TRON (TRX) Price Prediction for Today, October 23—TRX Technical Analysis

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TRON (TRX) remains resilient amidst a generally bearish cryptocurrency market, showcasing strength through whale accumulation and increasing network participation. Despite the overall market being down, TRX’s technical indicators point to potential upward movement, suggesting that TRX could emerge stronger once market conditions improve.

TRX Key Statistics

Current Price: $0.160
Market Cap: $13.81 billion
Trading Volume (24h): $273.9 million
Circulating Supply: 86.50 billion TRX
Total Supply: 146.46 billion TRX
CoinMarketCap Ranking: #8

TRON (TRX) has historically shown resilience, currently up 6.96% from its 30-day low and 2.60% from its 7-day low. While it’s presently down slightly from its recent highs, with decreases of -2.50% and -0.52% over the last 30 and 7 days, respectively, TRX continues to exhibit strong potential for growth. This balance between past performance and current trends highlights TRON’s ability to maintain stability and attract long-term investors.

TRX USD Market Analysis

Key Levels

Resistance: $0.161, $0.164, $0.169

Support: $0.155, $0.150, $0.145

In the face of market-wide corrections, TRX has managed to hold its ground around the $0.160 mark. The TRXUSD chart shows consolidation after testing resistance at $0.169, demonstrating that the coin has significant buyer support, even with the broader market downturn.

TRON (TRX) Price Prediction for Today, October 23—TRX Technical Analysis

TRXUSD – Daily Chart

The Zig Zag pattern indicates that TRX continues to maintain support at lower levels, a strong sign in a bearish environment. Additionally, the BBP (13) indicator currently sits at 0.00241105, reflecting slightly overbought conditions. This suggests that while short-term consolidation may occur, TRX could retest higher resistance levels if market sentiment shifts positively.

With support levels established around $0.155 and $0.150, the current chart dynamics suggest that a break above $0.161 could signal further bullish momentum. However, a dip below $0.155 could expose TRX to a more extensive pullback aligned with broader market trends.

Whale Accumulation Signals Optimism

In contrast to the general market decline, TRX has seen a notable increase in whale transactions, up 196% in the past 24 hours. This surge points to potential accumulation by large investors, often a precursor to significant price movement. Active addresses on the network have also grown by 10%, signaling increased user engagement despite the bearish environment.

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Tron’s ecosystem continues to expand, with its total value locked (TVL) remaining strong at $7.4 billion. USDT transactions on the Tron network remain a major driver, solidifying its role in the wider DeFi landscape. This combination of whale activity and user growth suggests that TRX could be positioned for gains once market sentiment turns more favorable.

TRXBTC Market Outlook

The TRXBTC pair currently trades at 0.00000241, reflecting a mixed performance in a bearish crypto market. The RSI for TRXBTC is at 47.94, signaling neutral momentum with room for further upward movement if market conditions improve. If TRX can build upon its strong fundamentals and network activity, it could see an upward breakout from its current consolidation zone.

According to an October 23 post by the TRON Community on X (formerly Twitter), TRON completed the burning of 10,326,581 TRX tokens, marking a notable step in its deflationary strategy. This token burn reflects TRON’s ongoing efforts to reduce the total supply, ultimately boosting the value and scarcity of its native cryptocurrency. The net negative production ratio of -5,259,190 further reinforces TRON’s focus on promoting sustainable growth within its ecosystem.

#TRON just burned 10,326,581 #TRX on October 22nd 🔥 showcasing a commitment to deflation & value growth 🚀 With a net negative production ratio of -5,259,190 🤯 pic.twitter.com/GHvCz7xf5x
— TRON Community (@TronixTrx) October 23, 2024

Alternatives to TRON

TRON (TRX) is making waves in the cryptocurrency landscape with its remarkable scalability and a thriving ecosystem that fosters innovation. This dynamic environment sets the stage for exciting projects like Pepe Unchained ($PEPU), which are poised to capitalize on the growing momentum in the blockchain space.

Pepe Unchained recently achieved a stunning presale milestone, raising nearly $22 million, a clear indication of robust investors’ confidence. To further enrich its ecosystem, Pepe Unchained has introduced a developer grant program, empowering visionary projects on its platform. The project’s expanding community and rising media attention are enhancing its visibility and solidifying its place in the competitive cryptocurrency arena.

PEPE UNCHAINED CLOSING IN ON $22 MILLION

Positioned as a Layer 2 scaling solution on Ethereum, Pepe Unchained aims to provide a more efficient and cost-effective platform for the popular Pepe meme coin. By harnessing Ethereum’s security while tackling its scalability issues, $PEPU delivers faster transaction speeds, lower gas fees, and heightened security. With a strong focus on scalability, security, and community-driven development, Pepe Unchained is emerging as a promising Layer 2 solution, paving the way for both the Pepe meme coin and a host of future applications.

Visit Pepe Unchained.