TRON revenue doubles, will this trigger a rally in TRX price?
|- TRON daily revenue almost doubled to $1.32 million in the past 24 hours, second to Ethereum.
- The massive spike in transaction fee collection by the Tron network could fuel a rally in the altcoin.
- Tron uptrend gains momentum, TRX eyes $0.08 target with bullish developments.
TRON, the protocol which is being used to build the infrastructure for a decentralized web, witnessed a massive spike in its revenue. Revenue doubled in the past 24 hours, pushing Tron closer in rank to Ethereum and Uniswap.
TRON revenue doubles, second to Ethereum, Uniswap
Justin Sun’s TRON noted a massive spike in its revenue collection. According to data from crypto intelligence tracker DefiLlama, the daily transaction fee on TRON doubled to $1.32 million in the 24 hour period since February 14.
TRON network recently passed Proposition 83, a proposal that explores a dynamic energy model that raises transaction costs for illiquid projects while having no effect on other decentralized applications (dApps).
After the successful passage of TRON network's proposal on February 5, there has been a consistent increase in the collection of daily transaction fees.
TRON network fee collection
The latest spike in revenue brought TRON closer to Ethereum and Uniswap in its fee collection. The development is expected to have a bullish impact on TRX price.
TRX prepares for run up to $0.08
TRON’s native token TRX is in a downtrend on the multi-month chart and a short-term uptrend in the 4H price chart. The token is trading at $0.0690, close to the 50% Fibonacci retracement level at $0.0683.
TRX formed a support zone from $0.0614 to $0.0656 as seen in the chart below. The token climbed outside the support zone, with a close above the 50% Fibonacci retracement level. The chart shows that the uptrend has underlying strength and TRX price is eyeing the bullish targets of 61.8% Fibonacci retracement at $0.0739 and 78.6% at $0.0819.
TRX Perpetual Futures Contract 4H price chart
The Relative Strength Index (RSI), a momentum indicator reads 77.05, despite being overbought, TRX’s uptrend has underlying strength and there is bullish potential in TRON network’s native token.
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