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TRON is gradually getting its bullish rating back despite the sideways action across the crypto market. TRX price steadied the uptrend after respecting support provided at $0.0625 to trade at $0.0650 at the time of writing. Resistance at $0.0664 may stand in the way of an extended upswing in the short term, but if broken TRON could quickly close the gap to $0.10.
The TRON blockchain height has exceeded 48.44 million, according to the latest report. Similarly, the number of accounts on the protocol reached approximately 141 million while the total number of transactions on the network grew to 4.84 million. As a decentralized finance (DeFi) ecosystem, TRON supports staking with the total value locked (TVL) currently above $11.40 billion.
TRON’s usage has been on an upward roll since last year with the number of active addresses and revenue doubling in Q4 2022. According to the State of TRON report, the average active daily addresses spiked by 17.9%, while posting 1.3 million new accounts on a single day – December 10.
Other key metrics that returned exceptional results in Q4 2022 are the average daily transactions, which increased by 22.4%. Similarly, the total quarterly revenue increased by a whopping 25.3%.
The report, prepared by Messari, a leading on-chain analytics platform, found that 90% of the total transactions across the last quarter came from smart contracts execution and transfers of TRX, the token powering the TRON ecosystem.
Messari attributed the spike in the TRON blockchain activity to numerous probable factors, especially in December to a lagging reaction to the implosion of FTX. Assets that were previously idle were “moving on TRON and seeking refuge in USDT.”
TCNH, an offshore Chinese Yuan-pegged stablecoin’s debut on the TRON blockchain may have contributed to the spike in network activity. Another factor may have been the passing of a proposal seeking to change TRON’s DeFi staking rate and burn volume.
Compared to other layer 1 blockchains, TRON posted six times the number of daily transactions on Ethereum and twice that of the layer 2 protocol, Polygon. TRX also topped the list of the most revenue increase of the quarter, as it gained slightly over 2% of the peer group’s stablecoin market value.
TRX Price Banks on This Level for The Next Breakout
TRX Price faces growing resistance beneath the upper falling trend line. An attempt to lift above this seller congestion and the next hurdle at $0.07 failed, leaving TRON at the mercy of the bears.
A daily close is required above those two critical levels to validate the much-anticipated move to $0.10. Another day spent below the falling trendline resistance would trigger a sell-off likely to force TRX price to seek refuge at the middle falling trend line (dotted).
If push comes to shove, TRX price will have to extend the leg to $0.06, confluence support created by all the major applied moving averages. The 100-day Exponential Moving Average (EMA) (in blue) holds the ground exactly at $0.06 while the 50-day EMA (in red) and the 200-day EMA (in purple) sit marginally above it.
A sell signal from the Moving Average Convergence Divergence (MACD) indicator validated the rejection from TRX’s new 2023 high of $0.0714. However, a 2% bullish move in TRX price in the last 24 hours, signals the return of a call to buy.
Traders should pay attention to how the momentum indicator responds to changing volatility trends in the market. A buy signal would materialize as the MACD line in blue crosses above the signal line in red.
On the downside, declines may increase if support at the middle trend line and the seller congestion at $0.06 is weakened by investors booking profits. In that case, we cannot rule out the possibility of an extended pullback to $0.05.
From the four-hour time frame chart, TRX price has already launched another breakout following the formation of an ascending triangle pattern. As shown below, this is the second time TRON is breaking out of this triangle. The first time, the candle wick stretched to $0.0714 but culminated in a sudden pullback to support mentioned around $0.0620.
If bulls steady their weight behind the second breakout, TRX price would move to complete a 9.47% upswing – equal to the distance between the widest points extrapolated above resistance at $0.0650.
The path with the least resistance is currently to the upside, bolstered by a vivid buy signal from the MACD. Notice the momentum indicator holding above the mean line in addition to the MACD line in blue expanding the divergence above the signal line in red.
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Source: https://insidebitcoins.com/news/tron-transactions-hit-4-84m-as-318m-in-trading-volume-comes-in-is-trx-price-ready-for-0-1