TRX Price Analysis and Rally Potential

Bittime - Tron (TRX) continues to show promising performance in the crypto market with the potential for an interesting rally. 

The latest analysis reveals that TRX could reach $0.155 if it manages to break the $0.139 zone. This article discusses the factors influencing TRX price and the prospects for a possible rally.

Current Price Analysis

Source: TradingView

Currently, Tron (TRX) is trading around $0.137. In the last 24 hours, TRX price rose 2.9%, with a gain of 5.7% in the last seven days. 

Over the last 30 days, TRX rose 0.3%, while in the last 90 days, it rose 11%. Since the beginning of the year, TRX showed a significant increase of 27.4%.

This price increase is in line with a surge in TRX trading volume which reached 47.9% in the last 24 hours, with a total trading volume reaching $352 million. This spike shows there is increasing interest in this asset.

Also read: How to Buy Tron (TRX)

Rally Potential and Bullish Structure

Technical analysis shows that the current rally is driven by the bullish flag formation that occurred earlier this month. 

According to analysis from “Whales Crypto Trading,” TRX is on a bull run from the lower boundary of the weekly ascending channel. This bullish structure projects a possible price increase of between 100% to 150% in the near future.

In addition, analysis from Market Prophit confirms that market sentiment towards TRX is currently very positive. The Chaikin Money Flow (CMF) indicator shows a value of 0.11, indicating buying pressure. 

The TRX Directional Movement Index (DMI) also showed a figure of 23.9, which indicates a strong upward movement.

On-Chain Data and Meme Trends Support

Data from IntoTheBlock shows that large investors are accumulating TRX, with inflows reaching 144.22 million TRX in the last 24 hours, while outflows were just under 74.3 million TRX. 

This shows that large investor interest in TRX is still strong, supporting a bullish outlook for this asset.

Tron also recently launched the SunPump platform which allows for easy creation of meme tokens. Since its launch, more than 5,596 meme coins have been created on the Tron network, generating more than 2 million TRX ($257,779). 

On August 17, 1 million TRX ($133,000) was used for the creation of the meme coin, making it the highest earnings in a single day.

According to Justin Sun, founder of Tron, the main strength of the Tron network lies in its enormous liquidity, namely $60 billion in TRON USDT. 

This liquidity is critical to the success of meme tokens, and Tron has an advantage over other blockchain protocols.

Conclusion

Tron (TRX) shows significant rally potential with technical analysis and on-chain data supporting a price increase. If TRX manages to break the $0.139 zone, the next target will be $0.155. 

Support from major investors and increasing interest in meme tokens strengthens the bullish outlook for TRX. With ever-increasing profits and abundant liquidity, Tron has the potential to continue rising in price in the near future.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.