Tron (TRX) Cracks Top 10, Eyes $0.30 as TVL Nears $23B
thecryptobasic.com 21 August 2024 08:02, UTC With a breakout rally in motion, Tron token price hits 3-year high and teases a bull run to $0.30. Will this uptrend continue as the broader market volatility grows?
Tron has successfully entered the top 10 cryptocurrencies by market capitalization after it surpassed Cardano. Currently, the TRX market cap now stands at $13.9 billion. Further, Justin Sun’s growing interest in bringing meme coin communities to boost Tron’s user base fuels the uptrend.
TRON Uprising Paints a Bullish Week
The weekly chart highlights Tron’s strong performance with a 35% increase over the last 14 days, supported by a Morningstar pattern and a significant bullish engulfing candle from a long-standing support trendline.
Currently, Tron trades at $0.1604, a price last seen three years ago, following a 12.83% surge overnight. Further, the uptrend helps form a massive bullish engulfing candle in both the daily and weekly charts.
The Tron price rally began early in 2023, with TRX token price value tripling since January 2023. From a low point of $0.048, the current price $0.1604 surpasses the weekly peak of $0.1434 formed in May 2021.
Justin Sun’s New Approach to Boost Tron
In a recent tweet, Justin Sun revealed his recent discussion with several major meme community leaders to boost the Tron ecosystem. With the help of a thriving and expanding meme ecosystem, the potential offers the arrival of millions of users to the Tron community.
Bulls Everywhere in TRON On-Chain
On the on-chain front from Tronscan, the total value locked (TVL) within the Tron ecosystem is nearly $23 billion, currently at $22.906 billion. The Tron ecosystem has expanded significantly, adding 278,430 new accounts in the last 24 hours, and bringing the total to 252.221 million accounts.
The total transfer volume of hot tokens on Tron now stands at an impressive $13.45 trillion. Further, the transaction activity has also spiked, with a 15-day count of 8.738 million transactions.
Notably, TRX transfers have increased to 3.515 million, while USDT transfers have remained stable at around 2 million.
Key projects within the ecosystem include TRX checking governance and JustCrypto, with TVLs increasing by 20.90% and decreasing by 2.76%, respectively, on the last day. JustLendDAO and newer projects like Sun.io and BTT Staking have also shown significant TVL growth.
Moreover, protocol revenue in the Tron ecosystem has dramatically increased, doubling over the past two days from 1.046 million to 3.887 million. This growth underscores the expanding financial activity and investor interest within the Tron ecosystem.
Where is TRX Price Headed?
The Fibonacci retracement analysis suggests that resistance might occur at $0.20 and $0.2967, at 1.618 and 2.618 Fib levels. Hence, with the expanding TRON ecosystem and bullish numbers over on-chain, the TRX price trend will likely surge.
