TRX price eyes 85% surge as Tron meme coins rebound
Tron (TRX) price is poised for a potential 85% surge as key catalysts signal a rebound for the cryptocurrency. Despite being in a bear market and dropping 47% from its highest level in 2024, Tron has three factors that could drive its price higher in the near term.
Firstly, the Tron meme coin ecosystem is showing signs of recovery. Sundog, the largest meme coin on the network, surged 77% in the last 24 hours, bringing its market capitalization to $69 million. Tron Bull Coin and Suncat also saw significant increases in price, boosting their combined market capitalization by 57% to nearly $90 million. Additionally, cumulative fees in the SunPump ecosystem have reached $5.65 million.
Secondly, Tron’s ecosystem remains strong, with the network becoming the leading blockchain for Tether transactions due to its lower fees compared to Ethereum. Tronscan data shows that the network processed $65 billion in Tether transactions on Wednesday, with daily transaction volumes often exceeding $100 billion. This transaction growth has made Tron one of the most profitable blockchains in the cryptocurrency industry, generating over $441 million in fees this year.
Thirdly, Tron’s technical indicators suggest a potential rebound. Despite the recent decline, TRX has remained above the 200-day moving average, indicating a possible mean reversion. The cryptocurrency is also forming a falling wedge chart pattern and an inverse head and shoulders pattern, both bullish indicators. If these patterns hold, the next key level to watch would be $0.4500, representing an 85% increase from the current price.
However, a drop below the 200-day moving average at $0.2075 would invalidate this bullish outlook. Tron’s price movement will be closely watched in the coming days as investors assess the potential for a significant surge in value.
In conclusion, Tron’s price is eyeing an 85% surge as Tron meme coins rebound and key catalysts signal a potential recovery for the cryptocurrency. With a strong meme coin ecosystem, a profitable transaction network, and positive technical indicators, TRX could see significant gains in the near future. Investors will be keeping a close eye on Tron’s price movements to see if it can reach the projected $0.4500 level.