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Explosive Network Growth, User Activity and TRX Price Rally to $0.14 – Crypto News

Published

1 year ago

May 8, 2024

Dripp

Tron Price Prediction: The cryptocurrency market has experienced a slight slowdown in its recovery pace, as Bitcoin, the leading digital currency, retreated from the $65,000 resistance level. This overhead supply pressure prompted a fresh correction among several altcoins. However, the TRON coin price displayed significant resilience, maintaining its position above the $0.118 support level.

A recent bounce from this level led to a 3.8% increase in the altcoin’s price over two days, also culminating in the formation of a bullish reversal pattern known as the inverted head and shoulders pattern.

Also Read: Reasons Why Bitcoin Price May Cross 70K Soon

Tron Price Prediction: Navigating TRX Healthy Retracement

TRON began the ongoing recovery phase in late April, rallying from a critical support level at $0.105 and the 38.2% Fibonacci retracement level. This bullish shift drove the asset’s value up by 18%, pushing it to test the resistance at $0.123.

This resistance level has held firm for the past seven weeks, resulting in a sideways trading pattern for the near-term TRX. However, daily analysis indicates that this recent recovery has formed an inverted head and shoulders pattern.

This pattern development often signals a change in market dynamics and allows buyers to lead higher rallies.

Moreover, the Tron Network is showing a marked increase in user activity according to recent data from IntoTheBlock, as reported by Felixreads. The analysis highlights an impressive rise in daily active addresses on the network, with May 6th alone seeing 3 million active addresses participating in transactions.

The Tron Network is experiencing a significant surge in activity, as indicated by data from @Intotheblock, revealing a notable spike in Year-To-Date Daily Active Addresses.

On the 6th of May, 3 million active addresses engaged in transactions, aligning with a staggering 7… pic.twitter.com/zjYs7QfZzN

— Slim Daddy◻️𓃵 ₿ (@felixreads) May 8, 2024

This significant activity corresponds with an even more substantial volume of transactions totaling 7 million on the same day. These figures indicate a growing engagement and utilization of the Tron blockchain, suggesting a robust year-to-date performance

The TRX price currently trades at $0.122 and a breakout above the neckline resistance of $0.123 will intensify the recovery momentum. if the pattern holds true, the buyers should drive a rally to $0.133, followed by $0.144.

Technical Indicator:

Exponential Moving Average: A bullish crossover between the 20-and-100-day shows boasts the buyers to lead higher rallies.
Moving Average Convergence Divergence: A bullish crossover state between the MACD (blue) and signal (orange) lines above the midline accentuates the recovery momentum and is gaining traction.