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Challenging the volatility in the cryptocurrency market, TRON (TRX), has shown an upward trend since last Friday, following the completion of Bitcoin‘s (BTC) fourth halving. This positive rise has pushed TRX’s price from $0.105 to $0.115, recording a 10.5% growth.
TRX Resistance Level
The price of the rising cryptocurrency on the daily chart is ready to challenge the monthly resistance, indicating a higher growth potential. The medium-term trend for TRON’s price still shows a downward trend on the daily chart’s dynamic resistance trend line. This declining trend line caused the cryptocurrency’s value to drop from $0.144 to $0.104 over two months, corresponding to a 27.2% decrease.
However, the downward trend found suitable support at the $0.105 level, which is the 38.2% Fibonacci retracement level, following the last Bitcoin halving. Renewed buying pressure after this pullback brought the price back to $0.115.
Active Addresses in TRON
The rise in the cryptocurrency, according to data from analytics firm IntoTheBlock, accelerated with a significant development in the Tron network. The number of daily active addresses on the Tron blockchain has significantly increased, with current figures showing there are now 2.27 million active addresses. This marks a significant 37% increase from the previous month, highlighting the growing interest and participation in the Tron ecosystem.
Moreover, if the upward momentum continues, the TRX price could surpass the general trend line, facilitating buyers to lead a new recovery rally. The post-breakout rally could encourage buyers to pursue potential targets like $0.12 and then $0.144. TRON (TRX), following Bitcoin’s fourth halving, grew by 10.5% to $0.115. The daily chart shows an upward trend, while the medium-term trend is still in decline. The number of daily active addresses in the TRON network has increased by 37% to 2.27 million, indicating increased interest.
