TRON Price Targets $0.35 as Double Bottom Breakout Signals Rally
- Tron price gave a decisive breakout from the resistance neckline of a traditional reversal pattern called double bottom.
- Monthly active addresses on the Tron network climbed to 76.09 million in April, registering a 46.72% increase from March.
- The rising slope of the exponential moving average (50, 100, and 200) can act as dynamic support for TRX coins.
TRX, the native cryptocurrency of the TRON network, experienced low volatility sideways trading around the $0.32 level during Wednesday’s U.S. market hours. This neutral candle formation reflecting a lack of initiation from buyers or sellers likely aligns with current market uncertainty amid the anticipation of steady Feb rate cut decision. Despite the slowdown in TRON price recovery, the network activity is soaring month-by-months indicating the growing underlying demand for this asset.
TRON Records 76M Active Addresses Despite TRX Price Decline
On Wednesday, April 29th, the crypto market witnessed a notable downtick which pulled its market cap to $2.53 trillion, registering a loss of 1%. The selling pressure follows Bitcoin’s pullback below $76,000 as the Federal Reserve voted 8–4 to maintain the federal funds rate at a target range of 3.5% to 3.75%.
The decision, marking the third consecutive time for a steady interest rate, came amid the elevated invalidation risk as global oil prices are rising and geopolitical tension in the Middle East continues to pressurize the border market.
However, higher for longer interest rate could hinder the liquidity slow in the crypto market, negatively affecting the risk asset such as cryptocurrencies,
Ahead of the Fed decision, TRON price has plunged from the two week’s high of $0.0035 to current trading value of $0.32, registering a loss of 3.78%. Consequently, the asset market cap is down to $30.6 billion. While the sluggish price action affects the market sentiment, the latest on-chain data highlights the significant surge in network activity.
Tron’s active addresses reached 76.09M in April, a 46.72% increase from March, and transactions reached 290.85M, a 53.76% increase from March
The number of active addresses spiked to 76.09 million, up by 46.72% on the month. The number of transactions grew even faster, hitting 290.85 million, up by 53.76% from March. This indicates the network has seen increasing user engagement and greater network activity.
Total value locked (TVL) in the network’s DeFi was $5.067 billion, with only a marginal decrease of just 0.35% in the last 24 hours. The market capitalization of stablecoins stood at $87.543 billion, with daily chain fees and revenue at $1.03 million each.
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TRON Price Signals Major Breakout From Classic Reversal Pattern
In the last three months, the TRON price witnessed a steady rally from $0.268 to $0.338 high registering a gain of 24.85%. Amid this upswing, the coin price developed a classic bullish reversal pattern called double-bottom in the daily time frame chart.
As shown in below chart, this pattern develops as a W-shaped letter above $0.27 support and a neckline at $0.321. During mid-April, the TRON price gave a decisive breakout from the key resistance bolstering the buying momentum in the market.
The TRX price positioned above daily EMAs (20, 50, 100, and 200) slope reinforces the recovery in the market. The post-breakout rally could push the asset another 10% to challenge the $0.355 resistance, followed by a leap to $0.37.
On the contrary, if the TRON coin falls back below the $0.32 floor, the bullish thesis will get invalidated, and its price may enter consolidation state.
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