Tron Rises 24% Amid New Developments – Will The Uptrend Continue?
August 21 2024 - 3:00PM
NEWSBTC
Tron (TRX) investors continue to feel bullish even as the market
dips after certain on-chain developments help investor sentiment
remain high. According to CoinGecko, the token has increased more
than 24% since last week, a sign that investors on the platform
have held TRX and accumulated to capture more gains. Related
Reading: Cardano (ADA) Nears Key Level As Analyst Eyes Over 100%
Upside – Details Tron’s developments will help TRX hold against the
downward trajectory the market has taken today. However, questions
remain about whether the token will continue to go against the
broader market or follow the dip. Tron On-chain Developments
Drive TRX Sky High With Tron’s focus on stablecoin development made
apparent by Tron founder Justin Sun last month, yesterday saw a big
win for the platform as Tether minted over $1 billion USDT without
paying any gas fees on the platform. This placed Tron in the
crosshairs of critics as they questioned the “no gas fee”
transaction with an individual pointing out that they are charged a
dollar for a simple swap approval. Our team is developing a
new solution that enables gas-free stablecoin transfers. In other
words, transfers can be made without paying any gas tokens, with
the fees being entirely covered by the stablecoins themselves. —
H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) July 6, 2024 Despite
this, Tron handled a third of Visa’s annual settlement volume while
gaining over half a billion dollars in fees in as little as 3
months. This, according to Tron, makes it clear that “blockchain is
more than just a buzzword.” TODAY: $1B USDT minted on TRON They
paid $0.00 in fees. Wow pic.twitter.com/NuNYRuj1Yc — Arkham
(@ArkhamIntel) August 20, 2024 TRX To Face Possible Downturn Soon?
The token’s current position is an awkward balance between the
bulls attempting to break through the $0.1665 ceiling and the bears
also attempting the reverse by eyeing the $0.1583 floor. As
it currently stands, TRX is on an untenable position as it forces
the bulls to continue buying without regard to the token’s overall
momentum. The relative strength index (RSI) supports this as it
nears to push the limits of the bullish momentum, with a possible
cool-down period in the next couple of days. Accounting the
market’s general momentum, we might see TRX stabilize on its
current trading range between $0.1583 and $0.1665 in the short
term. The RSI’s near maxed-out value indicates a possible
retracement to the $0.1532 floor before opening the floodgates to
the $0.1665. Related Reading: End Of The Slump? Floki Eyes A
46% Price Surge — Analyst This scenario is possible as TRX will
eventually lose its current momentum to follow the consensus dip
within the broader market. The dip, although bearish in some
regards, will allow the bulls to rest before building up the
momentum for bigger gains. With improving macroeconomic
conditions also supporting this bullish thesis, we might more gains
as capital from private equity flows to more risky investment
products like crypto. For now, monitoring the broader market will
benefit investors as TRX moves to more sustainable levels. Featured
image from Zipmex, chart from TradingView
Flow (COIN:FLOWUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Flow (COIN:FLOWUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024