Tron could flip key price as Justin Sun predicts big moves ahead

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As a seasoned crypto investor who has seen the rise and fall of various digital assets, I must admit that the recent rally of Tron (TRX) has caught my attention. Having closely followed the Tron ecosystem since its inception, I’ve witnessed firsthand its ups and downs, much like the rollercoaster ride of a crypto newbie’s emotions.

For six straight days, the price of Tron’s token climbed, reaching its peak point since August, following a daring forecast by Justin Sun regarding its environment.

Tron (TRX), one of the top ten cryptocurrencies, climbed to $0.166 as it neared a significant barrier at $0.1700. This level is noteworthy because it marks its peak on August 25 and in May 2021.

On platform X, Sun forecasted that the digital asset would thrive in the upcoming weeks, bolstered by the revival of its meme-based cryptocurrency environment.

It’s my opinion that Tron meme tokens are on the verge of a new growth spurt. As Tron continues to advance with ongoing construction and community engagement, it has been consistently moving forward. Once TRX surpasses its previous record high, the fear of missing out (FOMO) for Tron meme coins is likely to follow closely.

— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 25, 2024

In recent times, the performance of Tron-based meme coins has been lackluster compared to Solana tokens such as Popcat (POPCAT) and Cat among Dogs (MEW), as investors have shown a preference for these alternative options.

According to information from CoinGecko, the market value of all Sun Pump meme coins currently stands at approximately $344 million, a significant drop from its record peak of over $700 million. Notably, popular tokens within this category such as Sundog, Tron Bull, and Invest Zone have also experienced a decline since their maximum values.

Sun’s post indicates that these tokens are expected to increase once Tron reaches its highest price point this year, which might cause a surge of FOMO (Fear of Missing Out) among traders. This type of jump is reminiscent of Shiba Inu‘s behavior last year; for instance, it remained stable between May and June 2021, but later skyrocketed by an astounding 1,150% in October.

Despite facing challenges within its broader ecosystem, Tron’s resurgence continues unabated. Latest reports from DeFi Llama reveal a 24% decrease in trading volume on its decentralized exchange platforms over the past week, now standing at approximately $756 million. Notably, competitors such as Mantle, Dexalot, and Sui have surpassed Tron in this area. Additionally, Tron’s DeFi assets have decreased by 11% over the last month to reach a value of around $7.15 billion.

Tron has strong technicals

The graph for the past week indicates that the TRX token has surged following its low of $0.0454 in 2022, demonstrating a robust upward trajectory. Typically, it exhibits a weaker correlation with Bitcoin (BTC) and other prominent cryptocurrencies such as Ether and Solana.

Right now, Tron is making an effort to exceed a significant barrier at $0.1690, which represents its highest point so far this year. It’s been staying above both its 50-week and 25-week moving averages, suggesting that the bulls are in charge.

If we surpass the resistance level at $0.1690, it might trigger more growth, potentially reaching as high as $0.20.

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2024-10-25 18:02