The TRX coin price formed a large divine candle, reaching its all-time high of $0.4485, after Justin Sun compared it to Ripple's XRP.
Tron (TRX) has been one of the best performing cryptocurrencies, up over 240% in the last 12 months.
This rise was largely attributed to an x post by Justin Sun, who predicted that TRX would mirror the performance of XRP in recent weeks.
Meanwhile, there are signs that Tron is about to overtake Tether (USDT) and ethereum (eth) in terms of fees charged this year. Data by TokenTerminal shows he has racked up more than $1.84 billion in fees so far this year.
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ethereum, the most profitable network in the crypto space, has earned $2.3 billion this year, while Tether has generated $2.1 billion. If Tron's network growth continues at this pace, there are increasing chances that it will surpass these networks in the coming months.
The Tron network generates fees from the important transactions that flow within its blockchain. For example, data from TronScan shows the network handled over $229 billion in USDT volume in the last 24 hours. It achieved this by processing more than 2.1 billion transactions during the same period.
Tron also reported more than $10.57 billion in transactions in the last 24 hours, which is a 480% increase from the previous day. Furthermore, the circulating supply of TRX tokens has been decreasing due to burning activities. It is now located in 86.29 billioncompared to 88.5 billion in the same period of the previous year.
TRX Price Analysis
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The TRX token has maintained an uptrend since bottoming at $0.04532 in 2022 and 2023. On the weekly chart, it has broken through the crucial resistance level of $0.1797, the top of the cup and handle pattern, one of the most popular bullish indicators. .
Tron has moved above all moving averages, while the MACD and Relative Strength Index have reached extreme overbought levels.
The closely watched market value to realized value indicator has risen to 2.8, still significantly below its all-time high of 6. This suggests that Tron price may have further upside potential. This trend will be confirmed if TRX breaks this week's high of $0.4488. If this occurs, the token could rise further as bulls target the key $1 resistance level.
The bullish view would be invalidated if Tron price falls below $0.1797, the top of the cup and handle pattern.
