The Tron Network saw a significant surge on Tuesday, 27 January, as active accounts climbed past 4.59 million, a 36% increase in just one month. According to on-chain analytics platform Lookonchain, this spike in activity has fueled adoption across decentralized finance (DeFi), NFTs, and dApps.
The continued growth of active accounts also underscores a positive trend in terms of network fundamentals, especially with respect to Tron.
Lookonchain has also pointed out that continued user growth is seen as a precursor to rising transactional volumes and stronger trends with respect to adoption, especially within developing markets across the digital world.
Also Read: TRON Faces Pressure as TRX Struggles to Break Resistance
Despite the recent surge in Tron Network’s activity, the cryptocurrency is now in a short-term corrective phase, according to the crypto analyst Crypto Pulse, as of Tuesday, January 27.
The token has failed to break the resistance level, resulting in its price declining by nearly 7%, as observed since the last bullish prediction. The price decline is due to profit-taking and selling pressure.
Source: CryptoPulse
Technically, the outlook for TRX will continue to be corrective unless the price manages to break and stay above the $0.32 level. Until then, traders will continue to look for support, as this could have an impact on the price of TRX in the near term.
According to TradingView, as of Tuesday, January 27, TRX is in a state of consolidation after the price was unable to sustain the highs established in August-September, which were around the $0.35 price point.
The price continued to fall until November, when it found support at the $0.27-$0.28 price range. This is because this price range is in line with the lower Bollinger Band, indicating exhaustion of sellers.
Source: TradingView
Most recently, the price has rebounded back up towards the $0.30-$0.32 price range, which is a resistance cluster with many EMAs crossing through this region, including the 20, 50, and 100 EMAs.
The rejection from the upper Bollinger Band indicates some profit-taking in the price, but the price is still trading above the 200 EMA, keeping the broader structure neutral-to-bullish if support near $0.29 holds.
Also Read: TRON (TRX) Faces $0.33 Resistance After Channel Breakout
Also read: XRP Price Prediction: XRP Ledger Smashes Past $2 Billion in Tokenized Assets – Why This Could Send XRP Parabolic
