NAIROBI (CoinChapter.com)— TRON (TRX) is trading at $0.2028 as of Nov. 18, 2024, marking a 3.08% daily gain and a 21.46% weekly surge. The token is only 8% shy of its all-time high (ATH) of $0.220, achieved earlier this year. TRX’s impressive performance has sparked bullish sentiment across the market.
Analysts Predict TRX Could Smash Past $0.25
TRX’s bullish momentum remains strong, with analysts focusing on key technical levels. The token faces resistance at $0.21, with a breakout potentially pushing it to $0.25.
Tron (TRX) price action reflects strong bullish momentum, with a breakout above the key 1.618 Fibonacci level at $0.189. This positions the token for a potential climb toward the 2.618 Fibonacci extension at $0.223, a critical resistance zone.
The Commodity Channel Index (CCI) at 193.90 confirms overbought conditions, indicating robust buying pressure. Meanwhile, On-Balance Volume (OBV) showcases increasing market activity, signaling sustained trader interest in the token.
Kingpin Crypto highlighted the critical $0.21 resistance level, describing it as “the final barrier before TRX could rally toward $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 move toward breaking its all-time high.
TRX’s daily trading volumes have surged to $1.7 billion, reflecting growing investor confidence. The recent burn of 11 million TRX tokens aligns with the network’s deflationary model, reducing supply and enhancing long-term value, further supporting TRX’s bullish outlook.
TRON’s Ecosystem Drives Adoption
TRX’s recent rally showcases its expanding influence in decentralized finance (DeFi) and nonfungible token (NFT) markets. According to DefiLlama, TRON’s total value locked (TVL) currently sits at $7.35 billion, approaching its peak of $10.4 billion from March 2024.
This growth points to rising adoption, especially in stablecoin transactions, driven by renewed confidence in crypto markets following political changes, including Donald Trump’s recent victory.
Justin Sun, TRON’s founder, has played a key role in promoting the network, which now boasts over 271 million accounts and processes over 50 million weekly transactions. Strategic partnerships with Asian financial institutions have fueled TRON’s adoption of cross-border payments.
The TRC-20 network’s low fees and fast transaction speeds have made it a leading platform for stablecoin transfers. Founder Justin Sun’s consistent promotion of TRON’s ecosystem advancements and partnerships with major Web3 projects have also contributed to the token’s bullish trajectory.