Tron (TRX) Price Analysis: Will TRX Reach New Heights?
Bitcoin (BTC) price is struggling to surpass $35,000 again as the weekly closing approaches. At the time of writing, the price is at $34,600. With the influence of institutional demand in the last days of October, we may see a second wave of increase. So, what is the current situation for Tron (TRX)?
Tron (TRX)
The TRX coin price has significantly deviated from other cryptocurrencies in the bear market and has not experienced major losses. Investors have witnessed many cryptocurrencies reaching their all-time lows or even lower price levels. On the other hand, on-chain data for Tron is sending more positive signals. The Total Value Locked (TVL) has reached a new peak with $7.78 billion.
The ongoing demand for TRX coin and the support of USDT contribute to the increase in the network’s value. While strong competitors like Solana have reached annual peaks with TVLs around $350 million, Tron approaching the $8 billion threshold is significant.
On the other hand, according to the data provided by Santiment, the volume on the network peaked on October 24 and then started to decline. Considering that there has not been a significant decrease in price and the upward trend continues, it can be said that the demand from whales and individual investors is still ongoing.
According to the figures announced by Justin Sun, the group of crypto companies, including Tron, generated $202 million in revenue and $98 million in profit in the last quarter. Sun predicts a profit of $104 million for the last quarter of the year.
TRX Coin Price Prediction
At the time of writing, the price is at $0.09499. The Tron (TRX) price reached the same region in mid-July, but as you can see from the upper wick, profit-taking quickly pushed the price down. Now, this altcoin, which approaches the significant region of $0.1 more convincingly, may turn this area into support.
If the price continues to rise, the attempt will be made to overcome the $0.102 level and surpass the $0.13 and $0.148 regions. The most remarkable thing on the weekly chart is that the price has managed to stay in a relatively narrow range during the bear market. The $0.045 level has been tested several times as the bear bottom, but the price has managed to recover from this level.
As of November 28, 2022, the popular altcoin continued to reach higher peaks.