invezz.com
14 November 2024 13:10, UTC
Tron (TRX) bulls flexed their muscles as they propelled the altcoin to $0.1825 on 13 November.
Meanwhile, potential profit-taking catalyzed slight declines to press time levels of $0.1820.
Meanwhile, the altcoin exhibits notable upside strength, signaling a potential 820% increase from current prices to $1.681.
IntoTheBlock data indicates expanded activity from TRX’s large investors, with inflows from these entities increasing by 458% within the previous week.
That underscores dip-pocketed investor trust in TRX’s future performance, with most predicting imminent gains.
Moreover, Tron’s distribution among whales jumped 0.23% within the past month.
Furthermore, investor concentration gained 1.19%, whereas retail traders reduced by 1.74%.
Such observation shows that market-moving traders are venturing into TRX’s ecosystem in anticipation of continued upswings.
Tron gained nearly 4% over the past day to trade near $0.1820 at press time.
While the notable decline in trading volume signals weakness, the latest performance saw TRX recording a daily candle close above 17 cents since May 2021.
The project establishes itself as a leading player in the L1 sector as web3 and cryptocurrencies gain popularity.
Tron has maintained stable growth in transaction volume since early 2024, now handling over 50 million transactions per week, according to IntoTheBlock.
Transaction activity on the @trondao network continues to surpass other Layer 1s. Since the beginning of the year, TRON’s transaction volume has seen consistent growth, with the network now processing over 50 million transactions weekly.
The latest surge in themed tokens, which even saw Justin Sun’s project launching its meme coin Launchpad Sunpump, contributed to Tron’s latest growth.
Tron-based themed tokens boast over $389 million in market capitalization, with daily trading volume exceeding 200 million (according to CoinGecko).
Tron boasts a steady upward momentum after breaking an optimistic pennant setup to the upside. That confirmed upward continuation.
TRX maintains its price actions inside an ascending channel, suggesting stable and controlled surges.
Meanwhile, the bullish pennant breakout sets TRON’s price for impulsive moves.
Wave analysis positions the alt’s final target at around $1.681, translating to a staggering 823% increase from current prices.
Prevailing candlesticks highlight stability, with higher closes inside the ascending channel.
That signals sustained bullish momentum with reduced volatility.
Buyers will target the nearest resistances at $0.228 and $0.288 to open the path toward the hurdle at $0.462.
Meanwhile, the pennant formation places the upside target at $1.68 – an over 800% gain.
However, sudden bearish actions will call for the closest support barrier at $0.181, matching current prices and the ascending channel’s lower border.
Continued seller pressure will dump TRX to the reliable support near $0.044.
Meanwhile, broad market performance will be crucial in driving Tron in the coming session.
Cryptocurrencies remain poised for more upsurges, with Bitcoin eyeing the $100K mark.
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