The Tron price has continued on its recovery path since reaching a bottom in mid-March, steadily climbing almost every week. Mirroring the improving crypto market sentiment, the price of TRX maintained a level of stability in its bullish momentum throughout the month of May as it slowly ascended to a local high above $0.28. However, the slow-and-steady growth of the cryptocurrency was met with a significant obstacle over the past week, reflecting what seems to be a return of bearish sentiment in the altcoin market. Here’s a look at the possible reason why the Tron price might be struggling at the moment. Tron Sellers Gain Traction: Spot CVD Data In a Quicktake post on the CryptoQuant platform, on-chain analyst Burak Kesmeci published data from his analysis, pegging Tron’s dip in value to as high as 5.48% in 48 hours. Kesmeci’s analysis revolved around the Spot Taker CVD (Cumulative Volume Delta, 90-Day) metric, which tracks by volume the net difference between market buys (Taker Buy) and market sells (Taker Sell) over a period of 90 days. Related Reading: XRP Set For Price Relief, But Only If Bulls Defend Key $2.13 Price Level – Details According to the crypto pundit, a positive and rising value of the CVD metric indicates a higher Taker Buy volume and the dominance of buyers in the market. On the flip side, a negative or dropping value of the on-chain indicator reflects a higher Taker Sell volume and suggests that sellers are overwhelming the market. Data from Kesmeci’s publication shows how the market devolved from being dominated by the buyers to being bearish. The chart below shows a transition from green bars (Taker Buy Dominant) to red bars (Taker Sell Dominant). The shift from buys to sells became evident from around May 22nd and has since intensified, leading to a steady decline in the price of Tron. However, the Cumulative Volume Delta (marked in gray) has shown neutral on-chain action over the last few days. Caution In The Market Warranted Kesmeci, in his conclusion, stated that if this negative CVD trend were to continue, it could signal further correction in Tron’s price. The relatively neutral state of current on-chain activity, though, suggests that investors’ uncertainty about the future trajectory of the cryptocurrency. Related Reading: Can Dogecoin Price Still Rally 1,000%? Analyst Reveals End-Of-Year Prediction However, investors should still pay rapt attention as a further increase in sell pressure could heighten volatility and, consequently, lead to liquidations. As of press time, Tron trades at $0.2656, reflecting a price rise of approximately 1% in 24 hours. According to CoinGecko data, the TRX token is down by more than 1% in the past seven days. Featured image from Gemini Imagen, chart from TradingView
Tron (TRX) joined the crypto market’s rally by jumping over 100% in 24 hours to a new all-time high (ATH). Its surge ignited a bullish sentiment among crypto investors and market watchers, fueling optimism for higher targets. Related Reading: Bitcoin (BTC) Crashes 33% In South Korea Amid Increasing Political Turmoil Tron Hits New ATH After 7 Years As Bitcoin (BTC) continues moving sideways between the $94,000-$96,00 price range, many altcoins have started recording massive rallies. Cardano (ADA) recently reclaimed the $1 mark in a 200% rally, while XRP soared above the $2.5 resistance on a 300% surge. Yesterday, TRX, the native token of the Tron Blockchain, soared 104% intraday to hit its news ATH in nearly seven years. The token moved from its daily low of $0.22 to the $0.29 mark, surpassing its previous high of $0.23. The rally continued with another jump above the $0.30 barrier before climbing to its latest ATH of $0.45 on Tuesday night. The surge saw the cryptocurrency flip some crypto rivals, sending Tron back into the top ten crypto list. According to CoinMarketCap data, TRX’s market capitalization hit over $36 billion, surpassing Toncoin (TON) and Avalanche (AVAX) by this metric. Tron founder Justin Sun highlighted the feat in an X post: 6 years later. Still here. Still #BUIDLing. Things have changed, but one thing hasn’t: #TRON remains a top 10 contender. Since then, Tron has retraced around 20%, hovering above the $0.35-$0.36 zone before falling to the $0.33 mark. Despite the retrace, TRX remained the leading cryptocurrency, with 20% gains in the last 24 hours. TRX’s Rally To Continue? As TRX’s price surged, crypto analyst Javon Mar stated that Tron was “HEAVILY on what can be soon noted as a historical bullish