Will TRX Reach a New Yearly High> | Credit: Hameem Sarwar
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Key Takeaways
Tron’s revenue reached a new high of $577 million in Q3.
The TRON (TRX) price is 10% from a new yearly high.
Will the TRX price rally to end the year and reach new highs?
The TRX price has fallen since reaching its yearly high of $0.17 on Aug. 25. However, the decrease has not been sharp, and TRX regained its footing in September, creating several higher lows.
Let’s examine the TRX price movement and see if it can rally to the end of the year and break its previous highs.
Tron Reaches Record Revenue
TRON’s monthly revenue has been increasing steadily since the start of 2022. Initially, revenue from burning was higher than that from staking (blue).
However, they switched places in 2023 and have not looked back since.
In Q3 of 2024, total revenue spiked to $577 million, $429 from staking, and $147 from burning.
This was an increase of 45% from the previous quarter and the highest-ever quarterly revenue.
Much of this likely comes from stUSDT, the liquid-staked version of USDT in the Tron blockchain. This version has a 4.2% APY and can be used in various decentralized finance (DeFi) platforms in Tron.
Tron’s fees are also second year-to-date at $1.37 billion, trailing only Ethereum.
In other positive Tron news, Boston University will co-host the TRON builder tour on Oct. 5. Let’s now examine the TRX price movement and see if it can reach a new yearly high.
TRON’s Yearly High
The TRX price has increased inside an ascending parallel channel since Aug. 2023. The channel’s support and resistance trend lines have been validated numerous times, most recently in Sept. 2024 (black icon).
While the price has fallen since it recently bounced at the channel’s midline and could soon begin another upward movement.
There is ample support at $0.140, created by the channel’s support trend line and a horizontal support area.
The weekly Relative Strength Index (RSI) is increasing and above 50. However, it is worth mentioning the indicator generated a bearish divergence (green) before the current drop.
The daily TRON price history implies that another upward movement is likely.
Once wave four is over, the price of TRX can begin its fifth and final wave toward a new yearly high. A potential target for the top of this move is at $0.178, reaching the channel’s resistance trend line.
On the other hand, falling below the channel’s midline will put this count at risk, while a decline below the wave one high at $0.142 (red) will invalidate it.
Trend Leans Bullish
The TRX price action is leaning bullish, though more confirmation is needed to confirm it.
Nevertheless, an upward movement is favored as long as the price trades above the $0.140 horizontal support area. A possible target for the next high is at $0.178.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.
He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.
Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.
He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.
