What Does 37% Increase in Active Addresses Mean for TRX Recovery

TRON Price Analysis: Defying the current market volatility, the TRON coin has been on a bullish streak since last Friday, the day the Bitcoin network completed the fourth halving. The positive upswing surged the TRX price from $0.105 to $0.115, registering 10.5% growth. The rising price poised to challenge a monthly resistance on the daily chart indicates a potential for higher growth.

Also Read: Ethereum Price Jumps As TRON Founder Justin Sun Accumulates 15K ETH, What’s Next?

Is TRX Price Heading to $0.12?

The mid-term trend TRON price is still bearish evidenced by a dynamic resistance trendline in the daily chart. This downsloping trendline led the coin value to plunge from $0.144 to $0.104 within two months, accounting for 27.2%.

However, the downward trend found suitable support at 38.2% Fibonacci retracement level at $0.105 amid the recent bitcoin halving. The renewed buying pressure following this health retracement has reverted the price back to the $0.115 mark.

This uptick is further accelerated by a significant development in The Tron network according to data from the crypto analytics firm IntoTheBlock. The number of daily active addresses on the Tron blockchain has notably increased, with current figures showing there are now 2.27 million active addresses.

The number of daily active addresses on @trondao has been on the rise!
There are currently 2.27 million active addresses, a 37% increase compared to last month pic.twitter.com/BjZGEWYRhX
— IntoTheBlock (@intotheblock) April 24, 2024

This marks a substantial 37% increase from the previous month, underscoring a growing interest and engagement in the Tron ecosystem.

If the bullish momentum persists, the TRX price will breach the overhead trendline favoring buyers to lead a fresh recovery rally. The post-breakout rally would bolster buyers to chase a potential target at $0.12, followed by $0.144.

Technical Indicator:

Exponential Moving Average: The TRX price reclaiming the 200-day EMA indicates the buyers holding a firm grip over this asset.
Relative Strength Index: The daily RSI slope projects a notable bullish reversal indicating the rising buying momentum at the bottom.

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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-analysis-what-does-37-increase-in-active-addresses-mean-for-trx-recovery/