- Tron price surged to the highest level since November 2021.
- The TRX token formed an inverted hammer and a doji pattern.
- The outlook for the coin is bearish as profit-taking continues.
Tron price pulled back sharply after surging to a high of $0.094 on Saturday. That was an important level since it was the highest level since November 2021. At its peak, the cryptocurrency was up by more than 108% from the lowest level last year. It retreated to a low of $0.080 on Monday, ~14% below the highest point on Saturday.
Fed decision ahead
Tron has been one of the best-performing cryptocurrencies this year as investors reacted to the strong performance of its ecosystem. The coin has done well after a number of several milestones.
First, Tron is now the second-biggest chain in the world after Ethereum. It has a total value locked (TVL) of more than $5.68 billion, making it the second platform after Ethereum. It recently passed Binance Coin, which has over $5 billion in TVL. The biggest dApps in its ecosystem are JustLend, JustStables, SUN.io, and UniFi Staking.
Second, Tron has grown the number of its active users. Data shows that Tron has over 1.32 million active users, making it the biggest chain in the world. Ethereum has 282k while Arbitrum and Polygon have over 150k and 367k users.
Read more: How to buy Tron.
Third, Tron is one of the most profitable platforms in the blockchain industry. Data compiled by TokenTerminal shows that Tron generated over $462 million in revenue in the past 180 days. This makes it the second most-profitable player after Ethereum, which made $1.4 billion in the same period. Tron has made $74.4 million in the past 30 days.
Further, Tron is the second-biggest player in the stablecoin industry. It holds stablecoins worth more than $44 billion in stablecoins, second only to Ethereum, which has $67.64 billion.
Tron price prediction
The daily chart shows that the TRX price has been in a strong bullish trend in the past few months. It formed an inverted hammer pattern, which is usually a bearish sign. It also formed a small doji pattern. The coin has moved below the important support level at $0.085, the highest point on June 3rd.
Tron’s volume has been a bit limited recently while the Relative Strength Index (RSI) moved below the overbought level. Therefore, Tron price will likely continue falling as sellers target the key support at $0.075.
