TRON (TRX) Price Prediction Based on Chart and Daily Transaction: Is the Bullish Trend Not Finished Yet?

TRON (TRX) price has been in a strong bullish trend, extending to a multi-year high. It has reached the last swing high and has formed 3 bearish candlesticks.

With a transaction count of over 230 million in October, TRON crypto processed 43% of all transactions across major alt-chains on October 30. This activity aligns with the increasing popularity of TRX, which ranks among the top cryptocurrencies in terms of transaction volume.

The platform's status as an altcoin blockchain is further highlighted by this development, especially considering the recent trends indicating TRX's strong presence in the crypto market.

This development is significant in the context of the broader cryptocurrency market landscape. It suggests that TRX is poised for a potential price move, considering the capital necessary to sustain any further momentum in its price trajectory.

Relative to the broader market, TRX crypto price was trading at $0.167 with nearly flat price changes in the past 24 hours. It had a market cap of $14.47 Billion, and a 24-hour trading volume of $319.76 Million.

The TRON price has shown a bullish trend since 2020, gaining more than 2100%. The price has reached the last swing high, where a breakout can be observed.

If the TRON price manages to break out from the last swing high, it could be a buying opportunity. Being in a bullish trend, a single push can trigger bullish momentum.

This cryptocurrency is strong, staying in the top 10 cryptocurrencies, which can attract buyers, but the price may remain bullish for a longer duration.

On the other hand, if the TRX crypto price faces resistance at the last swing high, it could show weakness. Profit booking can be seen if the price slips below the 20-day EMA, where profit booking could trigger strong selling pressure, leading to the price melting into the 200-day EMA.

According to the technical indicators, the RSI has shown a golden crossover with the RSI-based moving average. The MACD and the Signal line stayed above the Zero line, which could be a bullish sign. The histograms turned green, indicating the buyers' grip.

TRON Price Prediction From the Chart and Daily Transaction Count

The TRON price has shown strong market momentum with a significant increase in transaction dominance, reaching 43% of total activity among major altcoins. The price has risen by 50% since June and is now at a crucial breakout zone.

However, recent bearish candlestick patterns hint at potential resistance. The overall bullish trend that has persisted since 2020 suggests the possibility of further gains, especially if the TRX crypto price breaks through the last swing high.

Technical indicators like the RSI and MACD reflect bullish sentiment, supporting the notion that the upward trajectory may continue. However, traders should proceed with caution, as a drop below key support levels could signal profit booking and a potential downturn.

The views, and opinions stated by the author, or any people named in this article are for informational purposes only, and they do not establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

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