Ethereum

2024

Bitcoin

TRON

TRON Price Analysis: Defying the current market volatility, the TRON coin has been on a bullish streak since last Friday, the day the <a href="https://coingape.com/why-bitcoin-price-is-falling-today/" rel="noopener noreferrer nofollow">Bitcoin</a> network completed the fourth halving. The positive upswing surged the TRX price from $0.105 to $0.115, registering 10.5% growth. The rising price poised to challenge a monthly resistance on the daily chart indicates a potential for higher growth.
Also Read: <a href="https://coingape.com/ethereum-price-jumps-as-tron-founder-justin-sun-accumulates-15k-eth-what-next/" rel="noopener noreferrer nofollow">Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next?</a>
<h2 id="b-is-trx-price-heading-to-0-12-b">Is TRX Price Heading to $0.12?</h2>
<img decoding="async" src="https://s3.tradingview.com/snapshots/i/i0vDIJzJ.png" alt="BINANCE:TRXUSDT Chart Image by sahilmahadik07">The mid-term trend <a href="https://coingape.com/price/tron/" rel="noopener noreferrer nofollow">TRON price</a> is still bearish evidenced by a dynamic resistance trendline in the daily chart. This downsloping trendline led the coin value to plunge from $0.144 to $0.104 within two months, accounting for 27.2%.
However, the downward trend found suitable support at 38.2% Fibonacci retracement level at $0.105 amid the recent bitcoin halving. The renewed buying pressure following this health retracement has reverted the price back to the $0.115 mark.
This uptick is further accelerated by a significant development in The <a href="https://coingape.com/tron-founder-justin-sun-buys-1b-eth-price-recovery-ahead/" rel="noopener noreferrer nofollow">Tron network</a> according to data from the crypto analytics firm IntoTheBlock. The number of daily active addresses on the Tron blockchain has notably increased, with current figures showing there are now 2.27 million active addresses.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The number of daily active addresses on <a href="https://twitter.com/trondao?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@trondao</a> has been on the rise!
 There are currently 2.27 million active addresses, a 37% increase compared to last month <a href="https://t.co/BjZGEWYRhX" rel="noopener noreferrer nofollow">pic.twitter.com/BjZGEWYRhX</a>
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1783048462948245688?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 24, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This marks a substantial 37% increase from the previous month, underscoring a growing interest and engagement in the Tron ecosystem.
If the bullish momentum persists, the TRX price will breach the overhead trendline favoring buyers to lead a fresh recovery rally. The post-breakout rally would bolster buyers to chase a potential target at $0.12, followed by $0.144.
<h2 id="span-style-font-weight-400-technical-indicator-span">Technical Indicator:</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The TRX price reclaiming the 200-day EMA indicates the buyers holding a firm grip over this asset.</li>
 <li style="font-weight: 400;" aria-level="1">Relative Strength Index: The daily <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a> slope projects a notable bullish reversal indicating the rising buying momentum at the bottom.</li>
</ul>
The post <a href="https://coingape.com/markets/tron-price-analysis-what-does-37-increase-in-active-addresses-mean-for-trx-recovery/" rel="noopener noreferrer nofollow">TRON Price Analysis: What Does 37% Increase in Active Addresses Mean for TRX Recovery</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

TRON Price Analysis: What Does 37% Increase in Active Addresses Mean for TRX Recovery

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