TRON (TRX) price has seen a recent price rebound, signaling a possible shift in market dynamics. For weeks, the cryptocurrency’s trading pattern showed limited movement as both bulls and bears battled for dominance.
Despite a bearish trend, recent market activity suggests a potential recovery could be on the horizon. The recent 10 million TRX token burn has increased bullish sentiment, causing upward pressure on the price.
TRON Price Surges Amid Burn Signals Potential Future Growth.
TRON has made a significant move in its token economy by burning 10,136,282 TRX on October 11th. This burn underscores TRON’s commitment to deflationary mechanisms and potential value growth.
#TRON just burned 10,136,282 #TRX on October 11th 🔥 showcasing a commitment to deflation & value growth 🚀 With a net negative production ratio of -5,069,243 🤯 pic.twitter.com/s2wZBrIQ74
— TRON Community (@TronixTrx) October 12, 2024
The recent burn resulted in a net negative production ratio of -5,069,243 TRX, indicating that the amount of TRX destroyed exceeded the new supply issued. Such burns often aim to decrease the token supply, potentially driving up its value over time by making it more scarce.
The crypto market is experiencing a significant surge, with Bitcoin maintaining a strong position above the $62,000 mark and Ethereum holding steady above its $2,400 support level. This momentum fuels optimism across the market, positively influencing other top altcoins.
Can TRON Price Hit $0.20 Soon?
TRX price has seen an upward trend in the last 24 hours, rising by 2.16% to $0.1637. After experiencing a slight dip earlier in the day to $0.1591, the cryptocurrency showed a strong recovery. The market has shown resilience, with a peak of $0.1638 recorded during the same time frame.
If TRON price prediction surpasses the $0.18 resistance, it could next target the psychological $0.20 level. However, if the bullish momentum weakens, the price could consolidate back to the $0.15 range or lower. On the downside, the key support levels remain at $0.15 and $0.12.
The MACD indicator on the daily chart reveals a potential bullish crossover. The MACD line has surpassed the signal line, a common indication of growing upward momentum. The histogram also moves into positive territory, supporting the view of bullish strength.
TRON indicates a significant surge in trading activities. TRX volume has risen, highlighting the increasing interest and activity in the market. Open interest in TRX derivatives has also seen a notable rise. These volume and open interest increases suggest heightened market confidence and active participation.
The TRON’s token burn and positive technical indicators suggest the potential for further growth. However, the market remains volatile, and traders should watch key support and resistance levels closely.
Frequently Asked Questions (FAQs)
A TRON token burn is when a certain number of TRX tokens are permanently removed from circulation to decrease supply and potentially increase value.
Over 10 million TRX tokens were burned on October 11th, 2024.
The TRX burn created bullish momentum by reducing the token supply, which contributed to a price increase.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/tron-price-climbs-after-10-million-trx-burn-whats-next-for-trx/
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