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Tron (TRX) price is maintaining the 2023 uptrend as it trades 42% above its January 1 opening. The Layer 1 token is up 17% over the last six months and 22% over the previous year. The rising trend in Tron price comes against a backdrop of a growing decentralized application (DApp) ecosystem within the Tron network.
This is seen in the network’s growing Total Value Locked (TVL). According to data from DeFiLLama, the total value locked on Tron has increased by 27% from $4.108 in January to the current value of $5.21 billion.
Tron TVL
As a result, revenue generated by the network has increased from $422,540 to the current figure of around $1.13 million. These positive fundamentals could continue to push the TRX price higher. However, it should be noted that other factors, such as the global adoption of the blockchain and the creation of transparent regulatory environments, could play a crucial role in determining the future price of Tron.
Are Bulls Able To Push Tron To $0.1?
TRX was trading within a very significant level as it consolidated within a rectangle. This sideways price movement was supported by the neutral position of the Relative Strength Index (RSI) at 51 and the direction of the MACD around the neutral line.
Traders were waiting to see which direction the price would take next. Note that the TRX price action had formed a similar pattern on the daily chart between early July and early August.
After consolidating between $0.0753 and $0.0783 in July, the token broke above the upper limit of the rectangle on July 13, staging a 25% rally to $0.0943. If the same price action is repeated, Tron’s price could bounce off from this level to confront resistance from the $0.0850 psychological level.
Shattering this barrier would see TRX rise to revisit the $0.0943 swing high before reaching the $0.1 psychological level. This would represent a 29% climb from the current price.
TRX/USD Daily Chart
The altcoin may decide to repeat the price action in early August when it dropped from the current zone to $0.0707. This was a 9% drop. If the same scenario continues, sellers will continue taking profits on the rally to the 100-day Simple Moving Average (SMA), currently at $0.0799.
The price may then drop to produce a daily candlestick close below the 50-day SMa at $0.0761. The following line of defense may emerge from the 2023 ascending trendline, currently at $0.0740.
Breaching this level could bring areas around $0.0707 into the picture. Such a move would represent a 7% decline for Tron.
TRX Alternatives
$SONIK is the native token of the Sonik Coin ecosystem, a project inspired by Sonic the Hedgehog for its unparalleled speed. The $SONIK presale is its last stretch, ending at 1300 UTC on August 5.
The presale has been successful, with more than $1.72 million raised.
WOW WOW WOW 💨
Hurry and secure your $SONIK bag! 🔥⤵️https://t.co/s1fTdXDQCK pic.twitter.com/VBROcdb1aw
— SONIK COIN (@Sonikcoin) September 5, 2023
The presale price for $SONIK is $0.000014, and the website information shows that the tokens can be bought using ETH or USDT. The exercise will end once the presale raise hits the $2 million market, paving the way for $SONIK to be listed on major exchanges. This is expected to drive the price higher.
The team behind Sonik Coin has announced that “Claim & Listing will go live on Thursday, September 7 at 9 AM UTC.”
https://twitter.com/Sonikcoin/status/1699044838262423899?s=20
With barely two hours left before the presale ends, interested investors are being offered the last opportunity to get their $SONIK tokens.
Visit Sonik here for more information on the presale and the impending listing.
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