From the stars to the stables?
The 2024 of TRX, a cryptocurrency native to the Tron network, can be summed up in one word: fiery. Starting from a valuation around 10 cents, the coin has steadily recovered ground until the explosion in early December, where it touched 45 cents per unit. If we then wanted to rewind the tape even further back, it was worth as much as 5 cents at the beginning of 2023.
However, the triumphant ride that lasted for about two years is coming to a halt. In fact, in the past two months the trend has lost strength, with the value leaving several dozen percentage points on the road, dropping from 45 cents to the current 25.
Tron had climbed the ranks, and although it has lost the drive, it still remains the 10th largest cryptocurrency by market capitalization; a great achievement if we think that in the past it did not occupy the top ranks.
However, the present is causing investors to worry. What is going on behind the scenes? What are the charts telling us? Answers will be forthcoming!
TRX analysis
First, since we have been talking about it, here are the last two years of the coin as represented by the CoinMarketCap chart . There is little to say: except for the last few months, performance has been excellent.
Let us now focus on the period from the peak in December 2024 to today. To do so, we will help ourselves with a more professional chart, namely the one provided by TradingView on Binance data.
On Tuesday, December 3, the value of the coin skyrocketed, registering at its peak a monstrous daily performance: +100%. Dizzying numbers we see especially with memecoins, not impossible to achieve but difficult when it comes to established and serious cryptocurrencies.
From the following day and for most of the month, TRX left quite a lot of value on the street. To reach the local low, however, we had to wait until January 14, thus defining a post-correction lateralization channel .
In fact, it has been since December 19 that the price has fluctuated between about 22 and 27 cents, almost always recording low or moderate volumes and with no particular excesses to report. Thus, it appears that TRX is going through a moment of calm after the storm, but when will we get out of it?
For now, the classic indicators have little to say. We must therefore focus on fundamental levels:
- Supports: $0.24 (retesting, positive day today); $0.22 (lower limit of sideways channel); $0.20 just below. After that we would enter the realm of numbers with the 1 in front;
- Resistances: a first in the $0.25 area (roughly where we are now); $0.27 (important, upper limit of the channel); followed by $0.28 and $0.297-0.3.
Finally, here are the most important data regarding tokenomics:
- Maximum supply: infinite;
- Total supply: $86.12 billion, fully circulating;
- Market cap: $21.4 billion, 10th largest crypto ever;
- Performance over the past year: +122% (source CMC).
The fundamentals
Recent news about the network’s fundamentals is positive, a sign that price action should often not throw us off balance.
Justin Sun, a point person for this reality, said that the developers are working to reduce gas fees in movements regarding stablecoins. The idea is to even be able to eliminate this charge altogether; if so, the ability to move stablecoins without having to pay a penny would go a long way toward attracting many users, as well as companies and institutions wishing to use these assets for their own business.
Watch also for Trump’s interest in TRX. First, to celebrate the inauguration of the new president, the WLFI project purchased several coins including this one, for a total of $4.7 million. A figure that certainly does not move the market, but it is the significance of the action that we must consider.
The American president is intent on creating a strategic crypto reserve, which is no mystery. In addition to bitcoin, Solana and company, this cryptocurrency could also become part of it. However, this is speculation for now.
The user base is growing, a sign that the network is of interest and plays its role in the blockchain and crypto landscape.
Finally, watch out for USDD 2.0 developments, which could draw new users to the network.
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Where to buy the TRX coin?
The presence of the TRX coin on centralized exchanges is total. Among the biggest names, where we find the most liquidity and massive trading volumes, we mention Binance and Bybit.
TRX is then available on other big portals such as Bitget, OKX and Kraken.
Decentralized side, in addition to the Tron blockchain, TRX is also published on BSC and Ethereum. We can then trade it on DEX such as Uniswap (article being updated, soon you will find all the latest platform news!) and PancakeSwap without any problem.
Before positioning on any crypto, we urge careful analysis and assess whether indeed the coin or token in question aligns with our strategy.
