TRON (TRX) price is experiencing a notable upswing, ranking among the top market gainers despite ongoing market corrections. The bullish trend has sparked speculation about a potential climb to new all-time highs. Traders have shown a growing interest in TRX as its value continues to rise steadily, driven by increasing large transaction volumes. 

TRON Price Bolstered by TRX Token Burn Event

TRON price saw significant movement following the recent TRX token burn on October 8th. The network burned over 11 million TRX tokens, designed to enhance deflationary mechanisms and boost value. 

A total of 5,991,836 TRX tokens, valued at approximately $958,693.76, were removed from circulation, contributing to the network’s deflationary goals. The burn demonstrated Tron’s ongoing commitment to increasing scarcity and promoting long-term value growth. 

#TRON just burned 11,057,643 #TRX on October 8th showcasing a commitment to deflation & value growth With a net negative production ratio of -5,991,836 pic.twitter.com/FdwIfPcqjb

— TRON Community (@TronixTrx) October 9, 2024

As a result, TRON reported a net negative production ratio of -5,991,836 tokens. This event is part of Tron’s broader strategy to position TRX for sustained upward price trends. 

TRX Price Eyes ATH with Steady Growth

TRON price is experiencing a notable upward trend. The TRX price is $0.1602, reflecting a 2.82% increase in the last 24 hours. The coin hit a daily low of $0.1557 and a high of $0.1604, showing steady movement within a tight range. TRON’S all-time high stands at $0.3004, a drop of about 46.65% from its peak in January 2018.

TRON has gained significantly from its all-time low of $0.001091, recorded on September 15, 2017. This marks a massive rise of 14,584.38%.

TRON price prediction shows upward momentum, with a significant rejection occurring at the $0.2 level. This bullish movement has led to a rise in TRX value. If this positive trend continues, TRX could potentially climb to $0.25. Most crypto markets today are trading in a sideways trend, with BTC price hovering above $62,000.

Further gains push the price to a new all-time high of $0.3. If market conditions remain favorable, this scenario is possible by the end of October. The Awesome Oscillator (AO) currently shows positive momentum at 0.0036, signifying an upward trend.

Tron Price Chart| Source: TradingView

Recent data from IntoTheBlock shows a significant increase in large cryptocurrency transactions, coinciding with minor price fluctuations. According to the data, large transactions surged, reaching 405 on October 8. The trend demonstrates a steady correlation between large transaction volumes and price movements and is indicative that institutions are interested in TRX at the current price levels. Often times, a spike in large transactions can be used as proxy of these whales and could serve as a buy or sell signal. 

Source: IntoTheBlock

With strong upward momentum, TRX is poised for further gains, fueled by rising transaction volumes and deflationary events. If current trends persist, TRON could approach its all-time high soon, marking a significant milestone for the cryptocurrency.

The post TRON Price Surge: Is ATH on the Horizon After 11M TRX Burn? appeared first on CoinGape.

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Filed under: News - @ October 9, 2024 11:26 am