Key Tron takeaways:
- TRX prices recovered following an Ascending Triangle formation.
- The TRX/USDT pair’s November rally further fuelled rally expectations for the token pair.
- Tron’s native blockchain asset looks to print a 130% upside move from current prices.
JAIPUR (CoinChapter.com) – Tron’s native token got bulls excited, as TRX rallied 20% in November, rising from $0.099 to $0.13. DUE TO A CLASSIC BULLISH PATTERN, the TRX/USDT pair now looks poised to rally by another 130% from current prices.
In detail, TRX prices traded within an Ascending Triangle pattern, dropping 69% from the previous all-time high of $0.17 logged in May 2021. The said pattern falls under the category of continuation patterns. Traders generally consider it bullish and an opportunity to go long on a particular asset upon spotting a breakout.
For TRX/USDT, the breakout from the Ascending Triangle pattern occurred during the opening bell of the London trading session on Monday. The pair posted 11% intraday gains shooting up from $0.0016 to the local high of $0.13 on the back of surging buying pressure.
But How 130%?
As per TradingView based crypto trader and analyst Alan Santana, the TRX/USDT pair traded above all critical daily exponential moving average (EMA) indicators, including 10 EMA, 50 EMA, 200 EMA, and 300EMA.
Alan posits that TRX markets would continue to witness a bullish consolidation. That’s because the prices of Tron’s native token pushed higher gradually and not sporadically. As a result, the TRX/USDT pair printed a trajectory consisting of higher lows since June 2021.
Mr. Santana also added positive signals from the moving average convergence divergence (MACD) and relative strength index (RSI) indicators for his ultra bullish price call. Upward trending MACD (read above 0) and RSI (above 60) readings led him to draw a bullish conclusion about the TRX/USDT pair.
With the support strong at $0.1, and 300 EMA, TRX stands to shoot up by 130%. Alan arrived at the said figure by extrapolating the local highs registered by the TRX/USDT pair since mid-August 2021.
Tron Fundamentals Also Fuelling Bullish Sentiment
Apart from technical factors, fundamental developments boosted bullish sentiment around Tron’s native blockchain asset. For starters, the Justin sun-founded smart contract blockchain experienced a surge in adoption. Total wallet addresses surpassed 62 million, according to the latest update from Tron’s Twitter handle.
Also, the 27th largest cryptocurrency network by market cap logged record-high total value locked (TVL) figures through its decentralized finance (DeFi) ecosystem. As per official statistics from TRONSCAN, Tron’s blockchain data website, DeFi TVL on the network topped $14 billion.
Also, the average daily stablecoin transaction volume on Tron topped $11 billion.
“The average daily transfer volume of #stablecoins on #TRON network reached $11,073,065,553 this week!
Relying on the strong alliance of 4 #TRON -based stablecoins #USDT, #USDJ, #TUSD and #USDC, the demands and circulation of TRON’s stablecoins are continuously increasing.”announced TRONSCAN’s official Twitter handle