Tron price is one of the few crypto assets that are up during the current market turmoil. The coin has gained 0.2% in the last 24 hours and is trading at $0.1539. Further, Tron has outperformed Bitcoin and Ethereum in terms of revenue in the third quarter of 2024. TRX price is set up for further gains but must first overcome a few hurdles.
Tron Price Ranges as Network Records $577.2 Million in Revenue
The Tron Network has posted a record Q3 revenue of over $577.2 million, which was largely driven by stablecoin activity and Justin Sun’s efforts to capture a slice of the burgeoning meme coin market.
This revenue surge marks a 43% growth in the third quarter of the year and a 113% increase year-on-year (YoY).
Additionally, Tron’s cumulative transaction count hit an all-time high, with Smart contracts, TRX transfers, and USDT transfers contributing the highest numbers. This suggests that Tron network growth has been gradual but steady, with acceleration picking up around mid-2021, which is bullish for Tron price.
Tron founder Justin Sun is optimistic about Q4 as the network outperformed big wigs Bitcoin and Ethereum. Tron’s Q3 revenue was more than double Ethereum’s, 5X Solana’s and 9X Bitoin’s Q3 revenues.
TRX Price Analysis Hints Potential Path To $0.25
The Tron price chart shows a gradual uptrend with higher lows since August. The price is respecting the diagonal trendline and is currently consolidating near this line, suggesting that buyers are defending the uptrend.
Key Support and Resistance Levels
- $0.1450 — Strong support level aligned with the 61.80% Fibonacci retracement and previous price action.
- $0.1360 — Another significant support at 78.60% Fibonacci level, where the price found consolidation before.
- $0.1650 — Short-term resistance, aligning with the upper boundary of the rising wedge pattern.
- $0.1850 — Next resistance based on Fibonacci 23.60% level.
- $0.2000 — Psychological and Fibonacci 61.80% level, where sellers could become active.
- $0.2600 — This is a major resistance at the 161.80% Fibonacci extension, representing the potential target for the breakout.
The recent candles are small-bodied, suggesting a consolidation or indecision phase. The presence of a long wick in recent candles implies some seller pressure around the current price levels, but the price is still holding above the diagonal trendline.
The chart suggests a bullish ascending triangle pattern. This is generally a continuation pattern, implying that a breakout will likely occur to the upside, especially if Tron price breaches $0.1650.
If the price of TRX fails to push higher and pulls back to around $0.1450, this would make a great accumulation zone. However, if the price falls below this level, it would signal market weakness, leading to further drops toward $0.1270 and $0.1190. A break below $0.1350 would invalidate the current bullish thesis.
The post Can Tron Price Reach $0.25 After Outperforming BTC, SOL, and ETH In Revenue? appeared first on CoinGape.
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