As someone who has closely followed the TRON price movement, I’m optimistic about its current bullish streak and the potential for further growth. The surge from $0.105 to $0.115 within a few days is noteworthy, especially in the context of the recent Bitcoin halving.
TRON Price Insight: Bucking market instability, TRON’s cryptocurrency has witnessed a bullish trend since last Friday, coinciding with Bitcoin‘s fourth halving. This uptrend propelled the TRX price from $0.105 to $0.115, representing a 10.5% increase. The escalating price suggests an imminent attempt to breach a monthly resistance on the daily chart, implying further potential for growth.
Is TRX Price Heading to $0.12?
The mid-term trend TRON price is still bearish evidenced by a dynamic resistance trendline in the daily chart. This downsloping trendline led the coin value to plunge from $0.144 to $0.104 within two months, accounting for 27.2%.
Instead of “However, the downward trend found suitable support at the 38.2% Fibonacci retracement level of $0.105 during the recent bitcoin halving. Subsequently, renewed buying pressure following this correction propelled the price back up to $0.115,” you could also write:
According to IntoTheBlock’s crypto analysis, the recent surge in activity on the Tron network is fueled even more by a major advancement. Notably, the number of daily active addresses on the Tron blockchain has risen significantly, reaching over 2.27 million at present.
The number of daily active addresses on @trondao has been on the rise!
There are currently 2.27 million active addresses, a 37% increase compared to last month
— IntoTheBlock (@intotheblock) April 24, 2024
A significant 37% rise over the past month highlights the escalating curiosity and involvement within the Tron community.
If the positive price trend continues, the TRX price may break through the resistance line, causing buyers to take control and initiate a new surge in pricing. Following this breakout, buyers could be motivated to pursue a goal of $0.12, with further potential for advancement towards $0.144.
Technical Indicator:
- Exponential Moving Average: The TRX price reclaiming the 200-day EMA indicates the buyers holding a firm grip over this asset.
Relative Strength Index: The daily RSI slope projects a notable bullish reversal indicating the rising buying momentum at the bottom.
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2024-04-25 16:54