quarter of the year and a 113% increase year-on-year (YoY).
Furthermore, the total transaction count on the Tron network reached a record peak, primarily driven by smart contracts, TRX transfers, and USDT transfers. This indicates that the growth of the Tron network has been consistent and gradual, with an increase in pace around mid-2021. This trend is optimistic for the price of Tron.
Tron founder Justin Sun is optimistic about Q4 as the network outperformed big wigs Bitcoin and Ethereum. Tron’s Q3 revenue was more than double Ethereum’s, 5X Solana’s and 9X Bitoin’s Q3 revenues.
TRX Price Analysis Hints Potential Path To $0.25
Over the past few months, starting from August, the graph of Tron’s price has been steadily climbing, marked by a series of higher lows. It’s following an upward sloping trendline, at the moment, and seems to be pausing close to this line. This pause indicates that buyers are actively supporting the rising trend.
Key Support and Resistance Levels
- $0.1450 — Strong support level aligned with the 61.80% Fibonacci retracement and previous price action.
- $0.1360 — Another significant support at 78.60% Fibonacci level, where the price found consolidation before.
- $0.1650 — Short-term resistance, aligning with the upper boundary of the rising wedge pattern.
- $0.1850 — Next resistance based on Fibonacci 23.60% level.
- $0.2000 — Psychological and Fibonacci 61.80% level, where sellers could become active.
- $0.2600 — This is a major resistance at the 161.80% Fibonacci extension, representing the potential target for the breakout.
Currently, the candles we’ve seen recently are relatively small, indicating a period of consolidation or uncertainty. Long wicks on these candles suggest that there may be some selling activity near the current prices, yet the price continues to stay above the ascending trendline, showing resilience.
The chart suggests a bullish ascending triangle pattern. This is generally a continuation pattern, implying that a breakout will likely occur to the upside, especially if Tron price breaches $0.1650.
If TRX‘s cost doesn’t increase significantly and instead dips near $0.1450, that area could be an excellent spot for buyers to gather. But if TRX’s price drops beneath this point, it might indicate market vulnerability, potentially causing further declines towards $0.1270 and $0.1190. A fall below $0.1350 would contradict the current optimistic outlook.
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2024-10-03 18:19