TRX price soars as Tron fees prepares to flip Tether, Ethereum
$1 ???
The TRX coin price formed a big God candle, reaching its all-time high of $0.4485, after Justin Sun compared it with Ripple’s XRP.
Tron (TRX) has been one of the best-performing cryptocurrencies, jumping by over 240% in the last 12 months.
This surge was largely attributed to an X post from Justin Sun, who predicted that TRX would mirror the performance of XRP in recent weeks.
Meanwhile, there are signs that Tron is on the verge of surpassing Tether (USDT) and Ethereum (ETH) in terms of fees made this year. Data from TokenTerminal shows that it has accrued over $1.84 billion in fees year-to-date.
The TRX token has maintained a bullish trend since bottoming at $0.04532 in 2022 and 2023. On the weekly chart, it has surged past the crucial resistance level at $0.1797, the upper side of the cup and handle pattern—one of the most popular bullish indicators.
Tron has moved above all moving averages, while the MACD and Relative Strength Index have reached extreme overbought levels.
The closely-watched Market Value to Realized Value indicator has risen to 2.8, still significantly below its all-time high of 6. This suggests that the Tron price may have more upside potential. This trend will be confirmed if TRX rises above this week’s high of $0.4488. If this occurs, the token could rally further as bulls target the key resistance level at $1.