• 26 May, 2024
Markets News

TRON Surpasses 100 Million Addresses: Is This the Catalyst for a Bull Run?

The TRON network has achieved a significant milestone, surpassing 100 million addresses holding a balance, a testament to its growing adoption and activity within the cryptocurrency market, as per IntoTheBlock data. This success is a testament to TRON’s growing base and interest from a community, well-recognized for its dApps, high scalability, and decentralization.

The steady growth in the total number of addresses since the beginning of the year indicates a rising interest in TRON among users and investors alike. This growth trajectory reflects the expanding ecosystem and the increasing number of individuals and entities engaging with the TRON network.

Out of the 1 billion possible addresses on the TRON network, 100 million currently holds a balance, signaling a significant participation of active participants in the market. The metric serves as an indicator of liquidity and token circulation in TRON, showing the extent of active participation and investment activities among the members of the ecosystem.

Despite the impressive growth in addresses with a balance, the price of TRON has remained relatively stable, hovering around $0.1174071. This stability is noteworthy amidst the expanding user base, suggesting a balanced market dynamic between supply and demand.

However, recent market data indicates a slight decline in TRON’s price, with a 24-hour trading volume of $532,437,249 and a decrease of 6.32%.The 1-Day Stochastic RSI calculation below the signal line, at 24.44, shows that TRON is in the oversold area, which also seems to promise a short-term rally in price. Traders may view this as an opportunity to enter a long position, particularly if a bullish crossover occurs.

TRON/USD 1-Day price chart, Source: TradingView

On the contrary, the 1-Day MACD trading below the signal line having a negative reading of -0.00215247 shows a short-term bearish trend. However, a potential crossover above the signal line could signify a shift towards a more bullish trend, providing opportunities for traders to capitalize on market movements.

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