Tron (TRX) gains massively because it continues on its bullish path after recent developments hit the market. In keeping with CoinGecko, the token is up 14% since last week. This trend may proceed as major cryptocurrencies like Bitcoin and Ethereum pull altcoins upward as well.
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With favorable market conditions, TRX has a probability to tug off something great this week. Supporting this probability is Mobilum’s recent tweet that placed the highlight on Tron’s robust network because it supported transactions worldwide.
Tron Users Contribute Massively On Mobilum
Crypto banking platform Mobilum released some statistics featuring Tron users using the platform for real world transactions. In keeping with the X post, Tron users contributed massively to Mobilum’s operations worldwide.
Global reach, local ease with @trondao 🌍
In August 2024, #TRON users made transactions within the Mobilum ecosystem worldwide:
• Asia: 39%
• North America: 25.5%
• Europe: 20.5%
• South America: 5%
• Africa: 5%
• Australia: 5%
Proud to power seamless crypto payments across… pic.twitter.com/IpyiScqmks
— Mobilum (@mobilumofficial) August 19, 2024
The largest figure got here from Asia with over 39% of transactions attributed to Tron users followed by america and Europe. This signals an enormous turning point for Tron because it continues to seek out itself in real-world use cases.
Tron Hits Recent Annual Transactions High
Tron’s network has also continued to flex its muscles as Into The Block recently posted the way it hit almost 8 million transactions per day, with a median of seven million transactions per day. This high throughput on the platform helped TRX’s growth in the long run.
TRX market cap currently at $12.6 billion. Chart: TradingView.com
With over 7 million every day transactions, the #TRON network is becoming a significant a part of on a regular basis life for hundreds of thousands around the globe. 🌎 https://t.co/Br1DLllzae
— TRON DAO (@trondao) August 19, 2024
The platform’s deal with stablecoins is considered one of the aspects that contribute to its growth. As of writing, there are 4 stablecoins used on Tron namely USDT, USDJ, TUSD, and USDC.
Ceiling Hit But Not Broken By TRX
The token’s current trajectory is perhaps upward, however it seems the following couple of days is perhaps tough for investors and traders. At its best, TRX might retract to more sustainable levels with a possible rebound right after.
As of writing, breaking through the present ceiling of $0.1472 is simply too big of a hurdle for TRX bulls within the short term. Given a while, nevertheless, we would see the token gain enough momentum to have a breakthrough on this level. TRX is overpriced after nearly a few days’ value of bullish momentum pushing gains to investor portfolios.
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With the relative strength index (RSI) being at its peak, this signals a possible loss in momentum will occur in the approaching days, pushing the token back to $0.14. If this happens, $0.14 will give strategy to the bears, pushing the token to $0.13.
Nevertheless, $0.13 is the bottom the token will go. TRX’s low correlation with Bitcoin will regularly pick up because the days go by, helping TRX retake lost ground once the friction of the bullrun wears out. For now, holding the token is perhaps the perfect decision for investors and traders as they proceed to watch the broader marketplace for swings in price.
Featured image from Mudrex, chart from TradingView