- TRX chart displays an impulsive bullish move of 16% from $0.1052 decisional point of interest (POI).
- Moving averages suggest a strong bullish signal in the current phase.
- The total number of TRX token holders has increased by 0.224% as of May 2, 2024.
Launched in 2017, Tron (TRX) is a decentralized operating system that provides full ownership rights to content creators. The content creators can receive more rewards for their work with the help of this operating system.
Tron uses a transaction known as UTXO, in which the transactions take place in a public ledger, where users can track operations. The Tron operating system is secured by a delegated proof of stake (DPoS) consensus mechanism, where users can freeze their assets to get Tron Power.
Tron Supply Changes, Valuation & Holdings May 2024
The maximum token supply for the Tron crypto is uncapped, which means no mining limits are set for this particular crypto. 87.53 billion TRX tokens are circulating in the crypto market.
The current market capitalization for the Tron stands at $10.72 billion. It is also the fully diluted valuation of the cryptocurrency.
Tron market capitalization is dominating under the top 15 most influential cryptocurrencies across the world. The trading volume has reached over $415 Million, with a decrease of 21.59% in the last 24 hours.
The token reflects decent liquidity in popular trading exchanges with a VMR ratio of 3.87%.
The cryptocurrency has 6,704 active token holders, of which 131.98 million tokens are held by the top 3 wallets. The top 3 wallets collectively own more than 90% of the circulation supply, as per Etherscan.io. Additionally, the number 1 wallet has 75.24 million TRX tokens, covering 51.41% of the circulation supply.
Price to Volume & Social Dominance Analysis
The social upsurge in tweets across social media platforms plays a very significant role in the growth of digital assets. After December 21, 2023, the social buzz of Tron crypto made many noises across various platforms, which reflected a positive change in price and trading volume.
The crypto covered almost 0.90% dominance in the digital world in December 2023. However, after Feb 19, 2024, the social upsurge has a negative impact on the price. TRX price has faced consistent declines since then, although the trading volume has remained unchanged.
Technical Analysis Of Tron (TRX/USD)
The long-term bullish outlook lies above the key exponential moving averages, indicating bullish sentiments in technical terms. The current price has rebounded the 200-day and 50-day EMAs, reflecting trend continuation.
TRX price has gained buyers support from the $0.1052 decisional point of interest (POI). The price surged over 16% from that POI and is sustaining below the $0.1240 level.
As far as the technicals are concerned, the Tron price can surge up to the $0.1324 level if the price has a closing above the $0.1240 level.
The relative strength index ((RSI) has shown a bullish divergence in the price momentum, indicating a potential reversal. The RSI and SMA lines had a golden crossover that boosted the momentum.
Summary
TRON is down 26% from the $0.1442 resistance level. However, the crypto managed to survive that correction phase and gave a positive return of 8.11% during the weekly session.
The current price is moving under the $0.1240 level. Regarding the technicals, the Tron price could surge up to the $0.1324 level if the price closes above $0.1240.
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.