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Bullish momentum is gathering pace for TRON (TRX), suggesting a potential upward trajectory as illicit activities decline alongside rising prices.
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2024 marks a significant year for TRX, characterized by a notable decrease in illicit transactions, which could foster a more stable investment environment.
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According to a statement from TRM Labs, “The collaboration of Tether, TRON DAO, and TRM Labs through the T3 Financial Crime Unit has led to a substantial decrease in illicit activities on the platform.”
TRON (TRX) shows strong signs of recovery as illicit activities fall, with a recent price surge indicating a potentially brighter future for the cryptocurrency.
12% Hike Since Rejecting Key Support Level
TRX, TRON’s native cryptocurrency, surged strongly from the significant support level of $0.216, appreciating by 12% to reach a trailing price of $0.2493 at press time. The prevailing bullish momentum may push TRX’s price to test this significant level soon if the current trend is sustained.
The decline in illicit behavior on the TRON network is apparently a motivating factor behind this price action. As the blockchain grows and becomes more trusted, investor psychology is only likely to get better.
Source: TradingView
This is significant, especially given the extent to which TRX facilitates USDT transactions. It constitutes a substantial percentage of its network activity.
What Do Declining Illicit Transaction Volumes Mean for TRON’s Future?
The combination of reduced illicit activity and a strong price surge paints a promising picture for the network. With the T3 Financial Crime Unit actively working to curb illegal transactions, TRON’s reputation as a secure and efficient blockchain is expected to improve further.
Such developments could attract more users and developers to the network, hence boosting demand for TRX in the long term.
Source: TRM Labs
What to Expect from TRON in the Near Future?
Technically, the $0.275 resistance level stands as the immediate challenge for TRX. If the bullish trend continues, breaching this key level could open the door for further rallies.
However, any signs of waning momentum could trigger a pullback to the $0.216 support level.
Conclusion
The recent developments surrounding TRX present a robust case for optimism among investors. With decreased illicit activities and a price surge, TRON appears well-positioned for sustainable growth. In a market often clouded by uncertainty, TRX’s positive trajectory offers a glimpse of what could be a more stable future for both the asset and its ecosystem.
