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

Tron (TRX) price continues to soar as a result of new developments in the cryptocurrency market. According to CoinGecko, TRX has gained 14% over the past week. This trend is expected to continue as major cryptocurrencies like Bitcoin and Ethereum price pull altcoins up with them.

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This gives TRX a chance to perform well this week. Mobilum's recent tweet also highlighted Tron's strong network, which supports transactions around the world.

Tron Users Contribute Massively On Mobilum

Crypto banking platform Mobilum shared some statistics on Tron users making real-world transactions on the platform. 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 highest figure was from Asia, with over 39% of transactions being attributed to Tron users, followed by the United States and Europe. This marks a significant 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 perform well, with Into The Block recently revealing that it hit almost 8 million transactions per day, with an average of 7 million transactions per day. This high throughput on the platform has contributed to TRX's long-term growth.

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 also a contributing factor to its growth. At the time of writing, there are four stablecoins used on Tron: USDT, USDJ, TUSD, and USDC.

Ceiling Hit But Not Broken By TRX

While the token is on an upward trajectory, the next few days may be difficult for investors and traders. At best, TRX may retract to more sustainable levels with a possible rebound shortly after.

Currently, breaking through the ceiling of $0.1472 is proving to be a challenge for TRX bulls in the short term. However, given enough time, we may see the token gain enough momentum to break through this level. TRX has become overvalued after nearly two days of bullish momentum pushing gains into investor portfolios.

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Shiba Inu Skyrocketing Potential: Could SHIB Surge 500%?With the relative strength index (RSI) at its peak, this indicates that a loss in momentum is likely to occur in the coming days, pushing the token back down to $0.14. If this happens, $0.14 will give way to the bears, driving the token down to $0.13.

However, $0.13 is as low as the token will go. TRX's low correlation with Bitcoin will gradually increase as the days go by, helping TRX to recover its lost ground once the friction of the bull run subsides. For now, holding the token may be the best strategy for investors and traders as they continue to monitor the broader market for price movements.