TRON (TRX) saw daily transactions skyrocket, hitting a new all-time high on Thursday. The coin’s price followed shortly after, rising over 1% to $0.1357.
TRON ROI keeps investors upbeat
Currently, TRON’s return on investment stands at 94%, giving its holders a good opportunity to make profits. Recent observations suggest that the proportion of TRX holders may approach 100%.
Not only is the token price rising, but other aspects of the decentralized application-based blockchain are also developing remarkably well. TRON_DAO’s daily transactions have also reached a record-breaking 7.2 million. Daily transactions were at 4.8 million just a year ago, making the current stage a 50% rise.
Will the TRON price mimic the daily transactions?
TRON’s bullish momentum at present gives it an edge over other cryptocurrencies in the market. If the coin’s current bullish momentum continues, it can hit another all-time high of $0.22 apiece.
However, the 100-hourly simple moving average and $0.1320 level are currently being traded above the price. If the TRX price is unable to overcome the $0.1350 barrier, it may initiate a downward retreat below the 100-hourly simple moving average. Initial downside support is located in the vicinity of $0.1335.
It could challenge $0.1310 below the $0.1320 level, the first significant support. Any more losses might push Tron toward the $0.1300 support level in the upcoming sessions. The prediction for the TRON price is that on August 24, 2024, the price of TRON will drop by 3.67%.
However, technical indicators indicate that the coin’s current mood is bullish, and the Fear & Greed Index is currently reading 68 (Greed). Over the previous 30 days, TRON had 19/30 (63%) green days and 3.95% price volatility. Data also indicates a bullish general attitude for TRON price prediction, with 28 technical analysis indicators indicating bullish signs and 2 indicating bearish indications.
TRON’s 200-day SMA will grow in the upcoming month, reaching $0.122065. During the same time, TRON’s short-term 50-day SMA is predicted to reach $ 0.133729. The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). Currently, the RSI value stands at 56.82, indicating a neutral posture for the TRX market.
