Tron (TRX) price has experienced a recent downturn following market corrections, with its value showing a downward trend. Despite this, TRX has demonstrated a significant rally, climbing over 25% in the last two weeks. This surge has positioned TRX as one of the standout performers in the cryptocurrency market during this period.
TRON Price Fluctuates Following Launch of Meme Coins
Tron Founder Justin Sun has recently sparked significant interest with the launch of SunPump. In just a week and a half, its main initiative, Sundog, a meme coin operating on the TRX network, has achieved a market valuation exceeding $200 million.Â
The platform now reports 20,000 daily active users, quickly gaining traction and possibly rivaling Pump. fun. From August 20 to 22, Sun conducted comprehensive talks at X Space. He met with top cryptocurrency influencers and delegates from various meme ventures, including SunDog, SunCat, Sunwukong, FOFAR, and SunRats. Their discussions focused on the trajectory of SunPump and the broader potential within the meme coin sector.
TRX Price Dips Despite Recent Gains: Is Rebound?
The TRON price declined 5% on the last day, trading at $5.38 at the time of this report. The asset’s market capitalization is $14 billion, ranking it as the 10th largest cryptocurrency in the market.
The TRON price is experiencing a downward trend, indicating a bearish market. As the trend persists, predictions suggest the value drops to $0.12 and could dip further to $0.10. If the bearish pressure intensifies, the price may even fall to $0.09.Â
The 4-hour technical indicators for TRX indicate that the price has recently broken out of a rising wedge pattern. The Awesome Oscillator (AO) below the price chart suggests a decreasing bullish momentum, as evidenced by the declining green bars after peaking, which may indicate a potential shift in trend direction.
According to Coinglass, fueling the bearish trend in the cryptocurrency markets, there has been a notable decrease in trading volume and open interest. Trading volume plummeted by 24.47% to $367.30 million, while open interest dropped by 7.28%, reaching $180.61 million.Â
These declines suggest a reduction in market participation and could indicate increasing uncertainty or caution among traders. This trend aligns with recent market volatility, which has impacted the perception and value of digital assets.
Conversely, if market conditions improve and the bulls regain control, the TRON price prediction is expected to climb above $0.15. With sustained bullish momentum, it might reach $0.20 and, in a strong bullish run, could approach its all-time high of $0.3004.
Frequently Asked Questions (FAQs)
SunPump is a new initiative launched by TRON founder Justin Sun, aimed at driving user engagement and activity on the TRON network.
The launch of meme coins like Sundog sparked significant interest and activity on the TRON network, though TRX itself has experienced a downturn due to broader market conditions.
Despite the current market conditions, there is potential for TRX to reach its all-time high if the market sees sustained bullish momentum and improvements in overall market sentiment.
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Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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