TRON Daily Transactions Skyrocket 50% to a Record Breaking 7.2 million: Will Price Follow Suit?

TRON (TRX) has seen daily transactions skyrocket, hitting a new all-time high. The coin’s price followed shortly after, raising over 1% to $0.1357. This surge in TRON daily transactions marks a significant milestone for the decentralized application-based blockchain, but the big question remains: will the price continue to rise?

TRON ROI Keeps Investors Upbeat

Current reports suggest, TRON’s return on investment stands at 94%, giving its holders a good opportunity to make profits. Recent observations suggest that the proportion of TRX holders may approach 100%. Not only is the token price rising, but other aspects of the TRON ecosystem are also developing remarkably well. TRON_DAO’s daily transactions reportedly have reached a record-breaking 7.2 million. Just a year ago, daily transactions were at 4.8 million, making the current stage a 50% rise.

According to a market analyst, “The increase in TRON’s daily transactions reflects the growing adoption and utility of the network. This is a positive sign for investors who have held TRX for the long term.”

Will the TRON Price Mimic the Daily Transactions?

TRON’s bullish momentum gives it an edge over other cryptocurrencies in the market. If the coin’s current bullish momentum continues, it can hit another all-time high of $0.22 apiece. However, available data highlights that the 100-hourly simple moving average and $0.1320 level are currently being traded above the price. If the TRX price cannot overcome the $0.1350 barrier, it may initiate a downward retreat below the 100-hourly simple moving average. Initial downside support is located in the vicinity of $0.1335.

It could challenge $0.1310 below the $0.1320 level, the first significant support. Any more losses might push Tron toward the $0.1300 support level in the upcoming sessions. The prediction for the TRON price is that on August 24, 2024, the price of TRON will drop by 3.67%.

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However, analysts report that the technical indicators indicate that the coin’s mood is bullish, and the Fear & Greed Index is reading 68 (Greed). Over the previous 30 days, TRON had 19/30 (63%) green days and 3.95% price volatility. Data also indicates a bullish general attitude for TRON daily transactions price prediction, with 28 technical analysis indicators indicating bullish signs and 2 indicating bearish indications.

TRON’s 200-Day SMA and Future Projections

Official reports claim that TRON’s 200-day SMA will grow in the upcoming month, reaching $0.122065. During the same time, TRON’s short-term 50-day SMA is predicted to reach $0.133729. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). Currently, the RSI value stands at 56.82, indicating a neutral posture for the TRX market.

“The current RSI value suggests that TRX is neither overbought nor oversold, which could mean that the market is in a consolidation phase before the next big move,” commented another market analyst. This neutral RSI reading indicates a potential calm before the storm, with TRX poised for a significant price swing. As investors await the next move, they should closely monitor market trends and technical indicators to capitalize on emerging opportunities.

TRON Daily Transactions Hit Record High: What’s Next for TRX?

The recent surge in TRON daily transactions to a record-breaking 7.2 million is a significant achievement for the blockchain network. While the price of TRX has seen a modest increase, the future looks promising if the current bullish momentum continues. Investors should keep a close eye on key resistance and support levels, as well as technical indicators like the RSI and moving averages, to make informed decisions.

As the TRON daily transactions continues to grow and develop, its increasing utility and adoption could drive further price increases. However, the inherent volatility of the cryptocurrency market means that investors should remain cautious and stay updated with the latest market trends and analyses. Keep following The BIT Journal for latest crypto updates and more.