- TRX trading volume increased with the price of TRX.
- Indicators suggested that the price would continue to rise.
Tron [TRX] It has made headlines again, as its recent all-time highest(ATH) was supported by robust trading activity.
This new ATH brings TRX closer to the Top 10 List. TRX will be able flip Avalanche [AVAX] Will it first be relegated?
Tron’s touch an ATH
Tron bulls pushed the token’s price upwards by more than 28% in one week. TRX soared more than 16 percent in just the last day, hitting a new high of nearly $0.234.
At the moment, TRX’s market cap is about $1 billion less than AVAX’s. TRX could surpass AVAX and become the 10th biggest cryptocurrency in terms of market capitalization if it continues to rise.
How long will TRX pump continue?
AMBCrypto looked at the TRX on-chain metrics to determine the probability of TRX’s bull run continuing.
Santiment data shows that TRX trading volume has increased significantly along with its price. An increase in volume is a further way to strengthen the upward momentum.
This recent increase in token price has also had a positive impact on the social metrics. TRX is popular in the crypto world, as its social influence remains high.
However, despite reaching an ATH, TRX’s Weighted Sentiment dropped soon after—indicating rising bearish momentum.
Santiment
However, derivatives metrics for the token were optimistic. Coinglass’ data Tron’s funding rate rose. The Funding Rate of crypto is rising, which indicates that investors are optimistic about the future and expect that prices will rise.
Traders who think that prices will rise are more willing to pay to maintain their long positions.
Glassnode
The technical indicator On Balance Volume (OBV) registered an uptick — indicating that the trading volume on days with positive price movements was greater than the volume on days with negative price movements.
TRX’s MACD displayed an obvious bullish edge, indicating a price increase. Tron’s Relative Strength Index entered overbought territory.
TRX could fall in price if investors decide to sell.
TradingView
Click Here to Read TRON’s [TRX] Price Prediction 2024-25
It’s interesting to note that as TRX reached higher levels, the network activity of its users also increased. Artemis shows an increase of daily addresses for TRX.
On the graph for daily transactions, a similar upward trend could also be observed. It was clear that network activity had boosted the achievement of the new ATH.
Source: Artemis
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Source: ambcrypto.com
