TRX Surpasses 206M Accounts, Nears 7B Transactions Amid Market Volatility
Tron Detaches from the Market – What’s Next for TRX?
Tron (TRX) has recently detached from the general market activity. The daily chart analysis shows a positive development for TRX, as the cryptocurrency has reached a new milestone reflecting its increasing acceptance and use.
TRX Reaches New Highs
The total number of TRX accounts has surpassed the 206 million mark and the total number of transactions is approaching the 7 billion limit. Tron recorded a 2.7% increase in the last 24 hours, and some indicators looked bullish.
Market Volatility and Tron
Only a few weeks have passed since the start of 2024 and the crypto market has already experienced high volatility in this short time. The recent price correction has turned the charts of most cryptocurrencies red, and Tron was no exception. But then the situation began to change in favor of the token.
Tron Behaves Differently
A few days ago, the much-anticipated Bitcoin ETFs received approval, making headlines. While most expected the crypto market to start a bull rally, the opposite happened and the charts turned red. Tron also fell victim to the price correction, but the trend soon changed.
Price Development and Market Capitalization of TRX
According to CoinMarketCap, TRX rose by over 2.7% in the last 24 hours. At the time of writing, TRX was trading at $0.1089 and had a market capitalization of over $9.6 billion. Thanks to the recent price increase, TRX’s weighted sentiment improved slightly and its social volume remained high.
Development and Adoption of TRX
The good news is that despite the price fluctuations, TRX’s development activity has increased significantly in the past week, indicating increased efforts by developers to improve the network. Meanwhile, Tron reached another milestone reflecting the increase in its adoption.
Network Activity of Tron
Our analysis revealed that Tron’s network activity remained high in 2024. This was evident from the fact that its daily active addresses gained upward momentum. The same trend was also seen on its chart of daily transactions.
Outlook for TRX
As Tron was among the few to turn their daily chart green, we took a closer look at its market indicators to find out what to expect. Our analysis revealed that TRX’s MACD showed a bullish crossover. The Relative Strength Index (RSI) also moved north, increasing the chances of a sustained upward price trend.
Sources: CoinMarketCap, Santiment, Artemis, TradingView
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