- The all-time high price of the TRX crypto stands at the $0.3004 level.
- Technical indicators’ summary reflects a neutral perspective on the current phase.
- The trading volume has reached over 265 million in the last 24 hours.
Tron (TRX) is a decentralized operating system on the blockchain network. The Tron Foundation developed this system and launched it in 2017. Initially, the TRX tokens were ERC-20 tokens deployed on the Ethereum blockchain, but they moved to their network afterward. The Tron software supports smart contracts, blockchain systems, and dApps. Besides, it offers help to content creators with appealing rewards. The network is secured through a delegated proof-of-stake (DPoS) consensus algorithm.
Tron 2024 Quarterly Performance, Supply, and Valuation
Tron has shown tremendous growth since September 2023. The cryptocurrency recorded positive profitability for six consecutive months. The price reflected an overall combined return of 80% during those months. However, the crypto only had 4.28% positive returns early this year.
A remarkable shift toward strong bullish sentiments was observed in February 2024. Although the TRX crypto delivered over 25% positive returns, the price reached a key supply zone. Consequently, March 2024 became a profit-booking month for crypto traders, negatively impacting prices.
Tron has an uncapped maximum token supply, which can become one of the reasons for future inflation. The crypto has released over 87 billion TRX tokens in circulation, currently holding a market capitalization of $9.83 billion. The fully diluted valuation is assumed to be similar to the current market capitalization of $9.83 billion.
Price to Volume and Social Dominance Analysis
The TRX crypto price has been correlated with social dominance, reflecting the importance of tweets on the social platform. After April 15, 2024, the social buzz of crypto slowly rose, influencing the current price and indicating a positive upsurge. The social buzz covers 0.35% dominance across social platforms in the current phase.
Technical Analysis of the Tron (TRX) Price
The current crypto price is rebounding the key exponential moving averages, indicating a shift in trend. If the TRX price crosses above the 50-day EMA, the continuation of the bullish trend will be possible.
The TRX price made an opposing movement from the $0.1442 resistance level. It reached the $0.1130 breakout level and faced resistance from the $0.1240 level afterward. The price broke the $0.1091 support level and formed multiple bullish candles from the $0.1052 critical bullish point of interest (POI). If the price closes above the $0.1240 supply level, it can be seen moving to the $0.1324 supply level. An opposing move is expected below the $0.1052 bullish POI.
The relative strength index (RSI) shows a bullish divergence in the current price momentum. The RSI and the signal lines had a golden crossover, indicating a potential shift in bullish strength.
Summary
The long-term outlook lies above the critical exponential moving averages on the bullish side. The cryptocurrency has shown a nice bullish trend since February 2023. In the current phase, TRX crypto price faced some opposing rallies, which shifted the sentiments into bearish for the short term. If the price closes above the $0.1240 supply level, it can be seen moving to the $0.1324 supply level. An opposing move is expected below the $0.1052 bullish POI.
Technical Levels
- Resistance Levels: $0.1240 and $0.1442
- Support Levels: $0.1052 and $0.0945
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.