TRON (TRX) is making waves in the market, as it recently achieved a remarkable surge of almost 12% in the weekly chart. The cryptocurrency also witnessed a robust boost of approximately 255% in its 24-hour trading volume, signifying a noteworthy development.
This impressive gain suggests a potential shift in momentum for TRX. Additionally, the network usage of TRON is witnessing a notable increase, indicating a growing interest and heightened activity surrounding this digital currency.
According to the data from CoinMarketcap, the current trading price of TRX stands at $0.08311, demonstrating a substantial surge of approximately 9% within the past 24 hours. Earlier today, the coin reached its highest point of the day, peaking at $0.086.
Notably, the performance of TRX over the course of the week has shown significant improvement. At the beginning of the week, the coin was valued at $0.07548, steadily progressing toward crucial resistance levels as the week unfolded.
As a result, the current market capitalization has also experienced an increase of around 8.70% within 24-hour period. Based on all technical indicators, the prevailing sentiment is bullish; however, the Fear & Greed Index currently reads 32.17, reflecting extreme fear.
As of June 3rd, 2023, all technical analysis indicators suggest a bullish outlook for TRX’s price predictions. Nevertheless, certain indicators also indicate bearish signals, resulting in overall bullish sentiment.
Over the past 30 days, the cryptocurrency has witnessed a notable increase of 18.12%. Consequently, a slight recovery is expected in the upcoming month. By the end of June, its value is projected to surge by 110.18%, reaching approximately $0.17.
TRON (TRX) Price Driving Factor
The recent surge in the price of TRX can be attributed to several significant network developments. Firstly, the Founder of TRON, H.E. Justin Sun, tweeted about TRON’s expansion by going live on the Ethereum blockchain through the utilization of the BitTorrent bridge.
This expansion allows TRX to be fully accessible within the Ethereum ecosystem, enhancing its interoperability. The contract address “0x50327c6c5a14dcade707abad2e27eb517df87ab5” represents TRX’s presence within Ethereum.
Additionally, on June 1st, the network announced that they had surpassed 10 million daily transactions. This milestone reflects the growing usage and adoption of the TRON network, with TRONICS (participants within the TRON community) being acknowledged for their contribution to this achievement.
Well, these recent developments have sparked investor enthusiasm and confidence in TRX, leading to a rise in its price. The increased accessibility, interoperability, and growing transaction volume within the network demonstrate its potential and attract attention from both existing and new investors.