Tron (TRX) Price Signals Imminent Bullish Breakout Fueled by Its Meme Coin Mania

The Tron network has grown to over 153 million holders mostly holding its stablecoins and speculating on its meme coins led by Sundog (SUNDOG).

Key Notes

TRX price has been forming a macro bullish pattern amid the rising adoption of the Tron chain.The Tron ecosystem has more daily active addresses and revenue collected than the Ethereum network.

Amid the ongoing crypto bullish outlook, Tron TRX $0.16 24h volatility: 0.8% Market cap: $13.79 B Vol. 24h: $428.14 M has signaled an inevitable breakout in the near term. The large-cap altcoin, with a fully diluted valuation of about $13.8 billion and a daily average traded volume of around $443 million, has been retesting a major resistance level of around 16 cents in the recent past.

From a technical analysis point of view, TRX price in the weekly time frame has been forming a macro ascending symmetrical triangle for the past six years.

With TRX price having underperformed in the 2021 crypto bull run, compared to most of the altcoins, the core team led by Justin Sun has made significant progress to ensure a difference this time.

Why Tron Network Standouts in the Blockchain Space

The Tron network has grown into a major web3 ecosystem in the recent past, only second after Ethereum ETH $2 633 24h volatility: 0.3% Market cap: $317.33 B Vol. 24h: $21.56 B . According to the latest market data, the Tron network had a total value locked (TVL) of over $7.4 billion and a stablecoins market cap of more than $60 billion as of this writing.

On the other hand, the Ethereum network had a TVL of about $48 billion and a stablecoins market cap of over $84 billion. The Tron network, however, outpaced the Ethereum network in fees collected in the last 24 hours. 

According to the latest market data, the Ethereum network recorded a 24-hour revenue of about $6 million from 371k active addresses.

The Tron network, on the other hand, registered a net revenue of $7.28 million on Tuesday, which represented a spike of 170 percent year-over-year. Remarkably, the Tron network registered over 2.3 million daily active addresses in the past 24 hours, which is nearly eightfold that of Ethereum.

On October 15 this year, #TronNetwork's revenue was $7.28M, compared to $2.69M last year, a 170% increase year-over-year.https://t.co/Q3YRJa7JuB pic.twitter.com/C7YnCayAbd

— Lookonchain (@lookonchain) October 16, 2024

The notable rise in Tron’s popularity can majorly be attributed to its rising meme coin ecosystem. As of this writing, Tron’s meme coins had a market cap of over $373 million and a daily average traded volume of over $97 million.

Short-term Expectations

The midterm price action for TRX will heavily be impacted by the macroeconomics akin to Bitcoin BTC $68 046 24h volatility: 1.8% Market cap: $1.35 T Vol. 24h: $54.74 B and the entire altcoin ecosystem.

For instance, the upcoming US 2024 elections will play a crucial role in the next phase of the crypto outlook. 

However, the ongoing shift in macroeconomics, fueled by the recent Fed rate cut and the escalating geopolitical uncertainty in the Middle East and between Russia and NATO, will further help pump liquidity in the crypto space.

As for TRX price, the parabolic phase of the bull market will be confirmed after it consistently closes above the resistance level of around 16 cents.

However, a consistent close below the established rising logarithmic support level in the weekly time frame will likely result in a major sell-off in the subsequent months.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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