TRON Price Analysis: Defying the broader market dynamic, the Tron coin price witnessed a notable recovery in June. While the leading assets like Bitcoin and Ethereum hit a low of $60000 and $3233 registering, the TRX price recently hit a five-week high of $0.125. As the crypto market witnessed a renewed recovery sentiment starting from Monday, the TRON buyer’s eyes key resistance to bolster further rally.
TRON Price Analysis: Active Addresses Surge to 2.5 Million Daily Average
In contrast to the majority of major cryptocurrencies, which followed Bitcoin into a fresh correction trend in June, the TRON coin displayed a different pattern. It successfully maintained its position above the local bottom at $0.11, demonstrating resilience against the broader market trend.
The bullish turnaround has uplifted the asset by 11.6% within a month reaching $0.123, while the market cap reached $10.73 Billion. An analysis of the daily chart shows the recovery is carried by an ascending trendline intact since mid-November 2023.
The altcoin rebounded multiple times from this support indicating an active accumulation trend among market participants during the market dip.
According to a tweet by crypto analytics firm IntoTheBlock on June 26, 2024, the number of active addresses on the TronDAO network has been steadily increasing since the beginning of the year.
Since the beginning of the year, the number of active @trondao addresses has steadily increased, approaching a daily average of 2.5 million, far surpassing other leading Layer 1 networks pic.twitter.com/TCiatVqVOM
— IntoTheBlock (@intotheblock) June 26, 2024
The daily average of active addresses is now approaching 2.5 million, a figure that significantly surpasses other leading Layer 1 networks. This surge in active addresses underscores the growing adoption and usage of the TronDAO network.
Also Read: Robert Kiyosaki Decodes Bitcoin’s “Banana Zone”, Contrasts with Fiat Currency
With sustained buying, the coin buyers could challenge the last swing high resistance of $0.127. If the resistance flips into a potential support, the Tron coin jump above 12% to hit the resistance of $0.143
While this week has eased the selling on altcoins as BTC stabilizes above $60000, the bearish momentum has not yet reverted indicating the possibility of further fall. Thus, the TRX price could revisit the ascending trendline and seek support for the next jump.
Technical Indicator:
- Exponential Moving Average: The TRX price reclaiming the daily Exponential Moving Average (20, 50, 100, and 200) indicates the restoring bullish sentiment.
- ADX: An uptick in the ADX slope indicates the buyers are gradually picking up the momentum.
The post TRON Price Analysis: TRX Eyes $0.14 Breakout as Active Addresses Reach New High appeared first on CoinGape.
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