In a surprising turn of events, TRON (TRX) has defied the recent crypto market correction, exhibiting resilience and charting a course for a potential breakout. While Bitcoin and Ethereum slumped to lows of $60,000 and $3,233, respectively, in June, TRX surged 11.6% over the past month, reaching a five-week high of $0.125. As market sentiment leans towards recovery, TRON buyers are setting their sights on key resistance levels to fuel a further rally.
TRX Bucks the Trend with Upward Trajectory
Unlike its major counterparts that succumbed to the correction, TRON maintained its position above a crucial support level of $0.11. This bullish defiance is evident on the daily chart, where an ascending trendline established since mid-November 2023 has been consistently holding. The coin’s multiple rebounds from this support zone suggest active accumulation by market participants during the broader market dip.
Active Addresses on TRONDAO Network Skyrocket
According to a recent tweet by IntoTheBlock, a crypto analytics firm, the number of active addresses on the TRONDAO network has witnessed a steady rise throughout 2024. The daily average is now approaching a staggering 2.5 million, significantly surpassing other leading Layer 1 networks. This surge in active addresses signifies a growing adoption and user base for the TRONDAO network.
Can TRX Breach the Resistance and Ascend to $0.143?
With sustained buying pressure, TRX has the potential to challenge the immediate resistance of $0.127. A successful breach and subsequent support flip could propel the coin by over 12%, pushing it towards the next resistance level of $0.143. However, overall market sentiment remains a crucial factor. While the recent week has witnessed a slowdown in selling on altcoins due to Bitcoin‘s stabilization above $60,000, there’s still a possibility of renewed bearish momentum. This could lead TRX to revisit the ascending trendline and seek support before its next upswing.
Technical Indicators Point Towards Bullish Momentum
The TRX price reclaiming its daily Exponential Moving Averages (20, 50, 100, and 200) signals a restoration of bullish sentiment. Additionally, an uptick in the Average Directional Index (ADX) slope suggests that buyers are gradually regaining control.
Conclusion
TRON’s contrasting performance during the recent market correction paints an optimistic picture for its future. The coin’s resilience, coupled with surging active addresses, indicates a project with strong fundamentals and growing adoption. With continued buying pressure and favorable technical indicators, TRX has the potential to break through resistance levels and reach new highs in the coming weeks. However, close attention should be paid to broader market trends, as they can still influence TRX’s price trajectory.
