TRON's TRX token saw a slight 0.26% price increase over the past hour to $0.08454, according to data analyzed on September 19, 2023. With a market capitalization of $7.52 billion, TRX remains one of the top cryptocurrencies by market cap. Here's an in-depth look at the key metrics and what they could mean for TRX's price action going forward.
Over the past 24 hours, TRX has traded relatively flat, up just 0.00%. This indicates that bulls and bears remain stalemated in their tug-of-war over control of TRX's short-term trend. Trading volume over the past 24 hours totaled $166.46 million, suggesting adequate liquidity but lackluster interest from both buyers and sellers.
Zooming out reveals a more bullish picture for TRX. Over the past week, the token has surged 6.38%, indicating growing momentum on the part of bulls. The rally picked up even more steam over the past month, with TRX gaining 14.43% and reclaiming its 200-day moving average after trading below it for several weeks prior.
TRX's upward trajectory becomes even clearer when zooming out further. Over the past 6 months, the token has skyrocketed 26.67%, handily outperforming top cryptocurrencies Bitcoin and Ethereum.
What's Behind TRON's Rally?
Several factors appear to be contributing to TRON's recent bull run:
- Growing DeFi activity - Total value locked in TRON DeFi protocols has grown steadily, passing $7 billion in August 2022. Increased usage signals growing utility and demand for TRX.
- Upgrades to TRON protocol - TRON founder Justin Sun announced upcoming upgrades that will further decentralize the network and improve scalability. Upgrades show continued development.
- Macro tailwinds - The