NAIROBI (CoinChapter.com) — As of November 18, 2024, TRON (TRX) is trading at $0.2028, with a daily gain of 3.08% and a weekly gain of 21.46%. The coin is only 8% away from its all-time high of $0.220, which was achieved earlier this year. TRX’s outstanding performance has triggered bullish sentiment in the market.
Analysts predict TRX could break through $0.25
TRX’s bullish momentum remains strong, with analysts eyeing key technical levels. The coin is facing resistance at $0.21, a breakout of which could push it towards $0.25.
TRON (TRX) price action reflected strong bullish momentum as it broke above the key 1.618 Fib level at $0.189. This would put the coin on track to climb towards the 2.618 Fib extension level at $0.223, which is a critical resistance area.
The Commodity Channel Index (CCI) at 193.90 confirmed overbought conditions, indicating strong buying pressure. Meanwhile, the On-Balance Volume (OBV) indicator showed increased market activity, indicating that traders’ interest in the coin continues to strengthen.
Kingpin Crypto highlighted the key $0.21 resistance level, calling it the “last hurdle before TRX could surge towards $0.25.” He cited strong buying activity shown by the Balance of Power (BoP) indicator.
Solid Tradesz pointed out TRX’s year-long price growth, noting its recent steps toward breaking its all-time high price.
TRX’s daily trading volume surged to $1.7 billion, reflecting growing investor confidence. The recent destruction of 11 million TRX tokens, in line with the network’s deflationary model, reduces supply and strengthens long-term value, further supporting TRX’s bullish outlook.
TRON Ecosystem Drives Adoption
TRX’s recent gains showcase its expanding influence in the decentralized finance (DeFi) and non-fungible token (NFT) markets. According to DefiLlama, TRON’s total value locked (TVL) currently stands at $7.35 billion, close to its peak of $10.4 billion in March 2024.
The growth points to rising adoption, especially in stablecoin trading, fueled by political changes, including Donald Trump’s recent victory, which has brought renewed confidence in the crypto market.
Justin Sun, the founder of TRON, has played a key role in promoting the network, which now has over 271 million accounts and processes over 50 million transactions per week. Strategic partnerships with Asian financial institutions have driven TRON’s adoption in cross-border payments.
The low fees and fast transaction speeds of the TRC-20 network have made it a leading platform for stablecoin transfers. Founder Justin Sun’s continuous promotion of the TRON ecosystem and collaboration with major Web3 projects have also contributed to the token’s bullish trajectory.