Tron price stalls as its YTD fees surge towards $1 billion
The Tron price has stalled between the key support and resistance levels at $0.2210 and $0.2595 even as its fees rise.
The Tron (TRX) token was trading at $0.2430, giving it a market capitalization of $23 billion, making it the ninth-largest coin in the cryptocurrency industry.
TokenTerminal data indicate that Tron has generated over $985 million this year, making it the second most profitable player in the cryptocurrency industry, after Tether (USDT).
Tron has become a more profitable layer-1 network than Ethereum (ETH) and Solana (SOL), which have made of over $388 million and $234 million, respectively.
Its fees have come from its stablecoin transactions. Tronscan data shows that it has become the largest processor of Tether, the largest stablecoin in the cryptocurrency industry. On Friday, it processed $33 billion. There were 2.1 million transfers on Friday, with the number of transfer accounts rising to almost 1 million.
Tron has also benefited from the growth of its decentralized finance sector. DeFi Llama data shows that the volume of tokens handled on the Tron blockchain rose by 20% in the last seven days to over $1.06 billion. It has handled over $3.45 billion in the last 30 days, making it one of the biggest chains in crypto.
Tron price technical analysis
The daily chart shows that the TRX price has remained in a tight range in the past few months. It has remained between the support at $0.2165 and the resistance at $0.25,
Tron has moved above the 50-day moving average and formed a bullish divergence as the MACD and the Relative Strength Index have continued rising.
Therefore, the token will likely have a bullish breakout as its fundamentals strengthen. If the price rises above the upper side of the channel at $0.2585, more gains will be confirmed.Â
A move above that level will indicate more gains. The next point to watch is $0.3085, which had its highest swing on Dec. 16.
A drop below the support at $0.2165 will invalidate the bullish forecast.
