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Tron Price Forecast – TRX Eyes $0.40 as Bulls Take Control

Highlights:

  • Tron is trending towards $0.40 after a breakout through $0.32 resistance
  • If $0.40 resistance is broken, TRX could target $0.50 next
  • Rising institutional demand is likely to sustain Tron’s momentum 

Tron (TRX) has picked up bullish momentum in the last 24 hours, reflecting the rising bullish sentiment across the cryptocurrency market. At the time of writing, Tron was trading at $0.342, up by 5.15% in the day. Tron trading volumes are also on the rise, up by an impressive 240% in the day to hit a high of $2.82 billion.

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This is a big deal and reflects positive investor expectations in Tron going forward. Strong bullish sentiment usually precedes more upside, which means Tron could continue to record gains that could push it to new highs in the foreseeable future. A couple of factors are driving the bullish momentum around Tron at the moment.

Improving Macro Environment Could Send TRX Higher

One of the factors that could give Tron strong upside momentum is the fact that the broader market is overall bullish. While there has been some sense of broad consolidation in the past week, the underlying momentum is bullish. This is thanks to an improving macro environment as the US continues to ink trade deals with major trade blocs such as the EU and China.

This growing certainty in the global economy is driving capital more into risk assets like cryptocurrencies. With Bitcoin already sending signals of a bullish continuation through the $120k mark, top altcoins like Tron could be up for substantial gains in the foreseeable future. This bullish sentiment in the macro environment is one of the factors that could see Tron soon hit prices as high as $1, especially if Bitcoin breaks out to $200k within the year.

Tron’s Institutional Adoption Is On the Rise

Outside of the macro environment, Tron is set to gain from the fact that institutional demand is on the rise. One of the big institutional news stories surrounding Tron is about Tron Inc., which was previously known as SRM Entertainment. The company has made a formal filing with the SEC, which will allow it to raise $1 billion in funding. The capital, which will be raised through a mix of stocks, debt, and other instruments, will see the company own a sizeable chunk of TRX tokens in its treasury.

Such a move is good for TRX value growth in two ways. First, it could improve Tron demand and supply dynamics by continually taking a sizeable amount of TRX from circulation. Second, it could drive both institutional and retail FOMO into Tron, further adding to its price potential going forward. 

Tron’s Onchain Metrics Point to Solid Growth

Tron also stands to benefit from on-chain growth, which is driving organic growth for TRX tokens. Data shows that Tron’s daily transactions are now at over 9 million. Tron has also been generating transaction fees in excess of $200 million a month. This points to the growing adoption of Tron in payments and other use cases in the decentralized finance space. This growth is likely to keep adding to TRX’s upside momentum over time, and in an all-out bull market, Tron could rally to new all-time highs.

Technical Analysis – TRX In a Bullish Breakout

After a consolidation between July 26 and 28, Tron is a bullish breakout today. In the last 24 hours, Tron has rallied through the $0.326 resistance, with high volumes. If this momentum continues, then Tron could soon rally to $0.40 as the first resistance, with a possible bullish continuation to $0.50.

Tron Price Prediction
Source: TradingView

However, if the Bulls lose momentum, Tron could experience a slight correction that could see it rest at $0.326, which is now supported. Of these two scenarios, a rally to $0.40 is more likely as the broader market is turning green, and it could uplift most altcoins, including Tron.

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