Tron Rises 24% Amid New Developments – Will The Uptrend Continue?

Christian Encila

Last Updated: August 21, 2024 7:00 pm

3 mins read

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Tron (TRX) investors continue to feel bullish even as the market dips after certain on-chain developments help investor sentiment remain high. According to CoinGecko, the token has increased more than 24% since last week, a sign that investors on the platform have held TRX and accumulated to capture more gains.

Tron’s developments will help TRX hold against the downward trajectory the market has taken today. However, questions remain about whether the token will continue to go against the broader market or follow the dip.

Tron On-chain Developments Drive TRX Sky High

With Tron’s focus on stablecoin development made apparent by Tron founder Justin Sun last month, yesterday saw a big win for the platform as Tether minted over $1 billion USDT without paying any gas fees on the platform. This placed Tron in the crosshairs of critics as they questioned the “no gas fee” transaction with an individual pointing out that they are charged a dollar for a simple swap approval.

Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.

— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) July 6, 2024

Despite this, Tron handled a third of Visa’s annual settlement volume while gaining over half a billion dollars in fees in as little as 3 months. This, according to Tron, makes it clear that “blockchain is more than just a buzzword.”

TODAY: $1B USDT minted on TRON

They paid $0.00 in fees.

Wow pic.twitter.com/NuNYRuj1Yc

— Arkham (@ArkhamIntel) August 20, 2024

TRX To Face Possible Downturn Soon?

The token’s current position is an awkward balance between the bulls attempting to break through the $0.1665 ceiling and the bears also attempting the reverse by eyeing the $0.1583 floor.

As it currently stands, TRX is on an untenable position as it forces the bulls to continue buying without regard to the token’s overall momentum. The relative strength index (RSI) supports this as it nears to push the limits of the bullish momentum, with a possible cool-down period in the next couple of days.

TRX market cap currently at $14.2 billion. Chart: TradingView.com

Accounting the market’s general momentum, we might see TRX stabilize on its current trading range between $0.1583 and $0.1665 in the short term. The RSI’s near maxed-out value indicates a possible retracement to the $0.1532 floor before opening the floodgates to the $0.1665.

This scenario is possible as TRX will eventually lose its current momentum to follow the consensus dip within the broader market. The dip, although bearish in some regards, will allow the bulls to rest before building up the momentum for bigger gains.

With improving macroeconomic conditions also supporting this bullish thesis, we might more gains as capital from private equity flows to more risky investment products like crypto. For now, monitoring the broader market will benefit investors as TRX moves to more sustainable levels.

Featured image from Zipmex, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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