Total TRX accounts exceeded 206 million and total transactions approached 7 billion. Tron was up 2.7% in the last 24 hours and some indicators looked bullish.
It has only been a few weeks since 2024 began, and the cryptocurrency market has witnessed a lot of volatility in this short period.
The recent price correction painted the charts of most cryptocurrencies red, and tron [TRX] came as no surprise. However, things began to change in favor of the token. While that was happening, the blockchain reached another milestone.
Tron’s Different Behavior
A few days ago, the long-awaited Bitcoin ETFs got approval, which made headlines. While most expected the cryptocurrency market to begin a bullish rally, the opposite happened as the charts turned red. Tron was also a victim of the price correction, but the trend soon changed.
According to CoinMarketCap, TRX rose more than 2.7% in the last 24 hours. At the time of writing, TRX was trading at $0.1089 with a market capitalization of over $9.6 billion.
Due to the recent price surge in TRX, the weighted sentiment improved slightly and its social volume remained high. The good news was that despite price volatility, TRX development activity increased last week, reflecting more efforts by developers to improve the network.
While this was happening, Tron reached another milestone, reflecting the increase in its adoption. According to the latest data, the total number of TRX accounts has surpassed the 206-million mark. Not only that, but AMBCrypto’s look at the TRONSCAN data noted that total TRX transactions were about to hit 7 billion.
The analysis revealed that Tron’s network activity remained high in 2024. This was evident by the fact that its daily active addresses gained upward momentum. The same trend was also observed in its daily trading chart.
Things in terms of captured value were also looking good. Rates and revenues remained relatively stable. However, the worrying metric was its Total Value Locked (TVL), which saw a recent sharp drop.
TRON Price Prediction: Experts Remain Bullish on TRX Price Trajectory
According to cryptocurrency market experts, the recent bull run shows that investors in major crypto currencies can find profitability in a select few projects like Satoshi Rebel while major DeFi projects like TRON flounder.
TRON announced on December 11 that the circulating supply of TRC20-USDT had passed the $48.8 billion mark. This news has not had a positive impact on TRON as expected, as TRX fell from $0.104 on December 11 to $0.103 on January 9, representing a 0.96% decrease within that period.
Regarding TRX price prediction, TRON bulls anticipate a TRX pump due to increased activity in the TRON ecosystem. As a result, they predict that TRX will reach $0.205 by mid-January. Some market analysts believe that TRON will continue its bearish trajectory due to the FTX Exchange’s asset liquidation. As a result, they believe TRX will fall to $0.099 before the end of January.
Will Tron Bulls Influence TRX Price?
Since Tron was one of the few to paint its daily chart green, AMBCrypto took a look at its market indicators to know what to expect. According to their analysis, the MACD of TRX showed a bullish crossover. Its Relative Strength Index (RSI) also moved north, increasing the chances of a continued uptrend in prices.
However, the Bollinger Bands seemed problematic as TRX prices reached the upper limit of the metric, which may trigger a price correction.
By Leonardo Perez
