TRON (TRX) is currently in a bear market, but there are several factors that could soon drive its price higher. Here is a detailed analysis and market strategy exploring these factors:
1. Innovation of Gas-free Stablecoin Transfer
Justin Sun announced a major development for the Tron team, namely the launch of a fee-free stablecoin transfer system. This innovation eliminates the need for users to pay transaction fees, with the stablecoin bearing all costs. This will significantly increase the adoption of these currencies, especially for large enterprises and everyday users. The feature is expected to be launched first on the Tron blockchain and later expanded to Ethereum and other EVM-compatible chains, making Tron the leader in gas-free stablecoin transfers. This development has generated widespread interest in the market and may drive the price of TRX higher.
2. High number of active addresses and user engagement
According to data from Lookonchain, Tron has a large number of active addresses, with the number of daily active addresses reaching 1.83 million. This shows that the Tron network has high user engagement and a strong community. An increase in the number of active users is usually associated with an increase in market demand and token prices.
3. Technical analysis and market trends
Technical analysis shows that short-term indicators such as the 10-day EMA are showing a sell signal, while long-term indicators such as the 20-day EMA, 50-day EMA, and 200-day EMA are showing a buy signal. The MACD indicator is also showing a buy signal, confirming the optimistic view of the long-term uptrend. The relative strength index (RSI) is currently at 56.4, indicating that the market sentiment is neutral, which provides room for future growth without being overbought or oversold.
Current market conditions and price trends
Currently, the price of TRON (TRX) is $0.1254, down 3.00% in the past day and 2.29% in the past week, but it has recorded an 11% increase in the past month. Despite the decrease in market capitalization, the trading volume in the past 24 hours increased by 48.11% to $422.39 million.
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in conclusion
Despite the current challenges facing TRON (TRX), its blockchain-based innovation, active user community, and favorable technical indicators provide a solid foundation for its future recovery. Investors should closely monitor TRON's progress in releasing new features and technical signals, which could drive its price higher in the fourth quarter of 2024 and beyond.
