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- 1 The Tron crypto has seen a significant increase in its Total Value Locked (TVL), reaching $9.688 billion.
- 2 The TRX price shows bullish traits and is experiencing a minor decline of -1.35 % in the last 24 hours, currently trading at $0.118.
The Tron Crypto’s total value locked (TVL), the staked or locked value on the ERC-20 of the Ethereum blockchain, has surged since the February first week of 2024. The rise in TVL in Tron Network crypto over time reflects the changing dynamics of market participation, the increase in the demand for the TRX project, and the increase in investors’ willingness to stay invested.
In what is seen as a major confidence booster in Tron, when the (Total value Locked) over the Defilama platform surges, TRX Crypto’s liquidity, popularity, and usability also increase. It reflects that the higher TVL makes the Tron asset more reliable and less riskier. The total TVL is $9.688 Billion as per the Defilama.
Moreover, the Tron Network chart presents the correlation between the volume and price of the TRX. As per the Santiment chart, before January 2024, the asset volume and TRX price were comparatively low, indicating a lack of interest and activity. The volume mostly remained under $250 Million, and the price hovered around $0.10 in that period.
However, in the last week of January, volume and price rose abruptly, indicating increased demand and excitement about the Tron crypto price. The trading volume exceeded $300 Million, and the price rose drastically from $0.10 to $0.145.
However, around last week, February 2024, the Tron price reached a supply zone, and the price went into correction mode due to a strong hurdle with volume decline on the chart. After that, the TRX price built support at $0.11 and showed a sustenance gesture with increased volume.
The price vs. Tron volume chart describes an increase in volume along with the price increase, suggesting the continuation of the ongoing trend.
Tron Crypto Analysis Signifies Bullishness On Daily Chart
The price performance of Tron Crypto highlights a good performance on the chart in the quarter by 12.11%, respectively. But, this week’s and month’s performance was not good as it deteriorated with a -5.79% and -13.91% respectively; its price dropped to form a support at $0.110.
The Tron asset is showing bullish traits and is experiencing a minor decline of -1.35 % in the last 24 hours. It is currently trading at $0.118, indicating that it can achieve more growth in the coming session.
The recent price structure of Tron crypto has displayed a sign of revival as the price showed a spike from a critical level of around $0.110 on the chart.
The TRX asset shows rising potential as it is on its way to cutting the 20-day EMA and 50-day from below. In the same way, the Tron crypto asset shows positivity as the histogram declines, which causes the gap between MACD and the signal line to converge.
Likewise, the RSI displays a roundabout in its curve, suggesting that the TRX asset has more room to grow, as it has crossed 14-SMA from below; these conditions signify bullishness.
Therefore, if the demand for the Tron asset price rises, it could bounce back from the current level. The next target for the price is to reach $0.126 and $0.132.
However, if the TRX crypto price fails to stay above the $0.110 level, it could decline further, and breaking this support will lead to lower depths.
Summary
Tron crypto price has seen a significant increase in its Total Value Locked (TVL), reaching $9.688 billion, which indicates growing market participation and investor confidence. The trading volume and price of TRX have shown volatility, with a notable rise in late January 2024, followed by a correction in late February. Despite recent declines, technical analysis suggests bullish potential, with the price currently at $0.118.
If TRX maintains support above $0.110, it could target higher levels of $0.126 and $0.132. Conversely, falling below this support could lead to further price drops. The overall trend appears cautiously optimistic, with a focus on the critical support level for future direction.
Technical Levels
Support Levels: $0.110
Resistance Levels: $0.126
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
