As a researcher with years of experience in the cryptocurrency market, I have seen my fair share of ups and downs, bull runs, and bear markets. The recent developments surrounding Tron (TRX) have piqued my interest, and after conducting extensive analysis, I must say that I am cautiously optimistic about TRX’s future.
Despite a general market downturn following recent on-chain events, Tron (TRX) investors remain optimistic. As reported by CoinGecko, TRX has surged over 24% since last week, indicating that investors on the platform are holding onto their TRX and buying more to capitalize on further profits.
Tron’s advancements could stabilize TRX amidst the market’s decline today. Yet, it’s uncertain whether the token will buck the overall market trend and rise or conform to the downward pressure instead.
Tron On-chain Developments Drive TRX Sky High
Last month, it was clear that Tron’s emphasis is on developing stablecoins, as announced by Tron founder Justin Sun. Yesterday, Tether minted over $1 billion USDT on the platform without having to pay any gas fees, which has brought attention to the Tron network. However, this has sparked criticism as some question the validity of “no gas fee” transactions, with one individual noting that they are still charged a dollar for a basic swap approval.
Our team is creating a novel system for transferring stablecoins without incurring gas costs. Essentially, this means that no gas tokens will need to be paid during the transaction, as the costs are borne directly by the stablecoins involved in the transfer.
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) July 6, 2024
Even though it may seem surprising, Tron managed to process a third of Visa’s yearly settlement volume and collected over half a billion dollars in fees within just three months. This impressive feat, as stated by Tron itself, strongly supports the idea that blockchain technology is not merely a trendy phrase but a substantial reality.
TODAY: $1B USDT minted on TRON
They paid $0.00 in fees.
Wow
— Arkham (@ArkhamIntel) August 20, 2024
TRX To Face Possible Downturn Soon?
As an analyst, I find myself observing a delicate standoff in the token’s current placement. The bullish forces are making a valiant effort to shatter the resistance at $0.1665, while simultaneously, the bears are strategically positioning themselves to potentially undermine the support at $0.1583. It’s a tug-of-war between these two groups, with neither side gaining clear dominance yet.
At present, TRX finds itself in a tough predicament, needing buyers to persistently purchase without considering the token’s overall trend. The Relative Strength Index (RSI) backs this up, as it approaches the boundaries of bullish momentum, potentially leading to a brief cooling-off period within the next few days.
Based on the overall trend of the market, it’s plausible that TRX could maintain its current trading band around $0.1583 and $0.1665 in the near future. The Relative Strength Index (RSI) being close to its maximum suggests a potential reversal towards the support level at $0.1532 before potentially surging upwards again towards $0.1665.
In this situation, it’s plausible that TRX may slow down its current pace, aligning with the general market downturn (dip) that many predict. This dip, while negative in certain aspects, could provide a brief respite for the bullish investors, allowing them to regroup and gather strength for future, more substantial gains.
As the global economic landscape continues to improve and private equity begins to flow towards riskier investments such as cryptocurrency, I am optimistic about potential profits in this space. Keeping a close eye on the overall market is crucial for me right now, as TRON (TRX) works its way towards more stable levels.
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2024-08-21 22:17