TRX Transaction Dominance Boosts: TRON Price Breakout Imminent?

• The TRON crypto price has risen by 50% since June.
• The dominance of TRX transactions increased to 43%. It is consistent with the previous 2024 activity.
• At the time of writing, TRON’s price action had surpassed the previous cycle highs but had been rejected.
• The healthy competition among memecoins on the TRON blockchain suggested that other chains are pulling liquidity.

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. The TRON price has managed to defend the 200-day EMA since 2023. That demonstrated the buyers’ dominance.

With transaction dominance returning to 43%, TRON’s blockchain has solidified its position in the cryptocurrency market. The token’s increasing popularity is reflected in the recent spike, particularly given that it leads altcoin blockchains in transaction processing.

TRX crypto processed more than 230 million transactions in October alone. This accounted for 43% of all transactions across the significant alt-chains on October 30. This surge in activity supports TRON’s position as a leading platform and is consistent with previous 2024 trends.

The massive enhancement in the transaction count indicated that the TRX price has the potential for further move. It has enough capital to maintain its further momentum.

Is the Bullish Trend in TRON Price Not Finished Yet?

TRON price was trading at $0.167 at press time and has remained almost unchanged for the past 24 hours. The market capitalization was $14.47 Billion, and the 24-hour trading volume was $319.76 million.

TRX price has been bullish since 2020, gaining more than 2100%. The price has reached the last swing high, and a breakout can be seen.

It could be a buying opportunity if the TRON price triggers a breakout from the last swing high. The overall trend was bullish, so a single push could trigger a bullish momentum.

This is a strong cryptocurrency that stays in the top 10 cryptocurrencies. It could attract buyers, but the price may remain bullish for longer.

Alternatively, if the TRX crypto price faces resistance from the last swing high, it could show weakness. Profit booking could be seen if the price slips below the 20-day EM. Here, profit booking could trigger strong selling pressure, and the price may melt into the 200-day EMA.

Based on the technical indicators, the RSI has displayed a golden crossover with the RSI-based moving average. The MACD and the Signal line stayed over the Zero line, which could be a bullish sign. The histograms have turned green, indicating the buyers’ grip.

TRX Price Prediction Based on Chart and Daily Transaction

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

However, recent bearish candlestick patterns suggested potential resistance. The overall bullish trend that has persisted since 2020 indicated the possibility of further gains. This can happen, especially if TRON’s price breaks through the last swing high.

Technical indicators such as the RSI and MACD reflected bullish sentiment. This supported the notion that the upward trajectory may continue. However, traders should remain cautious. A drop below key support levels could signal profit booking and a potential downturn.

Disclaimer

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