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TRON Price Nears Oversold Zone: Big Rebound Ahead?


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TRON (TRX) is currently trading between $0.1616 and $0.1698 as per Coinpedia Markets, sitting just above a critical support level at $0.1582. Technical indicators suggest TRX might be in oversold territory, with its RSI around 34 and a very low Stochastic oscillator reading of approximately 4. This hints at a potential reversal in TRX price, as these oversold conditions often lead to upward momentum.

Over the past week, Tron coin has seen a price decrease of over 5%, though it remains up by 3% in the last month and over 26% in the past six months. If TRX manages to rebound from its current support, it could climb toward its nearest resistance at $0.1746, with the next resistance target at $0.1828. This upward move could mean a 5% to 10% increase in Tron crypto price from current levels.

TRON’s Strong Network Activity

One of the major factors fueling TRX crypto growth is the impressive activity on the TRON network. The platform’s total value locked (TVL) stands at $6.73 billion, demonstrating high demand. TRON’s daily network fees reach $1.73 million, with a 24-hour transaction volume of $26.3 million. TRON’s user base is also expanding, with 2.06 million new addresses created daily and over 7.5 million daily transactions, underscoring the coin’s increasing adoption.

According to the latest TRON price prediction, TRX may reach around $0.1916 by November 15, 2024, which would represent a potential 13.36% decrease from current levels. This outlook, combined with TRON’s strong network fundamentals, suggests an interesting short-term period for TRON price and potential future growth in the TRON crypto price

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