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Tron’s native token $TRX has skyrocketed by 66% in the past 24 hours, earning the title of the top-performing altcoin among the top 100. This impressive rally aligns with a broader altcoin surge driving market-wide gains.
The surge has drawn comparisons to Ripple ($XRP), which saw a staggering 300% price increase over the last 30 days. The key question now is: can $TRX sustain its upward momentum?
Tron Volume Surpasses $14 Billion, Draws Comparison to $XRP
Yesterday, BeInCrypto reported Tron’s new all-time high of $0.23, but the milestone turned out to be just the start of another rally. Earlier today, $TRX surged to $0.44 before retreating to $0.39.
This explosive move followed a bold claim by Tron founder Justin Sun, who declared on December 2 via X that $TRX is the next $XRP fueling speculation and investor excitement. Following the development, Santiment data showed an increase in $TRX volume to $14.67 billion.
Volume measures the level of buying and selling in the market and acts as an indicator of interest in a cryptocurrency. From a price perspective, rising volume and increasing price are bullish signs. Therefore, if the volume continues to jump, as well as the price, then $TRX could trade higher in the short term.
Furthermore, the Bulls and Bears Indicator, which measures the activity of addresses that traded more than 1% of the trading volume, also supports this thesis. For context, bulls are addresses that bought 1% of the volume.
Bears, on the other hand, are addresses that sold a similar amount. When there are more bears than bulls, a cryptocurrency is likely to experience selling pressure. But as the top-performing altcoin, Tron bulls outpaced bears. If sustained, then $TRX’s price is likely to bounce back toward $0.44.
$TRX Price Prediction: Temporary Setback, Higher Value
On the daily chart, $TRX’s price faced resistance at $0.43, which led to its decline to $0.39. However, the Money Flow Index (MFI) reveals that this retracement could be temporary.
The MFI measures the level of capital flow entering a cryptocurrency. When the reading drops, it indicates selling pressure. But in this case, it has continued to rise, suggesting that more liquidity has flowed into the $TRX market and is fostering buying pressure.
If this remains the case, Tron’s price could bounce above $0.45. Also, in a highly bullish scenario, it could close in on $1 and match $XRP’s performance. On the other hand, if $TRX holders, who are all in profit, decide to book gains, the price might drop to $0.33.