TRON (TRX) price has seen a recent price rebound, signaling a possible shift in market dynamics. For weeks, the cryptocurrency’s trading pattern showed limited movement as both bulls and bears battled for dominance.
Despite a bearish trend, recent market activity suggests a potential recovery could be on the horizon. The recent 10 million TRX token burn has increased bullish sentiment, causing upward pressure on the price.
TRON Price Surges Amid Burn Signals Potential Future Growth.
TRON has made a significant move in its token economy by burning 10,136,282 TRX on October 11th. This burn underscores TRON’s commitment to deflationary mechanisms and potential value growth.
#TRON just burned 10,136,282 #TRX on October 11th showcasing a commitment to deflation & value growth With a net negative production ratio of -5,069,243 pic.twitter.com/s2wZBrIQ74
— TRON Community (@TronixTrx) October 12, 2024
The recent burn resulted in a net negative production ratio of -5,069,243 TRX, indicating that the amount of TRX destroyed exceeded the new supply issued. Such burns often aim to decrease the token supply, potentially driving up its value over time by making it more scarce.
The crypto market is experiencing a significant surge, with Bitcoin maintaining a strong position above the $62,000 mark and Ethereum holding steady above its $2,400 support level. This momentum fuels optimism across the market, positively influencing other top altcoins.
Can TRON Price Hit $0.20 Soon?
TRX price has seen an upward trend in the last 24 hours, rising by 2.16% to $0.1637. After experiencing a slight dip earlier in the day to $0.1591, the cryptocurrency showed a strong recovery. The market has shown resilience, with a peak of $0.1638 recorded during the same time frame.
If TRON price prediction surpasses the $0.18 resistance, it could next target the psychological $0.20 level. However, if the bullish momentum weakens, the price could consolidate back to the $0.15 range or lower. On the downside, the key support levels remain at $0.15 and $0.12.
The MACD indicator on the daily chart reveals a potential bullish crossover. The MACD line has surpassed the signal line, a common indication of growing upward momentum. The histogram also moves into positive territory, supporting the view of bullish strength.
TRON Price Chart| Source: TradingView
TRON indicates a significant surge in trading activities. TRX volume has risen, highlighting the increasing interest and activity in the market. Open interest in TRX derivatives has also seen a notable rise. These volume and open interest increases suggest heightened market confidence and active participation.
Source- Coinglass
The TRON’s token burn and positive technical indicators suggest the potential for further growth. However, the market remains volatile, and traders should watch key support and resistance levels closely.
The post TRON Price Climbs After 10 Million TRX Burn; What’s Next For TRX? appeared first on CoinGape.
