Ah, dear reader! The price of Tron, that elusive creature, finds itself languishing in the depths of a bear market, having plummeted a staggering 47% from its lofty heights of 2024. But fear not! Three miraculous catalysts may just hoist it back into the realm of the living!
On this fateful Thursday, the price of Tron (TRX) has descended to a mere $0.2395, dragging its market capitalization down to a paltry $20 billion. This decline, akin to a sad tale of woe, mirrors the broader malaise afflicting altcoins, as if they all decided to take a collective nap this year.
Now, let us delve into the three potential harbingers of hope that could elevate this price from its slumber. First, the Tron meme coin ecosystem, once a vibrant carnival, is showing signs of revival! The illustrious Sundog, the largest meme coin on the network, has surged a jaw-dropping 77% in the last 24 hours, puffing its market cap up to a robust $69 million. 🎉
Meanwhile, the price of Tron Bull Coin has gallantly increased by 38%, while Suncat, that cheeky little rascal, has gained 24%. Together, these merry fellows have boosted their combined market capitalization by 57% in just one day, reaching nearly $90 million! And let us not forget the cumulative fees in the SunPump ecosystem, now a princely $5.65 million. 💸
Secondly, the ecosystem of Tron remains as sturdy as a well-built dacha. It has become the reigning champion of Tether transactions, thanks to its lower fees compared to that other blockchain, Ethereum. According to the wise sages at Tronscan, the network processed a staggering $65 billion in Tether transactions on Wednesday alone, with daily volumes often exceeding $100 billion. Talk about a bustling marketplace!
This transaction growth has transformed Tron into one of the most profitable blockchains in the cryptocurrency realm. This year alone, it has raked in over $441 million in fees, and over the past 12 months, a whopping $2.4 billion, leaving Ethereum (ETH) in the dust. Who knew profitability could be so delightful? 😏
TRX price has strong technicals
Lastly, let us not overlook the technical indicators, which whisper sweet nothings of a potential rebound. Despite its dramatic fall, TRX has valiantly clung to the 200-day moving average, suggesting that this recent pullback may merely be a part of a mean reversion—a fancy term for when an asset decides to return to its roots.
Moreover, Tron is forming a falling wedge chart pattern, a well-known bullish reversal signal. This pattern, like two old friends converging, typically leads to a breakout as they draw near. And lo! Tron has also crafted a small inverse head and shoulders pattern, another bullish sign. If this setup holds, the next key level to watch would be $0.4500, representing an astonishing 85% increase from the current price. But beware! A drop below the 200-day moving average at $0.2075 would shatter this rosy outlook. 😱
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2025-02-20 17:36