The Tron Network saw a substantial 46.54% increase in gas revenue in August, marking a gain compared to the previous month. Meanwhile, Binance Smart Chain (BSC) experienced a more modest rise of 6.63% in gas revenue.
In stark contrast, Ethereum’s gas revenue fell by 33.44%, Solana’s dropped sharply by 48.51%, and Bitcoin’s declined by 16.85%.
These contrasting trends highlight Tron’s increasing traction and raise important questions about the potential implications for TRX, Tron’s native crypto.
The #TronNetwork’s gas revenue saw a 46.54% increase in August.Compared to July, #BSC's gas revenue also saw a 6.63% increase in August, while gas revenue of #Ethereum dropped 33.44%, #Solana dropped 48.51%, and #Bitcoin dropped 16.85%. pic.twitter.com/HChuiq17uB
— Lookonchain (@lookonchain) September 3, 2024
TRX’s Market Movements
The surge in Tron’s network revenue has raised interest in TRX’s price trajectory. An analysis of TradingView’s 4-hour TRX chart reveals the falling wedge pattern.
The pattern forms when the price makes lower highs and lows while its range of movement gradually narrows. It is generally referred to as a bullish reversal pattern.
Furthermore, TRX trades around $0.1524, near the wedge’s lower line. This signals that the crypto is approaching a possible breakthrough point. This suggests that the crypto is getting close to a possible breakout point.
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Show more +Show less – Indicators Suggest Potential Bullish Reversal
Several technical indicators reinforce the possibility of an upcoming bullish reversal for TRX. According to the MFI, which is at 22.60, the asset may have been oversold, implying that selling pressure is easing.
Furthermore, the MACD indicator appears to be approaching a bullish crossover. The histogram bars in negative territory are getting smaller.
This suggests that the bearish momentum may be abating even though the MACD line is still below the signal line. A bullish crossover could further support the breakout scenario.
Source: TradingView Key Levels to Watch
As TRX gets closer to the peak of the falling wedge, traders should keep a close eye on the upper trendline. A breakthrough might drive the price up to the $0.1700 area.
The bullish pattern, however, might be invalidated by a breakdown below the lower trendline, which might cause a drop to $0.1400 or lower.
The confirmation of the breakout will mostly depend on volume, with a rise in volume during the breakout supporting the upward momentum.
Given the dips in other big blockchains like Ethereum and Solana, Tron is a network to keep an eye on, especially in light of its 46.54% growth in gas revenue in August.
The market will need to see confirmation in the form of a breakout and more volume, but the technical indications for TRX point to a possible bullish turnaround.
Read also: Here Are 5 Reasons Why Bitcoin (BTC) Price Will Explode
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