The steady rise of Tron price has made TRX one of the best-performing digital assets of this year. Since its bottom in November 2022, the price of TRX crypto has more than doubled. This is evident from the bullish market structure, which is still intact on the weekly chart.
TRX to USD pair is currently at a massive resistance level, which may result in a pullback. However, the outlook remains bullish on the smart contract cryptocurrency. The popular altcoin is on its way to close the second consecutive green week.
TRX coin was up 0.73% today amid a sideways Bitcoin price action. It also refreshed its all-time high today by peaking at $0.0947 on many exchanges. However, the cryptocurrency is struggling to gain strength above its weekly resistance of $0.0928.
TRX/BTC Hits Range Lows
On a weekly timeframe, the TRX/BTC pair retested its range lows this week. This is evident from the following chart, which hit a low of 0.00000264 earlier this week. However, after a strong rebound from the lows, the pair has been rising steadily. This puts a retest of 0.00000290 on the cards, which lies in the middle of the trading range.
If TRX outperforms Bitcoin next week, then I expect a strong surge in its USD pair as well. Tron price will also be prone to the BTC price and the next week’s FOMC decision, which may increase the volatility.
Tron TVL Hits A New All-Time High
At a time when the total locked value (TVL) on most of the layer 1 blockchain has reduced to just a fraction of their 2021 highs, the TVL on Tron blockchain has hit a new all-time high. According to DeFi Llama, the TVL on the smart contract blockchain has now surged above $7.8 billion.
This translates into a more than 86% increase in the amount of cryptocurrency locked across different dapps on the Tron network. Currently, JustLend is the biggest decentralized application on the blockchain, with $5.7 billion TVL.
Tron Price Prediction
The following TRX price chart reveals a long-term trading range of $0.0458-$0.0129. The price has broken above the middle of the trading range and appears to be gaining strength. A weekly closure above $0.0928 will make Tron’s price prediction.
This will put the bullish price target of $0.129 on the cards, where the range highs. The invalidation of this bullish forecast will be a weekly closure below $0.087.