TRON (TRX) Surges Over 11% to Enter Top 10 Cryptocurrencies by Market Cap

TRON (TRX) has seen a price surge in recent days, gaining over 11% in the past 24 hours to trade at $0.1602 as of the latest data. This price action has propelled TRX into the top 10 cryptocurrencies by market capitalization, surpassing Cardano (ADA) in the process.

After rising more than 11% in the past 24 hours, TRX price soared to $0.1602 at the latest check. This price action helped TRX enter the top 10 cryptocurrencies ranked by market capitalization, surpassing ADA in the process.

The token’s open interest surged massively, jumping by 56% in 24 hours, according to data from CoinGlass. This surge in open interest indicates that traders are increasingly bullish on TRX’s prospects and are opening new positions at a rapid pace.

Trading volume for TRX also skyrocketed, increasing by over 111% to reach $1.9 billion.

The catalyst for this renewed interest in TRX seems to be linked to recent announcements from founder Justin Sun. Several influential leaders from meme coin communities expressed interest in integrating with the TRON ecosystem, according to recent announcements from founder Justin Sun.

To facilitate this integration, TRON has launched SunPump, a new platform focused on the creation and trading of meme coins on the TRON blockchain.

This move into the meme coin space seems to be paying off, with Dune Analytics data showing that over 5,596 meme coins have been created on TRON since SunPump’s launch. These new tokens have generated more than 2 million TRX (approximately $257,779) in revenue for the network. On August 17 alone, 1 million TRX was spent on meme coin creation, marking a single-day high.

From a technical analysis perspective, TRX has broken through several key resistance levels. The token is now trading above both its 50-day and 200-day Simple Moving Averages, a bullish signal that suggests the uptrend may continue. The Relative Strength Index (RSI) remains in overbought territory, indicating strong buying pressure, though some analysts caution this could lead to a short-term pullback.

Looking ahead, many analysts are bullish on TRX’s prospects. Some predict that TRX could reach $0.18 in the near term, which would mark a new all-time high for the token. More optimistic forecasts suggest TRX could potentially hit $0.20 or even $0.30 in the coming weeks if it can maintain its current momentum.

TRX’s rapid gains could lead to a period of consolidation or correction. The RSI’s overbought reading suggests that some profit-taking could occur in the short term. Support levels to watch include $0.14, which previously acted as resistance.

The above is the detailed content of TRON (TRX) Surges Over 11% to Enter Top 10 Cryptocurrencies by Market Cap. For more information, please follow other related articles on the PHP Chinese website!