TRX Double Bottom Pattern Suggests Market Turnaround Ahead

• Tron network revenue grew 39.74% monthly, reaching $2.12 billion in 2024 due to increased TRX usage.
• TRX forms a Double Bottom pattern, signaling potential bullish momentum confirmed by increased trading volume.

The Tron network has achieved significant progress in 2024, confirming its status as a leading participant in the blockchain world. Lookonchain shares that Tron network income over the past 30 days was $329.57 million, up 39.74% from last month.

Reflecting a notable year-on-year increase of 115.73%, Tron has brought in a total of $2.12 billion throughout the course of the year. Mostly obtained from TRX consumed by users engaging with the network, this income highlights the platform’s increasing relevance and acceptance.

Technical Analysis Points to Bullish Prospects for TRX 

Apart from its outstanding financial performance, a technical analysis by well-known analyst Rose indicates a bullish future for TRX. Often regarded as a forerunner of a big breakthrough, especially following a protracted decline, a definite Double Bottom pattern has developed.

Dependent on a breakout over the neckline, Rose notes possible price objectives of $0.3175, $0.3501, and $0.3890. The higher trading volume noted in line with this trend suggests even more the potential of upward momentum.

Meanwhile, as of writing, TRX is swapped hands at about $0.2552, up 1.23% over the last 24 hours and 21.76% over the last 30 days.

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Beyond market performance, Justin Sun, Tron’s founder, has lately attracted interest with his latest initiatives. Sun revealed in mid-December 2024 intentions to buy around 53,000 Ethereum (ETH), valued at about $209 million, from Lido Finance.

This action came after his earlier ETH sell, which generated rumors about how it will affect next price swings. Ethereum’s view is still bright despite these changes.

Further enhancing Tron’s ecosystem, on December 19, 2024, the crypto exchange Bitget announced a strategic alliance with the Tron network, as we previously noted. To further Tron’s integration on its platform, Bitget is acquiring $10 million worth of TRX tokens in this cooperation.

The cooperation seeks to give Bitget users easy access to Tron-based assets and services, therefore enhancing Tron’s position in the larger crypto market.

On the other hand, according to CNF, the SunPump platform transformed token generation by recently including its first Artificial Intelligence (AI) Agent. Simple chat interface with tools like Auto Fill, AI Generated Tokens, AI Assistant Bot Icon, and Interactive Token Creation lets users create tokens.

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