As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed numerous bull and bear cycles. The current crypto bull run has been particularly intriguing due to its unprecedented scale and pace. One coin that seems poised for a breakout is Tron (TRX).
In the current bullish trend of cryptocurrencies, Tron (TRX) appears poised for a significant surge in the coming days. This prominent altcoin, boasting a market cap of approximately $13.79 billion and a daily trading volume of around $428.14 million, has been probing a substantial resistance level near 16 cents in recent times.
Over the last six years, I’ve noticed from my perspective as a crypto investor that Tronix (TRX) has been gradually shaping an enormous ascending symmetric triangle on its weekly chart. This pattern indicates potential continuation of the existing uptrend or a sideways movement before a significant breakout in either direction.
Despite TRX’s price performance lagging behind many other altcoins during the 2021 cryptocurrency rally, the main team, headed by Justin Sun, has made substantial strides to distinguish itself in future market conditions.
Why Tron Network Standouts in the Blockchain Space
In my analysis, I’ve observed that the Tron network has significantly expanded its footprint in the web3 ecosystem, trailing only Ethereum at present. As I type this, Ethereum is valued at approximately $2,633 with a 24-hour volatility of just 0.3%. The total market capitalization stands at an impressive $317.33 billion, with a 24-hour trading volume of $21.56 billion. Interestingly, the Tron network itself has a TVL (Total Value Locked) of over $7.4 billion and boasts a stablecoins market cap exceeding $60 billion. This growth is a testament to its growing influence within the cryptocurrency landscape.
Conversely, the Ethereum network held around $48 billion in Total Value Locked (TVL) and had a stablecoins market capitalization exceeding $84 billion. In contrast, when it comes to fees collected within the past 24 hours, the Tron network appears to have surpassed the Ethereum network.
Based on recent market statistics, the Ethereum network generated approximately $6 million in a day from around 371,000 actively used addresses.
Contrasting with other networks, Tron saw a significant surge in net revenue on Tuesday, reaching $7.28 million and increasing by a staggering 170% compared to the same time last year. Incredibly, Tron also recorded over 2.3 million active addresses within the past day, which is approximately eight times more than Ethereum’s daily count.
This year on October 15th, the income of #TronNetwork reached an impressive $7.28 million. In contrast, it was only $2.69 million at this time last year, marking a substantial year-over-year growth of approximately 170%.
— Lookonchain (@lookonchain) October 16, 2024
The significant surge in the prominence of Tron is largely due to the expansion of its meme coin environment. Currently, its meme coins boast a market capitalization exceeding $373 million and an average daily trading volume surpassing $97 million.
Short-term Expectations
The short-term price fluctuations of TRX are likely to be significantly influenced by broader economic factors, similar to those affecting Bitcoin, as well as the overall altcoin market. Here’s a breakdown of Bitcoin’s current state:
As a researcher focusing on cryptocurrencies, I am eagerly anticipating the impact that the 2024 U.S. elections will have on the future landscape of digital currencies. The political climate post-election is likely to shape regulatory decisions and market trends significantly.
Nevertheless, the current transition in global economics, driven by the Federal Reserve’s recent interest rate reduction and the growing political turmoil in the Middle East and between Russia and NATO, is likely to inject more cash into the cryptocurrency market.
In my research, I’m observing that the parabolic phase of the TRX bull market could be verified when it consistently manages to close above the resistance level, approximately 16 cents.
In simpler terms, if the price consistently falls below its ascending logarithmic support line on the weekly chart, it’s likely we’ll see a significant drop in price over the next few months.
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2024-10-16 17:34