As a seasoned crypto investor with over five years of experience under my belt, I must say that the recent performance of TRX has caught my attention and left me quite intrigued. With its impressive 104% surge to hit new all-time highs within a day, I can’t help but feel like I missed the boat on this one. But hey, that’s the nature of crypto – it keeps you on your toes!
On December 3rd, TRX, the token associated with the Tron network, experienced a significant surge, reaching up to 104% increase and setting new record highs at approximately $0.45. This impressive rise is often referred to as a “God candle” in cryptocurrency trading circles.
TRX experienced a significant surge, increasing about 140% from its November 5th low of roughly $0.16. Over the past week alone, it has gained over 94%.
As a researcher, I’ve been analyzing data from CryptoMoon Markets Pro and TradingView, and I can confirm that TRX is currently trading at approximately $0.38. Interestingly, within the last 24 hours, there has been a substantial increase of around 70% in its value.
High market activity also accompanies TRX’s price surge, with its daily spot trading volumes topping $14.6 billion on Dec. 4, rising by 510% over the previous day.
This show raises doubts about the longevity of the upward trend and if the surge might have become too vigorous.
TRX flips Avalanche to reenter top-10
As a crypto investor, I’ve noticed that Tron (TRX) has made significant strides in the past 24 hours, with its price surge. This growth has not only boosted TRX’s value but also increased its market capitalization significantly. As a result, TRX has managed to reclaim its position among the top-10 largest cryptocurrencies by market value.
As a researcher observing the market, I’ve noticed an impressive surge: The token’s market capitalization has soared by an astounding 65% over the past day, reaching an unprecedented high of $32.84. This bullish trend is another promising indication for this altcoin as we venture towards 2025.
Currently, TRON (TRX) holds a higher market value compared to Avalanche (AVAX), which has dropped in ranking to the 11th position, boasting a valuation of approximately $22 billion.
Tron founder Justin Sun commented on TRX’s latest performance, saying that six years later, the network was still here and still building, adding:
“Things have changed, but one thing hasn’t: #TRON remains a top 10 contender.”
Increasing open interest backs TRX’s upside
The increase in TRX’s price today is following a substantial rise in its Open Interest (OI) within the same period.
Open interest is a key metric that traders and analysts use to assess market sentiment and anticipate future price movements.
On December 3, the total open interest for TRX across all exchanges stood at $157 million. However, by December 4, this figure significantly increased by 180%, reaching a 3.5-year peak of $438.3 million.
Over the past few days, there’s been a rising interest in taking long, leveraged positions on TRX, as suggested by the futures funding rate, which reflects the weight of open interest.
As a crypto investor, I want to bring your attention to the fact that the current 0.0556% fee charged every eight hours amounts to approximately a 1.16% expense over a week. Usually, such a high cost isn’t sustainable for more than a few days.
Despite the rising trading volumes and investment inflows, it appears that upcoming investors are optimistic, possibly indicating a prolongation of the upward trend much like the high funding rate observed around mid-November, preceding the first significant price surge.
What’s next for TRX price?
TRX, the token, has recently reached a fresh peak and set a new record for its market value, further indicating the “altcoin season” is upon us. This season suggests that alternative cryptocurrencies like TRX might experience increased growth, potentially causing its price to surge even more throughout December.
In a recent post dated December 4th, Blockchain Backer noted with hope that Tron’s (TRX) surge presents a significant ray of optimism for the broader market. They further stated that while TRX didn’t manage to establish a new all-time high in the year 2021, it has the potential to do so during this current market cycle.
Keep in mind that TRX surpassed its old record high of $0.23, a level not seen since its peak in January 2018, approximately seven years ago.
Currently, technical analyst Mihir has noticed that the TRX price has surpassed an ascending trendline, which connects the higher highs on a monthly scale. This suggests a potential price target of $1.80 in the future.
According to well-known analyst Javon Marks, TRX (Tron) appears to be strongly building momentum that could mark a significant bullish trend in its history.
The analyst added that TRX’s uptrend was “far from done,” setting the upside target above $1.0.
“The price could be headed right to the $1.11 areas in another >369% climb.”
On the other hand, not every analyst shared an optimistic view on TRX’s continuous rise; in fact, anonymous analyst Team LAMBO cautioned that a potential correction might lead to a price drop around $0.33.
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2024-12-04 14:26