TRON (TRX) Price Prediction: Will the Bullish Momentum Push TRX to Mimic the Daily Transactions?

TRON (TRX) saw daily transactions skyrocket, hitting a new all-time high on Thursday. The coin's price followed shortly after, rising over 1% to $0.1357.

TRON (TRX) price saw a massive surge in daily transactions on Thursday, hitting a new all-time high. The coin’s price followed shortly after, rising over 1% to begin the day at $0.1357.

TRON ROI keeps investors upbeat

The TRX price daily chart shows a 94% return on investment, presenting a good opportunity for investors to make profits. Observations show that the proportion of TRX holders may approach 100%.

But it’s not just the token price that is rising. Other aspects of the decentralized application-based blockchain are also seeing remarkable growth.

TRON_DAO’s daily transactions have also reached a record-breaking 7.2 million. To put this into perspective, daily transactions were at 4.8 million a year ago, making the current stage a 50% rise.

Will the TRX price mimic the daily transactions?

TRON’s bullish momentum at present gives it an edge over other cryptocurrencies in the market. If the coin’s current bullish momentum continues, it can hit another all-time high of $0.22 apiece.

However, the 100-hourly simple moving average and $0.1320 level are being traded above the price at the moment. If the TRX price is unable to overcome the $0.1350 barrier, it may initiate a downward retreat below the 100-hourly simple moving average. Initial downside support is located in the vicinity of $0.1335.

It could challenge $0.1310 below the $0.1320 level, the first significant support. Any further losses might push Tron toward the $0.1300 support level in the upcoming sessions.

The prediction for the TRON price is that on August 24, 2024, the price of TRON will drop by 3.67%.

However, technical indicators show that the coin’s current mood is bullish, and the Fear & Greed Index is currently reading 68 (Greed).

Over the previous 30 days, TRON had 19/30 (63%) green days and 3.95% price volatility. Data also suggests a bullish overall sentiment for TRON price prediction, with 28 technical analysis indicators showing bullish signals and 2 showing bearish signals.

TRON’s 200-day SMA will grow in the upcoming month, reaching $0.122065. During the same time, TRON’s short-term 50-day SMA is expected to reach $0.133729.

The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that signals when a cryptocurrency is overbought (above 70) or oversold (below 30). Currently, the RSI value stands at 56.82, indicating a neutral posture for the TRX market.

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