TRX price soars as Tron fees prepares to flip Tether, Ethereum

Following Justin Sun’s comparison with Ripple’s XRP, the TRX coin price formed a large God candle and reached an all-time high of $0.4485.

Tron (TRX) has become one of the best-performing cryptocurrencies, rising over 240% in the last 12 months.

This increase was largely attributed to an X post by Justin Sun predicting that TRX would mirror the performance of XRP in recent weeks.

Meanwhile, there are signs that Tron is on the verge of surpassing Tether (USDT) and Ethereum (ETH) in terms of fees charged this year. Data from TokenTerminal shows that over $1.84 billion in fees have been accrued since the beginning of the year.

Cryptocurrencies by Fees | Source: TokenTerminal

While Ethereum, the most profitable network in the crypto world, earned $2.30 billion this year, Tether earned $2.1 billion. If Tron’s network growth continues at this pace, there is an increasing likelihood that it will surpass these networks in the coming months.

Tron’s network generates fees from significant transactions flowing on the blockchain. For example, data from TronScan shows that the network processed over $229 billion in USDT volume in the last 24 hours. It achieved this by completing over 2.1 billion transactions in the same period.

Tron also reported over $10.57 billion in transactions in the last 24 hours; This indicates a 480% increase compared to the previous day. Additionally, the circulating supply of TRX tokens is decreasing due to burning activities. The figure, which was 88.5 billion in the same period of the previous year, has now decreased to 86.29 billion.

TRX price analysis Tron price chart | Source: crypto.news

TRX token has continued its upward trend since dropping to $0.04532 in 2022 and 2023. On the weekly chart, it broke through the critical resistance level at $0.1797, which is the top of the cup and handle formation, one of the most popular bullish indicators. .

While Tron has broken above all moving averages, the MACD and Relative Strength Index have reached overbought levels.

The closely watched Value to Market gauge rose to 2.8, still well below its all-time high of 6. This indicates that Tron price may have further upside potential. This trend will be confirmed if TRX breaks above this week’s high of $0.4488. If this happens, the token could rise further as bulls target the key resistance level of $1.

The bullish view will be invalidated if Tron price falls below $0.1797, which is the top of the cup and handle formation.