move.” He also suggested that the cryptocurrency’s price was “far from done,” forecasting another massive rally to the $1.1 area. Similarly, another analyst noted that TRX has “finally triggered a MEGA setup from all the way back in 2018 on its dominance chart” against all other Altcoins. And added that Tron has “barely put its running shoes on.” Related Reading: Solana (SOL) Could See A Correction Despite Historic Monthly Close, $400 Still On Sight? The analyst also signaled that a test of the previous ATH was possible as a retest of that level as support could propel the token to $0.50. However, Team LAMBO advised to watch out for the $0.33 level. The analyst stated that Tron was possibly “cooking a massive bull flag on the 15-minute timeframe,” with the bottom trendline between the $0.35-$0.36 price range. A breakout above $0.42 could target the $0.60 barrier while breaking down the pattern and losing the $0.33 support would invalidate it. As of this writing, TRX is trading at $0.33, a nearly 80% surge in the past seven days and a 116% monthly jump. Featured Image from Unsplash.com, Chart from TradingView.com
Tron "god candle" appears as TRX price soars 70% in 24 hours to hit a new all-time high of $0.45 and re-enter the top 10 cryptocurrencies.
Some cryptocurrencies are already displaying signs of an early altseason, including Hedera’s HBAR, which has rallied 763% in the past month.
The TRON network has been making a notable impact across altcoin ecosystems, regaining its position as the leading blockchain for transaction volume among major altcoin chains. According to a CryptoQuant analyst known as ‘Maartuun,’ TRON has shown substantial transaction dominance recently, handling roughly 43% of transactions across major altcoin blockchains as of October 30. This recent spike has pushed TRON to the top position for transaction processing in October, surpassing other major altcoin networks and highlighting its relevance in the current crypto market. Related Reading: Expert Picks 5 Altcoins To Watch, Declaring Arrival Of The Altseason After Three Years Deciphering TRON’s Transaction Dominance Data shared by maartuun reveals that in October alone, TRON processed approximately 230 million transactions, marking a significant activity surge. On October 24, the network peaked, handling 10.46 million transactions, around 25% higher than its 30-day average. This activity level reflects TRON’s increased usage, aligning with its performance in 2024, when it frequently led in transaction volume. However, between late August and early October, TRON’s transaction dominance slightly waned, with other networks experiencing temporary spikes in activity. TRON’s return to the forefront suggests the asset is reclaiming its crown and maintaining its status as a “highly utilized” blockchain network for altcoin transactions. The CryptoQuant analyst’s observations suggest that TRON’s current dominance in transaction volume is likely to persist. This trend is supported by historical data, showing that TRON has maintained strong transaction levels over extended periods. It is worth noting that the network’s current transaction share indicates a broader shift within the blockchain industry toward networks that offer scalability and low fees, essential factors for sustaining high transaction rates. TRON’s ability to handle many transactions daily sets it apart from many other altcoin platforms, adding to its appeal and supporting its adoption within various blockchain-based applications and projects. TRON Market Performance While TRON’s on-chain fundamentals appear to be doing well, the network’s native token (TRX) market price performance can also be said to have seen positive movements in recent weeks. Particularly following the ubiquitous price increase in the crypto market led by Bitcoin, TRX has followed the overall bullish trend, increasing by 5.6% in the past fortnight and 3.1% in the past week. Related Reading: Crypto Expert Discloses ‘Hidden Altcoin Gem’ With 1,900% Upside However, the asset’s price performance in the past day isn’t all that positive. Over this period, TRX has faced a slight correction, falling from its 24-hour high of $0.1705 to a price of $0.1684 at the time of writing. While TRX’s price has seen an uptick, its daily trading volume seems to be recording an opposite trend. In the past few days, this metric has decreased from over $600 million seen last weekend to below $500 million. Featured image created with DALL-E, Chart from TradingView