3 Reasons TRON (TRX) Price Might Rally Soon – Crypto News – Crypto News
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3 Reasons TRON (TRX) Price Might Rally Soon 3 Reasons TRON (TRX) Price Might Rally Soon

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3 Reasons TRON (TRX) Price Might Rally Soon – Crypto News

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1 year ago

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As the global cryptocurrency market struggles to recover with Bitcoin price making the same effort, investors are watching for potential opportunities. Tron (TRX), has captured the market attention with its decentralized blockchain-based operating system. Although facing challenges, the token has recorded 11% in gains over the past month. There are speculations that TRX may soon surge in value. Let’s explore the top reasons why Tron (TRX) might rally soon, backed by both recent developments and technical analysis.

1. Gas-Free Stablecoin Transfers

Justin Sun has announced a groundbreaking development by the Tron team – gas-free stablecoin transfers. This innovation eliminates the need for users to pay gas fees, as the stablecoins will cover all transaction costs. By removing this barrier, the adoption of these coins could be greatly enhanced, attracting both large enterprises and everyday users to the Tron platform.

Initially, this feature will launch on the Tron blockchain before expanding to Ethereum and other EVM-compatible chains, establishing Tron as a pioneer in gas-free stablecoin transfers. The expected launch in Q4 2024 provides a clear timeline for investors and users, generating excitement and potentially driving up the price of TRX.

The enhanced user experience and increased accessibility offered by this solution can draw more users to Tron, boosting demand for TRX. This has already sparked positive community response, with anticipation for the launch driving up interest in Tron and potentially causing a price rally as more people become aware of this game-changing feature.

2. High Number of Active Addresses

According to Lookonchain data, Tron has a large number of active addresses, with 1.83 million addresses being active within a day. The platform has surpassed other popular cryptocurrencies, with Polygon and Solana having 1.18 million and  829.8K active addresses, respectively. A strong level of user engagement and adoption of the Tron network suggests an active community, potentially leading to a positive price increase for TRX.

An strong and engaged active users is frequently associated with a rise in market demand and token price.

Top chains by active addresses
Source: Lookonchain

3. Technical Analysis Insights

The shorter EMAs like the 10-day EMA indicate selling, whereas the longer EMAs such as the 20-day EMA, the 50-day EMA, and the 200-day EMA at $0.1162 point towards buying. This difference suggests possible short-term fluctuations but a generally positive trend in the long run.

The MACD level suggests a purchase, confirming the optimistic long-term view shown by the extended moving averages. The Relative Strength Index is currently at 56.4, indicating a neutral market sentiment with no extreme conditions, allowing for potential growth without being in an overbought or oversold state.

The traditional point of rotation is at $0.1206, with resistance points at $0.1266 and $0.1303, and support points at $0.1145 and $0.1108. Tron’s current trading position is above its pivot point and close to its initial resistance level, suggesting it may have a chance to challenge and even surpass this resistance point.

Current TRON (TRX) Price Action

Current TRON (TRX) Price ActionCurrent TRON (TRX) Price Action

Tron is currently trading at $0.1254, after its value dropped by 3.00% and 2.29%, over the past day and week, respectively. However, the past month saw the token record gains of 11% for its investors.

Although TRX saw a decreased market cap of 10.93 billion, its trading volume increased by 48.11% to reach $422.39 million, over the past 24 hours.

Conclusion

Tron (TRX) seems to have a solid base for a potential surge, supported by the unique gas-less stablecoin transfer system, favorable community feedback, and promising technical indicators. Despite potential short-term fluctuations, the long-term perspective remains optimistic. Investors need to closely observe these updates and technical signals in order to make well-informed decisions. Tron is poised to draw in more users and businesses with the exciting new feature set to be released in Q4 2024, possibly leading to a substantial increase in price.

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