Will Tron (TRX) Coin Price Ace 8 Consecutive Weekly Gains?
The post Will Tron (TRX) Coin Price Ace 8 Consecutive Weekly Gains? appeared on BitcoinEthereumNews.com.
Key Insights: Tron (TRX) coin bulls show off with an impressive rally. One-year holders enjoy a healthy 150% plus rally courtesy of steady momentum. A deflationary model is among the reasons for TRX’s performance. Tron network’s native cryptocurrency TRX, has secured a spot among the top coins in the last 6 months. But will it sustain the same momentum, especially now that altcoin season is at play? Ethereum has been stealing the show this week, but TRX has somewhat kept toe-to-toe in some instances. For example, bags by long-term holders who acquired TRX exactly 12 months ago were up about 41%. ETH was up 42% during the same 12-month duration. Tron coin bulls also maintained a strong momentum in the short term. For reference, the cryptocurrency was on track to deliver its 8th consecutive week in the green. In fact, most of the gains in the last 12 months occurred during this period (about 37%). TRX Price Action | Source: TradingView TRX maintained its momentum well into oversold territory since mid-July. Its performance was also a reflection of its dominant position in the altcoin hierarchy. Speaking of dominance, TRX maintained an overall sideways trend since April. This suggested that the cryptocurrency’s altcoin season-related demand had little to do with the momentum. This could indicate that institutional demand was mostly responsible. It could also indicate that TRX bulls may continue to dominate now that altcoin season has started, especially as retail liquidity makes its way into the market. Tron Coin Deflationary Model May Support a Long-Term TRX Outcome Token supply is always a major factor in determining price. Another potential reason why TRX has been gaining popularity among long-term holders is its deflationary characteristics. Tron had a circulating supply of $94.68 billion at the time of observation, according to CoinMarketCap. Recent…
