Tron (TRX) reminded of the 2021 bull run: Unstoppable rise!
Tron (TRX) reached $0.23 with a 12% increase in the last 24 hours, refreshing ATH.
With its rise in 2021, TRX enriched many crypto investors. XRP, DOGE, ADA, SOL, and AVAX boosted TRX’s rise, pushing it over a market value of 20 billion dollars. Can Tron, which made a strong entry into the current bull market, sustain its rise?
Summit renewed
30 days ago, the price of TRX was $0.16. TRX, which recorded a 41.02% increase in a short period of time, reached a new ATH. Tron, which previously set a record of $0.22 in June 2018, stayed below this level for a long time. With increasing buying pressure in recent weeks, TRX reached $0.23.
Another important indicator pointing to the potential for further rise of TRX is the Global In/Out of Money (GIOM) indicator. GIOM provides information about the market’s direction by analyzing the average cost per token paid by each address.
According to this indicator, a large portion of Tron’s investors appear to be in a profitable situation. This data indicates that TRX price could rise even further.
TRX bull seems to continue
Looking at Tron’s daily chart, it can be seen that the Chaikin Money Flow (CMF) indicator is rising. CMF evaluates the money flowing in and out of an asset over a certain period of time.
When CMF is above zero, it indicates strong buying pressure. If this trend continues, Tron price could rise to $0.30. However, if CMF falls below zero, this prediction may become invalid. In this scenario, Tron price could drop to $0.20.
Crypto analyst known as Evan Luthra on X (formerly known as Twitter) likened Tron’s chart to XRP. XRP, which has been rising steadily for the past few days, continues to make its mark on the cryptocurrency market. Luthra, expecting the same price movement in Tron, seems to be exciting TRX investors.
Ne dersin, Bay Başbakan @justinsuntron ?👀 pic.twitter.com/x5OjGMtR5m
— Evan Luthra (@EvanLuthra) December 2, 2024
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.