TRON price rallies to yearly high following burn of over $12.6 million tokens
- TRON fee revenue reached an all-time high of $1.758 million on February 20.
- TRON network burned over 12.62 million tokens on Tuesday, likely catalyzing the altcoin’s gains.
- TRON price hit a 2024 peak of $0.14048 on Wednesday and the altcoin is likely to rally higher.
Justin Sun’s TRON network recently burned large volumes of the token. TRON price rallied to a multi-year high of $0.14048 on Wednesday, with two catalysts as likely drivers of the asset’s gains: TRON’s roadmap to integrate ecosystem assets with the Bitcoin blockchain and the burn of the project’s tokens this week.
Also read: TRON announces plans to venture into Ordinals and Bitcoin Layer 2 solutions
Catalysts support TRON’s recent gains
Data from TradingView shows that TRON price hit a multi-year high of $0.14048 on Wednesday. The next key level for the token is its May 2021 peak of $0.17. The network’s revenue reached an all-time high above $1.757 million on February 20, according to Tronscan data.
TRON Protocol Revenue. Source: Tronscan
This marks an important milestone for TRON. The network burned a total of 12,622,236 TRX tokens on Tuesday as the protocol burns the fees charged on a daily basis. TRON price is $0.13998 at the time of writing. The token is close to its multi-year high on Thursday.
Additionally, Justin Sun’s recent announcement of TRON’s roadmap supports the altcoin’s gains. Sun explained how TRON network assets will integrate with the Bitcoin blockchain and how the project will venture into Ordinals and Bitcoin Layer 2 solutions.
These two catalysts support TRON price rally.
TRON price could climb higher
TRON is currently in an uptrend. The altcoin’s target is the May 2021 peak of $0.17. In the event of a correction, TRON could find support at the 23.6%, 38.2% or 50% Fibonacci retracement of TRON’s climb to its 2024 peak, at $0.13124, $0.12552 or $0.12090 respectively.
The green bars on the Moving Average Convergence Divergence (MACD) indicator suggest that there is positive momentum. TRON price could resume its rally post the brief correction on Thursday.
TRON/USDT 1-day chart
A daily candlestick close below the 23.6% Fib retracement at $0.13124 could invalidate the bullish thesis. A correction could push TRON to its January low of $0.10131.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
