Tron Network Increases Revenue By 46% – What’s Next For TRX Price?

Tron Network's Gas Revenue Surges, Raising Questions for TRX

Tron Network saw a significant 46.54% increase in gas revenue in August, marking a notable gain compared to the previous month. In contrast, Binance Smart Chain (BSC) experienced a more modest rise of 6.63% in gas revenue.

However, other blockchains faced declines: Ethereum's gas revenue fell by 33.44%, Solana's dropped sharply by 48.51%, and Bitcoin's declined by 16.85%.

TRX Market Movements

The surge in Tron's network revenue has sparked interest in the price trajectory of TRX, its native crypto. An analysis of TradingView's 4-hour TRX chart reveals a falling wedge pattern, often interpreted as a bullish reversal indicator.

Indicators Suggest Potential Bullish Reversal

Several technical indicators reinforce the possibility of an upcoming bullish reversal for TRX. The Money Flow Index (MFI) suggests the asset may have been oversold, easing selling pressure. Additionally, the MACD indicator is approaching a bullish crossover, signaling a potential abatement of bearish momentum.

Key Levels to Watch

As TRX approaches the upper trendline of the falling wedge, traders should monitor it closely. A breakout could drive the price up to the $0.1700 area. However, a breakdown below the lower trendline could invalidate the bullish pattern, potentially leading to a drop to $0.1400 or lower.

Conclusion

Given the dips in other major blockchains and Tron's 46.54% gas revenue growth, it's a network to watch. While confirmation is needed in the form of a breakout and volume increase, the technical indicators for TRX point to a possible bullish turnaround.