TRON (TRX) Price Gains Momentum with Over 20% Surge This Week

TRON (TRX) Price Gains Momentum with Over 20% Surge This Week

TRON (TRX) has recently demonstrated a strong bullish trend, with its price surging by over 20% in the past week. Currently, TRX is riding a wave of positive momentum, reflecting similar gains seen across global markets. This upward trajectory appears likely to continue, with increasing signals of sustained growth in the market.

TRON Overtakes Solana in Meme Coin Trading Activity

TRON has recently surpassed Solana as the leading network for meme coin trading, following the launch of its new meme coin platform, Sunpump. This platform has quickly gained popularity, outpacing Solana’s Pump.fun. The comparison between meme coin activity on both networks underscores TRON’s emerging dominance in this niche market, appealing particularly to those interested in high-risk, speculative investments.

One notable meme coin on TRON’s network, Bluechip$SunDog, currently boasts a fully diluted valuation (FDV) of $189 million. While significant within TRON’s ecosystem, this valuation remains relatively modest in the broader cryptocurrency market.

Despite a notable decrease in total trading volume by 30.06% to $498.46 million, as reported by Coinglass, open interest has shown a positive trend, rising by 3.93% to $191.85 million. This increase in open interest suggests a growing inclination to hold positions, indicating potential confidence in the market’s future performance.

TRON Price Forecast: Can the Bullish Momentum Push TRX to $0.3?

TRX price has climbed by 5% over the past 24 hours, trading within a volatile range, reaching a high of $0.163 and dipping to a low of $0.154. This movement highlights a short-term positive trend for TRX.

At the time of writing, TRX is priced at $0.1615, noted during the early European market session. This marks a slight improvement towards the upper end of its daily trading range.

The current upward momentum suggests that TRX could rise to $0.2 and potentially reach a peak of $0.3. If the bullish activity continues, TRX might even surge to $0.5 in the upcoming rally.

The 4-hour technical indicators for TRX show a period of moderate volatility and trading interest. The Moving Average Convergence Divergence (MACD) indicates a bullish crossover, signaling potential upward momentum as the gap between the MACD line and the signal line widens. Additionally, the Relative Strength Index (RSI) stands at 63, nearing the overbought territory, yet still reflecting strong buying interest.

On the other hand, if market conditions deteriorate, TRX price could stabilize around $0.16. A more extended decline might push the price to $0.15, indicating a bearish phase, with further pressures potentially driving it down to the $0.13 support level.