Tron: Steady Momentum Carries TRX 14% Up – Details
20 August 2024 - 10:30PM
NEWSBTC
Tron (TRX) gains massively as it continues on its bullish path
after new developments hit the market. According to CoinGecko, the
token is up 14% since last week. This trend may continue as major
cryptocurrencies like Bitcoin and Ethereum pull altcoins upward as
well. Related Reading: Cardano (ADA) Nears Key Level As Analyst
Eyes Over 100% Upside – Details With favorable market conditions,
TRX has a chance to pull off something great this week. Supporting
this probability is Mobilum’s recent tweet that placed the
spotlight on Tron’s robust network as it supported transactions
worldwide. Tron Users Contribute Massively On Mobilum
Crypto banking platform Mobilum released some statistics featuring
Tron users using the platform for real world transactions.
According to the X post, Tron users contributed massively to
Mobilum’s operations worldwide. Global reach, local ease with
@trondao 🌍 In August 2024, #TRON users made transactions in the
Mobilum ecosystem worldwide: • Asia: 39% • North America: 25.5% •
Europe: 20.5% • South America: 5% • Africa: 5% • Australia: 5%
Proud to power seamless crypto payments across…
pic.twitter.com/IpyiScqmks — Mobilum (@mobilumofficial) August 19,
2024 The biggest figure came from Asia with over 39% of
transactions attributed to Tron users followed by the United States
and Europe. This signals a huge turning point for Tron as it
continues to find itself in real-world use cases. Tron Hits
New Annual Transactions High Tron’s network has also
continued to flex its muscles as Into The Block recently posted how
it hit almost 8 million transactions per day, with an average of 7
million transactions per day. This high throughput on the platform
helped TRX’s growth in the long term. With over 7 million
daily transactions, the #TRON network is becoming a vital part of
everyday life for millions around the world. 🌎
https://t.co/Br1DLllzae — TRON DAO (@trondao) August 19, 2024 The
platform’s focus on stablecoins is one of the factors that
contribute to its growth. As of writing, there are four stablecoins
used on Tron namely USDT, USDJ, TUSD, and USDC. Ceiling Hit
But Not Broken By TRX The token’s current trajectory might be
upward, but it seems the next couple of days might be tough for
investors and traders. At its best, TRX might retract to more
sustainable levels with a possible rebound right after. As of
writing, breaking through the current ceiling of $0.1472 is too big
of a hurdle for TRX bulls in the short term. Given some time,
however, we might see the token gain enough momentum to have a
breakthrough on this level. TRX is overpriced after nearly a couple
of days’ worth of bullish momentum pushing gains to investor
portfolios. Related Reading: Shiba Inu Skyrocketing Potential:
Could SHIB Surge 500%? With the relative strength index (RSI) being
at its peak, this signals a possible loss in momentum will occur in
the coming days, pushing the token back to $0.14. If this happens,
$0.14 will give way to the bears, pushing the token to $0.13.
However, $0.13 is the lowest the token will go. TRX’s low
correlation with Bitcoin will gradually pick up as the days go by,
helping TRX retake lost ground once the friction of the bullrun
wears out. For now, holding the token might be the best decision
for investors and traders as they continue to monitor the broader
market for swings in price. Featured image from Mudrex, chart
from TradingView
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