Tron (TRX) has emerged as a standout performer, showcasing resilient growth potential amid market fluctuations. With a current market cap of $10.9 billion, Tron ranks as the 13th largest cryptocurrency, boasting an impressive circulating supply of 87,467,750,941 TRX. As of press, TRX is trading at $0.1255, a 2.95% gain in the last 7 days and a slight gain of 0.36% in the last 24 hours.
Almost every day, Tron has been deflating and burning its TRX tokens. On May 14th, Tron took a significant step towards deflation and value growth by burning 11,217,045 TRX tokens. This move highlights Tron's dedication to decreasing its total supply, which currently stands at 87,467,762,689 TRX. Notably, the network achieved a net negative production ratio of -6,149,830, solidifying its leadership in curbing token oversupply.
According to recent data from Coin98 Analytics, as of May 12th, 2024, Tron Dao has regained its position as the platform with the highest number of daily active users for the month. With a staggering 2.4 million daily active addresses, Tron has witnessed a remarkable 50% increase compared to the previous month. This surge in user activi
While Solana ranked fifth with a user count below 1 million, Tron's impressive daily active user count has outpaced the renowned platform. Despite Solana's notable volume of NFT activities, its daily active addresses stood at over 854,000, trailing behind Tron's dominance in user engagement.
Tron's decentralized finance (DeFi) protocols also have witnessed a significant milestone, with the network's Total Value Locked (TVL) reaching an all-time high of $8.234 billion in March, according to data from DefiLlama. This remarkable TVL growth highlights the increasing demand for Tron's ecosystem and its DeFi offerings.
Price has been generally bullish since the 0.1048 low created on 19th April on the demand zone. This support was realized after a 27% correction arising from the 0.1451 high recorded on 28th February. Since the low was created, TRX has been breaking out of resistance levels and retesting them, showcasing the bullish momentum that has kicked in recently.
The most recent breakout was the horizontal resistance level at around 0.1240, which TRX broke out and closed above on 9th May. Currently, on May 15th, the price is retesting this resistance-turned-support level before potentially continuing its bullish momentum.
On the 4-hour chart, the price appears bullish after hitting the support zone and trading slightly above it. The 4-hour Relative Strength Index (RSI) is at 53, indicating the bullish momentum resurgence present lately after hitting the support. This leaves room for the price to rally above without overbought readings showing soon.
The next target remains at the recent 0.1451 high if bulls continue charging the TRX.
Tron's resilient growth potential is underpinned by its deflationary policies, surging active addresses, and strong Total Value Locked (TVL) growth. As TRX investors anticipate potential price growth, TRX's bullish momentum remains intact, fueled by its technical indicators and strong fundamentals.
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