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- According to our market data, Tron (TRX) and Toncoin (TON) have broken crucial support levels to extend their downtrend by an additional 10%.
- Despite the massive correction, analysts have predicted that TON could double its current position to breach the 2024 high.
Both Tron (TRX) and Toncoin (TON) have shed off a substantive gain on their weekly and monthly price charts as the broad market records a loss of 4.4% to drag the total market cap to $3.3 trillion.
According to our market data, TRX has declined by 5% in the last seven days and 10% in the last 30 days to trade at $0.244. Meanwhile, TON has also declined by 7% in the last seven days and 11% in the last 30 days to trade at $5.2 at press time. Interestingly, the asset is expected to make 2x from the current price, per a CNF report.
Price Analysis of TRX and TON
Assessing TRX’s price action over the past few days, we observed that the asset faced a crucial resistance at $0.27 on January 7 as it attempted to secure the monthly high of $0.30. On January 8, the asset declined by 6.67% and extended this downtrend to trade below the 50-day Exponential Moving Average (EMA) support level found at $0.28. From the current position, analysts expect the price to further decline to the December 2 low of $0.20 in a 16.8% fall.
Looking at the Relative Strength Index (RSI), we observed a strong bearish momentum at 42, far below the neutral level of 50. Similarly, the Moving Average Convergence Divergence (MACD) indicator also displays a bearish cross-over, hinting at a bearish extension.
For the Toncoin (TON) price analysis, strong resistance was witnessed at $5.72 on January 7. Meanwhile, this downtrend is expected to continue by 11.5% to find support at $4.60 if bulls fail to seize control from bears.
Similar to TRX, TON’s RSI is currently reading in the bearish territory, while the MACD also indicates a bearish trend. However, these are expected to record a sudden turn to the bullish side as the broad market rally is reported to be almost near. As we featured in a recent report, TON has emerged as one of the top coins that could make an explosive surge in 2025. In agreement with this, an analyst called Zachary A. Atkins has predicted that TON could hit $8.
Toncoin Price Analysis: TON Price Eyes To Hit $8 Next? – #BNB #Bitcoin #ETC #Ethereum #HBAR #BCH #NFT #Blockchain #AVAX #Litecoin #ADA #TUSD #Solana #XRP #USDC #USDT #XLM XDC https://t.co/FQzVOfutEH— Zachary A. Atkins (@ZacharyAtkins77) November 19, 2024
Previous Partnership and On-chain Activities
Last year, Toncoin collaborated with Pyth as its “The Open Network” got integrated into “IntoTheBlock’s” analytics platform. Meanwhile, The Open Network witnessed a significant level of growth throughout 2024. The growth was led by the rising adoption of casual games on the Telegram messaging app.
The Tron Network also had an incredible number in 2024, as its revenue reached $2.12 billion. Comparatively, this was more than a 115% increase from the 2023 protocol’s revenue. Revenue recorded from users who purchased TRX on the network also increased by almost 40%. Fascinatingly, TRX had a similar growth in 2023, surging by 140.8%, as we highlighted in a December report.
