Tron makes an incredible run to enter the top 10 largest cryptos by market cap with a 24-hour surge of 4 percent.
Key metrics including moving averages indicate a positive outlook with a declined market volatility. 

Tron (TRX) is currently trading at $0.087882 after surging by 3 percent in the last seven days and 4 percent in the last 24 hours. With a bullish market sentiment, the asset has recorded a 24-hour trading volume of $159,257,048 and a market cap of $7,801,065,862.

This makes it the 10th largest crypto in the world by market cap right behind Dogecoin which occupies the 9th position. A quick look at the latest four-hour Tron price chart discloses that buyers have the upper hand on the market with a massive upward momentum. 

The moving average of the asset also indicates positive progress as it hits $0.08533. Another observation is that volatility has declined slightly. This shows that the ongoing trend may develop strength in a few hours. While the lower Bollinger band currently stands at $0.0845, its upper Bollinger stands at $0.0864. On the RSI graph, the reading is currently around 50. The asset has been strongly predicted to continue its upward trajectory as both one-day and four-hour Tron price analyses support a bull run. 

On the one-day chart, there are green candlesticks, indicating a bullish resurgence. Interestingly, this mini rally cut across almost all the top cryptos as Bitcoin made a 3.3 percent surge in the last 24 hours. Within the same period, Solana has surged by 5.6 percent while Binance’s BNB adds a 2.6 percent gain. 

A quick look at some of the reasons for the current rally indicates an increasing network activity for Tron. 

More Analysis on Tron 

According to TRONSCAN, more than 6.5 billion transactions have so far been recorded on the network. This is said to have been partly triggered by the GP-Protocol’s AI execution technology. Its bullish outlook has also been confirmed by the Artificial Intelligence platform ChatGPT. AI-driven TRON has also stated that the asset can go as high as $0.1. In the past week, Tron has traded within the range of $0.085347 to $0.090856. 

The team behind Tron is actively sealing other partnerships including a collaboration with APENFT and the Giacometti Foundation to host an art exhibition in Paris. This would be done from October 7, 2023, to January 7, 2024. 

Tron’s founder, Justin Sun, at the recent prestigious Milken Institute Asia Summit, stated that the crypto industry including his project could achieve widespread adoption, but may encounter several challenges.

However, before reaching that milestone, several obstacles, including regulatory challenges and infrastructure enhancements, must be overcome to address user convenience and mitigate risks in daily usage. Establishing a comprehensive regulatory framework holds the key to unlocking substantial growth potential in the crypto industry. Currently, the number of crypto users stands at approximately 100 million.

An analyst sees Tron hitting a minimum price of $0.106559, an average price of $0.133198, and a maximum price of $0.159838 by the end of the year. For now, it is just a matter of time before the asset goes past the resistance price level of $0.090807. 

 

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Filed under: Bitcoin - @ October 17, 2023 7:19 am