With Tron joining the $4 billion transaction club, TRX is headed here

according to data Collected from the Tron blockchain explorer, Tronscan, the total number of transactions on throne The network has reached and exceeded 4 billion dollars. The ability of the network to offer lower transaction fees and faster speeds than Ethereum [ETH] It was one of the factors that contributed to its popularity.


Quiet and stable metric front

tracks mentioned The TRON network was the sixth most valuable smart contract platform. The fund’s market capitalization was also $6 billion. This was behind the likes of Ethereum, CardanoAnd the And the polka dot.

Additionally, data from DefiLlama showed that the network has a total locked-down value (TVL) of more than $5.6 billion. In addition, it has increased TVL by 0.89% in the last 24 hours.

TVL dropped to around $3 billion in June before climbing to over $5 billion and staying there for the past few months. This is shown in the image below.

Source: DefiLlama

Price sets a good mood

By observing the price chart on the daily time frame, it can be seen that TRX encountered resistance in the $0.0658 region, where both the 50 MA and the 200 MA served as resistance levels as well.

The descending triangle can be seen using trend lines, and using the price range tool it can be seen that the price has fallen more than 37% since the beginning of the decline. A support range was also seen between $0.0599 and $0.0576.

Source: TradingView

A break above the moving averages that have been acting as resistance, especially the longer moving average, would signal the start of a possible uptrend. After breaching the $0.0658 barrier, TRX was able to test the level from which the descending triangle trend started. This would be at $0.0894, for a gain of around 37%.

The lower volatility of the asset was also reflected in the narrowing of the Bollinger Bands (BB). In line with the confirmed observation of the MA, a breakout above the upper band of the range will initiate an upward movement of the asset.

Source: TradingView

With an opening price of $0.0623, TRX gained more than 2% during the trading session to trade at $0.063. The Relative Strength Index (RSI) showed the line above the neutral line, which indicates an upward trend on the daily time frame. It can also be seen that the line had a bullish slope, indicating a possible move into the overbought territory.

If the current uptrend continues on the chart, a breakout of the short resistance level and the moving average is possible. At this point, investors should be on the lookout. Crossing the short moving average over the long moving average can lead to a buying opportunity for the asset, both in the long and short term.

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