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

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

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. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai price has dropped nearly 45% since late March as broader markets started bleeding. FET bulls must defend $1.70 if they want to keep the upward thrust alive, signaling strength on the AI coin. A break and close below $1.59 would mean a lower low, invalidating the bullish reversal thesis.

More Fetch.ai News

OKX executives depart from exchange while its XLayer Chain goes live

OKX executives depart from exchange while its XLayer Chain goes live

Two senior executives at crypto exchange OKX, Tim Byun and Wei Lan, have left the company after years of heading key roles, according to a CoinDesk source. However, the company is making expansion moves through the launch of its own Layer 2 (L2) chain.

More Cryptocurrencies News

Traders eyeing long positions could have their rally soon as funding rates flip negative

Traders eyeing long positions could have their rally soon as funding rates flip negative

Bitcoin (BTC) price remains on a load-shedding exercise, a sentiment that has spilled over to the broader market. Nevertheless, the bleed seen across the cryptocurrency market could end soon amid possible shifting market sentiment.

More Cryptocurrencies News

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

On March 28, DeFi protocol Prisma Finance suffered an attack on one of its smart contracts, resulting in a loss of 3257 ETH worth $11.1 million. Prisma Finance immediately halted its protocol after the hack, ordering users to revoke access to the smart contract.

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP