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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Tron: Steady Momentum Carries TRX 14% Up – Details

Christian Encila
Christian Encila
1 year ago
3 mins read
Tron

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Tron (TRX) gains massively as it continues on its bullish path after new developments hit the market. According to CoinGecko, the token is up 14% since last week. This trend may continue as major cryptocurrencies like Bitcoin and Ethereum pull altcoins upward as well.

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With favorable market conditions, TRX has a chance to pull off something great this week. Supporting this probability is Mobilum’s recent tweet that placed the spotlight on Tron’s robust network as it supported transactions worldwide. 

Tron Users Contribute Massively On Mobilum 

Crypto banking platform Mobilum released some statistics featuring Tron users using the platform for real world transactions. According to the X post, Tron users contributed massively to Mobilum’s operations worldwide. 

Global reach, local ease with @trondao 🌍

In August 2024, #TRON users made transactions in the Mobilum ecosystem worldwide:
• Asia: 39%
• North America: 25.5%
• Europe: 20.5%
• South America: 5%
• Africa: 5%
• Australia: 5%

Proud to power seamless crypto payments across… pic.twitter.com/IpyiScqmks

— Mobilum (@mobilumofficial) August 19, 2024

The biggest figure came from Asia with over 39% of transactions attributed to Tron users followed by the United States and Europe. This signals a huge turning point for Tron as it continues to find itself in real-world use cases. 

Tron Hits New Annual Transactions High 

Tron’s network has also continued to flex its muscles as Into The Block recently posted how it hit almost 8 million transactions per day, with an average of 7 million transactions per day. This high throughput on the platform helped TRX’s growth in the long term. 

TRX market cap currently at $12.6 billion. Chart: TradingView.com

With over 7 million daily transactions, the #TRON network is becoming a vital part of everyday life for millions around the world. 🌎 https://t.co/Br1DLllzae

— TRON DAO (@trondao) August 19, 2024

The platform’s focus on stablecoins is one of the factors that contribute to its growth. As of writing, there are four stablecoins used on Tron namely USDT, USDJ, TUSD, and USDC. 

Ceiling Hit But Not Broken By TRX

The token’s current trajectory might be upward, but it seems the next couple of days might be tough for investors and traders. At its best, TRX might retract to more sustainable levels with a possible rebound right after. 

As of writing, breaking through the current ceiling of $0.1472 is too big of a hurdle for TRX bulls in the short term. Given some time, however, we might see the token gain enough momentum to have a breakthrough on this level. TRX is overpriced after nearly a couple of days’ worth of bullish momentum pushing gains to investor portfolios.

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With the relative strength index (RSI) being at its peak, this signals a possible loss in momentum will occur in the coming days, pushing the token back to $0.14. If this happens, $0.14 will give way to the bears, pushing the token to $0.13. 

However, $0.13 is the lowest the token will go. TRX’s low correlation with Bitcoin will gradually pick up as the days go by, helping TRX retake lost ground once the friction of the bullrun wears out. For now, holding the token might be the best decision for investors and traders as they continue to monitor the broader market for swings in price. 

Featured image from Mudrex, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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