Tron price is still surging amid robust ecosystem growth

2023-06-03 10:19:05 ET

Tron

(TRX) price has been one of the best-performing major cryptocurrencies this year. TRX jumped to a high of $0.085 on Saturday, the highest level since June last year. It has soared by more than 85% from the lowest level in 2022.

Upbeat Tron metrics

Tron has one of the best metrics in the crypto industry. For one, it is the second-most profitable blockchain network after Ethereum. In the past 180 days, Tron has made over

$390 million

in revenue compared to Ethereum’s $1.2 billion. The other top profitable players in the sector are Uniswap, Lido Finance, Bitcoin, and BNB Chain.

Further data shows that Tron has the most number of active users in the sector. Data compiled by

DeFi Llama

shows that Tron has over 2.1 million active users. In contrast, Ethereum has over 354k users while BNB Chain has 1.1 million users,

Meanwhile, Tron is the third-biggest player in the DeFi sector in terms of total value locked (TVL). Data shows that Tron has over $5.9 billion in TVL, making it smaller than Ethereum and BNB Chain. In terns of stablecoins in its ecosystem, Tron holds stables worth over $45 billion.

These metrics explain why Tron price has done well this year. The other main reason is that Tron recently expanded on Ethereum’s blockchain by using the BitTorrent bridge. This means that users in Ethereum’s ecosystem can now interact with its ecosystem. It also means that the number of dApps in its ecosystem could continue rising in the coming months.

Tron price prediction

The daily chart shows that the TRX price has defied gravity in the past few months. In this period, it has managed to move above the key resistance level at $0.0725, the neckline of the inverse head and shoulders pattern. In price action analysis, this pattern is usually a bullish sign.

Tron has also formed a golden cross, which happens when the 50-day and 200-day exponential moving averages (EMA) make a bullish crossover. Therefore, there is a likelihood that the coin will keep rising as buyers target the key resistance point at $0.092, the highest point on June 2.

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TRX: Tron price is still surging amid robust ecosystem growth

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