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TRX, the native currency of decentralized blockchain platform TRON, has seen a major bullish development today. While its price has remained steady recently, a trend not seen across the market, TRX is hinting toward another upward trend in the near future. Bulls are also jumping on the TRX bandwagon amid this positive sentiment.
IntoTheBlock, a leading market intelligence platform, recently tweeted about a strong bullish signal for the TRON-based coin. They tweeted that TRX has surged 237% over the last year in its long-term holder addresses. As of press time, the TRX coin has almost 90 million long-term holder addresses.
This is a huge development for TRON as it shows that long-term investors are displaying great support and confidence in TRON’s future. More traders have started to buy TRX and hold it for the long term. Moreover, crypto enthusiasts often prefer, particularly, staking TRX to get more profit than just store coins in a wallet. Nowadays it’s more than possible to find crypto-oriented platforms even with the unimaginable terms, such as staking TRX with up to 20% APR, which make users think about their investment opportunities concerning Tron. This sentiment among traders typically gives a cryptocurrency strong momentum. Consequently, TRX is expected to continue its upward movements.
TRX price performance
In the last 24 hours, the TRX price has surged 0.76% to $0.1539. While this is a minor increase, the coin has fared quite well over the long term. It has soared 20.82% in the last 30 days. Now, this is a crucial figure. The broader crypto market has been in a state of despair during this time. There were massive liquidations and sharp declines in the prices of various coins. Leading coins like Bitcoin (BTC) and Ethereum (ETH) have remained in a consolidation phase.
However, TRON’s TRX has outperformed these top digital currencies. At the time that the overall market was bleeding, TRX performed much better, with a price increase of 20.82%. It has defied all the odds, which is a major accomplishment. Now, the surge in long-term holders indicates investor confidence in the coin. It is likely that TRX will continue its momentum and secure more gains.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team