TRON Price Analysis: TRON Consolidates Amid Ecosystem Growth as Account Count Tops 228M, Key Levels to Watch

The TRON blockchain ecosystem continues to make significant strides, achieving several key milestones in recent weeks. According to the latest data from Tronsac, the total number of TRON accounts surpassed 228 million as of May 5th, 2024. This remarkable growth underscores TRON's commitment to building the infrastructure for a decentralized internet and promoting the advent of internet decentralization.

TRX is trading at $0.1216, up 2.54% in the last 24 hours and 2.59% over the past seven days, signaling consolidation. With a market cap of $10.6 billion, it ranks 13th among top crypto. The 24-hour trading volume stands at $349 million, an 11% increase in the last 24 hours.

Since its mainnet launch on May 31, 2018, TRON has facilitated over 7.5 billion transactions, with a total locked value (TVL) exceeding $21.7 billion. The network has evolved into a decentralized autonomous organization (DAO) governed by its community. 

Since its mainnet launch on May 31, 2018, TRON has facilitated over 7.5 billion transactions, with a total locked value (TVL) exceeding $21.7 billion. The network has evolved into a decentralized autonomous organization (DAO) governed by its community. 

TRON's ecosystem has flourished in recent years. The network has established a strong presence across various industry verticals, including NFTs, DeFi, GameFi, stablecoins, metaverse, cross-chain, DID, AI, and RWA. Moving forward, TRON aims to build a metaverse financial-free port, providing greater convenience for global users.

According to data from Messari, the stablecoin market cap on TRON increased by 8% quarter-over-quarter to reach $53.1 billion. This growth further solidifies TRON's position as a leader in stablecoin transfers.

Tron Technical Analysis

TRX's price is currently consolidating between an ascending trendline, from which it experienced rejection on May 6th, and the resistance level at $0.1240. Despite the consolidation, the price has maintained a bullish trajectory, finding support at the ascending trendline two days ago.

The price appears poised to retest the $0.1240 resistance zone next. If it encounters a rejection, it will mark the fourth such instance since 31st March, solidifying this level as a strong monthly resistance. In that case, TRX may retrace to the ascending trendline until a clearer directional bias emerges.

However, if bearish momentum takes control and the price breaks down below the ascending trendline, it could drop further to the $0.1155 support zone, which also forms the right shoulder of an inverted head-and-shoulder pattern.

On the 4-hour chart portrays a clear bullish outlook for TRX after it hit ascending trendline support. The immediate target remains above the 0.1240 zone, awaiting either a rejection or breakout for clearer directional cues. 

If rejected above, the ascending trendline around 0.1184 serves as immediate support. The RSI at 57 suggests room for testing the resistance above. In the shorter timeframe, we all must watch price action around these key levels for potential continuation or reversal signals.

Future Outlook

According to TRON price predictions, the cryptocurrency could potentially climb to a high of $0.2458 by Q42024. This bullish outlook is supported by the strong fundamentals and growing adoption of the TRON ecosystem.

With TRON's achievements and the ongoing consolidation phase, market participants will be closely monitoring the price action for potential breakouts or breakdowns for confirmation of trends that could shape the trajectory of this prominent blockchain network.