TRON Price Soars 20% In a Week; Eyes on $0.20 Amid Bull Run

TRON (TRX) price has recently exhibited a notable bullish trend, climbing over 20% in the past week. The price of TRX is currently riding a wave of positive momentum, mirroring gains seen across global markets. This uptrend appears poised for further ascension. Signs increasingly suggest an ongoing upward trajectory in the market.

TRON Price Overtakes Solana in Meme Coin Trading

TRON price has recently surpassed Solana in becoming the primary network for trading meme coins. This development comes after TRON introduced its meme coin platform, Sunpump, which has gained more traction than Solana’s counterpart, Pump. fun.

📊 Memcoins on #Tron vs #Solana

As we can see, Tron is only at the beginning of its journey to building a network for gambling addicts and shield holders.

🔼 Bluechip$SunDog has an FDV of only $189 million, which is not much for one of the main shields on the network. pic.twitter.com/7Zzw8AsWev

— Catch The Latest (@CatchTheLatest) August 24, 2024

Comparing meme coin activity on both networks highlights Tron’s emerging dominance. This surge in popularity may cater to those interested in high-risk investments and meme coin trading.

The notable meme coin, Bluechip$SunDog, currently boasts a fully diluted valuation (FDV) of $189 million. This valuation marks it as a significant asset within the Tron network, although it remains modest in the broader cryptocurrency market.

According to Coinglass, The total trading volume has experienced a significant decrease of 30.06%, at $498.46 million. 

However, open interest has shown positive movement, increasing by 3.93% to $191.85 million. This shift indicates a growing interest in holding positions despite the drop in trading activity, potentially signaling more substantial market confidence for the upcoming period.

TRON Price Forecast: Can the Bullish Trend Propel TRX to $0.3?

TRON price has experienced a noticeable increase in its value, rising by 5% over the past 24 hours. The cryptocurrency has been trading within a range, reaching a high of $0.163 and dropping to a low of $0.154 during this period. This movement indicates a volatile yet positive trend for the digital currency in the short term.

At the time of writing, the TRX price hovered at $0.1615. This price point was observed during the early hours of the European market session, marking a slight improvement towards the upper end of its daily trading range. 

The TRON price is rising, indicating a possible bullish market trend. If this upward momentum continues, the TRON price could climb to $0.2. It could reach a new peak at $0.3. With increased bullish activity, TRX could soar to $0.05 in the upcoming rally.

The 4-hour technical indicators for TRX price highlight a period of modest volatility and trading interest. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, suggesting potential upward momentum as the gap between the MACD line and the signal line widens. Additionally, the Relative Strength Index  (RSI) stands at 63, nearing the overbought territory but still indicative of strong buying interest in the market. 

Conversely, a downturn in market conditions could stabilize the TRON price at around $0.16. A prolonged decline might push it to $0.15, signaling a bearish phase. Further pressures could drive the  TRON price prediction down to the $0.13 support level.

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Coingape Staff

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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.