Here’s why Justin Sun’s Tron could soar to $1

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As a seasoned crypto investor with a knack for recognizing potential, I must say that Tron’s recent surge to an all-time high has caught my attention. Having weathered the crypto market’s ups and downs since its inception, I’ve learned to appreciate the power of utility, deflationary trends, and strong technicals when it comes to making a solid investment.

This week, the value of Tron maintained a robust surge, reaching a new peak, which propelled its total market capitalization beyond $17 billion.

Tron (TRX) hit an all-time peak of $0.2068, propelling its yearly profits beyond 80%, placing it among the best-performing cryptocurrencies.

During this event, there was a simultaneous increase in the value of various well-known cryptocurrencies, including Bitcoin (BTC), which neared the significant barrier of $100,000 for the very first occasion.

Tron’s value is increasing due to speculation that a Trump-administered Securities and Exchange Commission might have a favorable stance towards cryptocurrencies. This is significant for TRX because the agency had previously accused Sun of fraud and other securities offenses. Given this, there’s a possibility that these charges will be dismissed as the agency revises its strategy regarding cryptocurrencies.

There are other reasons why the Tron price may surge by 400% and hit the crucial level of $1. First, Tron has one of the best utilities in the crypto industry due to its role in stablecoin payments. Data on TronScan shows that Tron’s network handled Tether tokens worth over $196 billion on Nov. 22. Its average daily volume is often higher than that of Visa.

To elaborate further, Tron (TRX) has been marked by deflationary characteristics, with its supply consistently decreasing over time. As demonstrated in the graph below, there were more than 101 billion TRX tokens in circulation during 2022, a number that has since dropped to approximately 86 billion. This trend is anticipated to persist as the growth of its ecosystem gathers pace.

In third place, Tron stands as one of the highest-earning entities within the blockchain sector. According to TokenTerminal, its earnings this year surpass $1.75 billion, trailing behind Ethereum and Tether in terms of revenue.

Expanding on the subject, I’m observing the burgeoning meme coin landscape within Tron. Similar to Solana’s experience, it’s evident that such meme coins could significantly boost the value of a blockchain network.

Tron price has strong technicals

Tron’s strong technical indicators might propel it up to around $1 within the upcoming months. As illustrated in the chart above, the coin surpassed a significant resistance level of $0.1800 last week, which was its previous peak price and also the upper boundary of the blue ascending channel.

In simpler terms, Tron’s value has now surpassed the upper boundary of a pattern known as the “cup and handle” that has been developing for three years. This suggests a strong possibility that the price of TRX could keep increasing and potentially reach $1 within the next few months. To get to this point, it would require a significant jump of around 400%, which is not uncommon in the fast-paced crypto market.

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2024-11-22 17:06