- An analyst predicts that Tron (TRX) could hit $0.155 from the current price once it successfully secures the $0.139 zone.
- Tron’s Justin Sun has disclosed that the current momentum could continue as its network offers cost-effective and fast transactions compared to competitors.
Tron (TRX) displays its resilience in the face of the recent market meltdown, maintaining positive returns across all the key periods. According to our data, TRX is currently up by 2.9% in the last 24 hours, 5.7% in the last seven days, 0.3% in the last 30 days, 11% in the last 90 days, and 27.4% from Year-To-Date.
Similar to this price action, the asset has also recorded a surge of 47.9% in its 24-hour trading volume, with $352 million changing hands.
Subjecting TRX to further analysis, analysts observed that the current rally is a product of the bullish flag formed earlier this month. Interestingly, the upsurge is expected to continue with analyst “Whales Crypto Trading” confirming the movement from the lower boundary of a weekly ascending channel. To him, the asset could make a staggering surge by 100% to 150% in the near term.
Tron is bouncing from the lower boundary of a weekly ascending channel. This bullish structure projects a 100-150% upward move. Watch for continued momentum as price climbs within the channel.
Similarly, analyst Market Prophit confirms that TRX is undergoing a positive market sentiment at the current price of $0.137. Parallel to this, our analysis of key market indicators shows the existence of buying pressure with the Chaikin Money Flow (CMF) showing a reading of 0.11 at the time of writing. Within the same period, TRX’s Directional Movement Index (DMI) had a reading of 23.9, indicating a strong upward movement.
On-Chain Data Supports the Bullish Outlook of Tron (TRX), Founder Embraces Meme Trend
Our review of IntoTheBlock data shows that large investors favor the asset as they hold a positive net flow of 69.91mtrx. The inflow of larger holders has been around 144.22 mtrx in the last 24 hours, while the outflow is currently below 74.3 million TRX.
If the current condition is sustained, Tron is expected to maintain its upward movement. Analysts believe the asset could break the $0.145 mark and target the $0.155 level once it successfully breaches the $0.135 price mark and hits the monthly high of $0.139.
Tron has recently embraced the meme-coin trend with the launch of SunPump. As we explained earlier, this platform was designed to create these tokens on the network easily. According to Dune Analytics data, over 5,596 meme coins have been created on Tron since the launch, generating more than 2 million TRX ($257,779). On August 17, 1 million TRX ($133,000) was spent on the creation of these meme coins, making it the highest single-day revenue.
According to Tron founder Justin Sun, the network has a significant advantage over its competitors.
Tron’s biggest strength is its $60 billion in TRON USDT. No other blockchain protocol has a liquidity pool this large. Memecoins thrive on liquidity, and Tron has it in abundance.
Also, Sun believes that the Tron holders are readily available to invest in new and exciting meme coins while developers and traders focus on platforms with robust stablecoin liquidity. To him, the Tron network appeals to users for its fast and cost-effective transactions.
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