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The TRX coin price formed a big God candle, reaching its all-time high of $0.4485, after Justin Sun compared it with Ripple’s XRP.
Tron (TRX) has been one of the best-performing cryptocurrencies, jumping by over 240% in the last 12 months.
This surge was largely attributed to an X post from Justin Sun, who predicted that TRX would mirror the performance of XRP in recent weeks.
Meanwhile, there are signs that Tron is on the verge of surpassing Tether (USDT) and Ethereum (ETH) in terms of fees made this year. Data from TokenTerminal shows that it has accrued over $1.84 billion in fees year-to-date.
Ethereum, the most profitable network in the crypto space, has made $2.30 billion this year, while Tether has brought in $2.1 billion. If Tron’s network growth continues at this pace, there are rising odds it will surpass these networks in the coming months.
Tron’s network generates fees from the substantial transactions flowing within its blockchain. For instance, data from TronScan shows the network handled over $229 billion in USDT volume in the past 24 hours. It achieved this by processing over 2.1 billion transactions during the same period.
Tron also reported over $10.57 billion in transactions in the last 24 hours, marking a 480% increase from the previous day. Additionally, the circulating supply of TRX tokens has been declining due to burning activities. It now stands at 86.29 billion, down from 88.5 billion in the same period a year earlier.
TRX price analysis
The TRX token has maintained a bullish trend since bottoming at $0.04532 in 2022 and 2023. On the weekly chart, it has surged past the crucial resistance level at $0.1797, the upper side of the cup and handle pattern—one of the most popular bullish indicators.
Tron has moved above all moving averages, while the MACD and Relative Strength Index have reached extreme overbought levels.
The closely-watched Market Value to Realized Value indicator has risen to 2.8, still significantly below its all-time high of 6. This suggests that the Tron price may have more upside potential. This trend will be confirmed if TRX rises above this week’s high of $0.4488. If this occurs, the token could rally further as bulls target the key resistance level at $1.
The bullish view would be invalidated if the Tron price falls below $0.1797, the upper side of the cup and handle pattern.
This article first appeared at crypto.news
