As a seasoned crypto investor with over a decade of experience in this volatile yet exciting industry, I must say that the recent surge of Tron (TRX) has piqued my interest once again. Having weathered several market cycles and seen numerous altcoins rise and fall, I have learned to appreciate the resilience and adaptability of projects like TRX.
Tron (TRX) experiences significant growth, maintaining its bullish trajectory following recent market-shaking announcements. As per CoinGecko, the token has climbed by 14% since last week. Should this momentum persist, it could be a sign of more gains to come, especially as influential cryptocurrencies such as Bitcoin and Ethereum drive altcoins upward.
Under ideal market circumstances, Tron (TRX) could achieve something impressive this week. Lending credence to this possibility is a recent tweet by Mobilum, highlighting the strong global transaction support provided by Tron’s network.
Tron Users Contribute Massively On Mobilum
Crypto banking platform Mobilum released some statistics featuring Tron users using the platform for real world transactions. According to the X post, Tron users contributed massively to Mobilum’s operations worldwide.
Global reach, local ease with @trondao
As a seasoned cryptocurrency user who has been involved in this dynamic and ever-evolving industry for over a decade, I find it fascinating to see how global adoption continues to grow. In August 2024, my personal experience as a TRON user reflects a trend that is not only intriguing but also promising for the future of blockchain technology.
Proud to power seamless crypto payments across…
— Mobilum (@mobilumofficial) August 19, 2024
Approximately 39% of all transactions were attributed to users from Asia, making them the largest contributors, with the United States and Europe following closely behind. This substantial shift indicates a significant milestone for Tron, suggesting that it is increasingly being utilized in practical applications.
Tron Hits New Annual Transactions High
In a recent update by Into The Block, it’s been shown that Tron’s network has been consistently powerful, handling nearly 8 million transactions daily, with an average of 7 million transactions per day. This high volume of transactions on the platform has significantly contributed to the long-term growth of TRX.
Daily transactions on the #TRON network exceed 7 million, making it an increasingly indispensable component of everyday living for countless people globally.
— TRON DAO (@trondao) August 19, 2024
One key aspect driving the platform’s expansion is its emphasis on stablecoins. At present, four types of stablecoins – USDT, USDJ, TUSD, and USDC – are in use on Tron.
Ceiling Hit But Not Broken By TRX
For the time being, the token appears to be heading upwards, but the upcoming days could prove challenging for both investors and traders. At its peak, TRX may dip back to more stable values, followed by a potential recovery shortly thereafter.
At present, surpassing the existing barrier at $0.1472 seems quite challenging for TRX investors in the immediate future. With some patience, though, there’s potential for the token to build up sufficient momentum to breach this level eventually. Recently, TRX has shown signs of being overvalued due to a series of bullish trends that have boosted its value within investor portfolios.
Given that the Relative Strength Index (RSI) has reached its maximum, it might indicate a potential slowdown in momentum over the next few days, causing the token to drop towards $0.14. Should this occur, the bears could take control, further driving the token down to $0.13.
However, $0.13 is the lowest the token will go. TRX’s low correlation with Bitcoin will gradually pick up as the days go by, helping TRX retake lost ground once the friction of the bullrun wears out. For now, holding the token might be the best decision for investors and traders as they continue to monitor the broader market for swings in price.
Read More
Sorry. No data so far.
2024-08-20 15:40