Tron Network saw a significant 46.54% increase in gas revenue in August, marking a month-over-month increase. Meanwhile, Binance Smart Chain (BSC) experienced a more modest 6.63% increase in gas revenue.

In stark contrast, Ethereum's gas revenue dropped 33.44%, Solana's plummeted 48.51%, and Bitcoin's fell 16.85%.

These contrasting trends highlight Tron’s growing appeal and raise important questions about the potential implications for TRX, Tron’s native cryptocurrency.

Tron Network's gas revenue increased by 46.54% in August. Compared to July, BSC's gas revenue also increased by 6.63% in August, while Ethereum's gas revenue decreased by 33.44%, Solana's decreased by 48.51%, and Bitcoin's decreased by 16.85%.

TRX Market Volatility

Tron's surge in network revenue has raised interest in TRX's price trajectory. TradingView's 4-hour TRX chart analysis shows a falling wedge pattern.

This pattern forms when the price makes lower highs and lows while its range of movement gradually narrows. It is often referred to as a bullish reversal pattern.

Furthermore, TRX is trading around $0.1524, near the lower line of the wedge. This signals that the cryptocurrency is approaching a possible breakout point. This signals that the cryptocurrency is approaching a possible breakout point.

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Show more +Show less – Indicators showing a possible bullish reversal

Several technical indicators reinforce the possibility of an upcoming bullish reversal for TRX. According to MFI, the asset may be oversold at 22.60, implying that selling pressure is easing.

Furthermore, the MACD indicator seems to be approaching a bullish crossover. The histogram bars in the negative zone are getting smaller.

This suggests that bearish momentum may be easing even though the MACD line remains below the signal line. The bullish crossover could add further support to the breakout scenario.

As TRX approaches the top of the falling wedge, traders should keep a close eye on the upper trendline. A breakout could push the price towards the $0.1700 area.

However, the bullish pattern could be invalidated if the price breaks below the lower trendline, which could send the price to $0.1400 or lower.

Confirmation of the breakout depends mainly on volume, where increased volume during the breakout will support the bullish momentum.

With other major blockchains like Ethereum and Solana in decline, Tron is a network to watch, especially considering its 46.54% growth in gas revenue in August.

The market will need to see confirmation in the form of a breakout and higher volume, but technical indicators for TRX suggest a bullish reversal is likely.

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