Tron (TRX) is Retaining Its Position After a Tumultuous Weekend

input: Tron (TRX) is retaining its position after a tumultuous weekend in the general crypto space. The token remains close to $0.24, recording a negligible decline of only 0.91%

Tron (TRX) is holding steady despite a weekend of turbulence in the broader crypto market. The token remains largely stable around $0.24, showing a slight decline of 0.91% in the last 24 hours.

While the immediate price action is relatively tame, analysts are closely watching for signs of a potential breakout, with $0.40 now coming into the picture.

Price Stuck Between Key Levels

TRX has been consolidating in a range between $0.21 and $0.2551. This sideways price movement has been ongoing for several weeks, following a substantial drop from $0.45 to reach lows of $0.21 at the end of last year.

Since then, the token appears to be stabilizing. Currently, buyers are showing resilience at the $0.24 mark, which also happens to be the 50-day Exponential Moving Average (EMA).

Three of the major EMAs — the 50-day, 100-day, and 200-day EMAs — are also aligned bullishly, which could be indicating that the token is preparing for a strong move upward.

The longer TRX manages to stay above these support levels, the better the chances of a breakout out of this range.

Momentum Indicators Hint at Increasing Strength

From a technical analysis standpoint, the Moving Average Convergence Divergence (MACD) is showing a potential shift. The MACD and signal line are getting closer together in the positive territory.

Usually, when the MACD and signal line intersect in the positive zone, it suggests a change in momentum.

If there is some buying volume, analysts predict that TRX will break through the $0.2551 ceiling and move towards $28, which is where the 23.6% level lies on a trend-based Fibonacci retracement.

If the rally continues from there, TRX will reach as high as the 50% Fibonacci level at $0.39— close to the widely anticipated $0.40 level.

1 Billion USDT Minted On Tron

Further support for the bullish case comes from within the Tron ecosystem. Tether has minted an additional $1 billion USDT on the Tron blockchain.

Since April 28, Tether has now minted 4 billion USDT on Ethereum and Tron.

More Tether was minted today. 1 Billion USDT were newly minted on Tron. Since 28th April, a total of 4 Billion USDT were minted on Ethereum and Tron.

— Tether Holdings Limited (@Tether_io) May 7, 2024

New mintings of USDT usually indicate increased activity in the market. These tokens will be used for trading, swapping, and capitalizing on opportunities.

More USDT on Tron could translate to higher demand for TRX. It’s not a direct correlation, but it’s a factor to keep in mind.

Tron Activity Surpasses Ethereum In Revenue

According to statistics reported by analyst Ted Pillows, Tron’s portion of the overall network economic value is nearly 25%. Solana alone is also nearing 42%. Yet in a surprising turn, Tron’s revenue chain is now higher than Ethereum’s at 16% of total network revenue.

Network Economic Value:

Solana 41.9%

Tron 24.8%

Optimism 6.3%

Kava 4.6%

Polygon 4.5%

ETH 3.6%

Scroll 3.4%

ETC 2.8%

Aptos 2.4%

Near 1.8%

Stacks 1.7%

Zcash 1.6%

Bitcoin 1.5%

Polkadot 1.4%

Dogecoin 1.3%

Monero 1.2%

Flare 1.1%

Mina 0.9%

Quant 0.8%

Zilliqa 0.7%

IOTA 0.6%

Aave 0.5%

Fetch 0.5%

The Graph 0.4%

Fantom 0.4%

Ontology 0.4%

Neblio 0.4%

Sigma Chain 0.4%

Cosmos 0.3%

Waves 0.3%

RSK 0.3%

ERO 0.3%

Chainlink 0.2%

Nebulas 0.2%

TrueUSD 0.2%

Keep Network 0.2%

NBT 0.2%

PayMonet 0.2%

Animoca Brands 0.2%

ActiveChain 0.2%

Pillar 0.2%

Tron’s Revenue Chain 16% (greater