With a market capitalization of $4.748 billion, Tron (TRX) is the 23rd largest cryptocurrency in the crypto ecosystem. It trades at $0,067 at the time of this writing accumulates a profit of 14% in the last 24 hours.
Tron is a blockchain chain that supports smart contracts, making it home to a variety of tokens and decentralized applications.
Thanks to this capacity, today it is one of the most used chains, due to its low operational costs.
Recently this blockchain reached a big milestone that shows that adoption is growing steadily. The milestone I’m talking about is the daily volume of USDT on the Tron network, which came by surpassing the volume of that same stablecoin on the Ethereum network.
Another big indicator of adoption is the number of addresses. Yesterday the Twitter account, TRONSCAN, announced the overcoming of the barrier of 40 million Tron accounts.
The growing activity is undoubtedly mainly a product of the low rates to operate within such a network, and their ability to interact with decentralized protocols that are so popular today.
Today we are talking more than ever about Tron and I say this based on the indicator published by the Twitter account Lunar Crush, where a new historical maximum of social activity is observed, despite the fact that the price does not recover completely.
As a conclusion of the fundamental analysis we can say that Tron has good health to support its current price, and even give rise to greater profits. The main indicator of good health in cryptocurrencies is adoption, and in the case of this currency we see that it is quite well.
Tron Technical Analysis (TRX)
In the daily price chart we see a strong recovery of the TRX price during the last 2 days, after having reached a significant support at $0.05, which was left after the market crash in mid-May.
A dominant short-term bearish direction is still fully evident. However, the possibility of a double floor on the named support, may give hope for a wider recovery in the near future.
Today the price of Tron is visiting a resistance close to $0.68, a place from which it could make way either for the start of a new bearish impulse (unlikely), or a slight retracement to continue extending the gains.
I say that a larger fall is unlikely to occur, due to a larger bullish force that we will see on the weekly chart.
The medium-and long-term trend continues to exert upward pressure, and is causing recent bearish intentions to be quickly absorbed, avoiding too negative a signal.
The impossibility of the price by marking a new lower low on the weekly chart, tells us that the bears are already quite exhausted, and may have marked the bottom before resuming the higher trend.
To think of this as being so, the resistance at $0.077 must be traversed.
In case a low minimum is marked in the near future, then yes we may be thinking of an accentuation of the selling pressure. At the moment, this does not seem most likely.
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