Top 4 reasons why Tron price may surge 55% soon

Tron price has crawled back in the past few days, moving from a low of $0.26 in June to the current $0.28. It has jumped by over 42% from its lowest level this year. This article examines the key factors that may contribute to a 56% surge in the coming weeks.Tron price technicals suggest a surge is comingThe daily chart indicates that the TRX price bottomed at $0.2015 in February and subsequently began to recover gradually to the current $0.2865. TRX has moved above the 50-day and 100-day Exponential Moving Averages (EMA). Remaining above these indicators is a sign that bulls are in control.The token has also formed an ascending channel, which connects the lowest and highest swings since April this year. At the same time, it has formed a cup-and-handle pattern, a popular continuation sign. The recent pullback was part of the handle section, which could lead to a bullish breakout. The price target of this pattern is established by first measuring its depth by subtracting the lower side from the cup’s upper side. In this case, the depth is about 28%. Measuring the same distance from the cup’s upper side brings the target price at $0.3773. A move above that level will point to more gains, potentially to $0.4483, the highest swing in November last year, which is about 56% above the current level. Tron price chart | Source: TradingViewGrowing market share in the stablecoin industryMost financial experts believe that the stablecoin industry will continue growing in the coming years. Visa expects it to get to over $1.6 trillion by 2030, much higher than the current $255 billion. Tron has become one of the biggest players in the stablecoin industry, handling more payments than other chains combined.Data shows that Tron’s adjusted volume in the last 30 days stood at over $639 billion. If this continues, it means that it will handle over $8 trillion in the next 12 months. It will be comparable to other mainstream companies, such as Visa and Mastercard.Tron handled 70 million stablecoin transactions in the last 30 days, while the stablecoin supply has jumped to $80 billion. Its stablecoin addresses soared to 10 million. Tron is highly profitableFurthermore, another bullish catalyst for Tron’s price is that it has become highly profitable due to its stablecoin transactions. Data shows that Tron has made over $3.2 billion in the last 12 months, more money than Ethereum, Solana, BNB Chain, Internet Computer, and TON, combined.Tron utilizes its network fees to burn its tokens, thereby reducing its supply and inflation. Data show that the amount of Tron tokens in circulation has dropped to 97.4 trillion, down from 96 million the same time a year earlier. Tron is going public in the USAThe other catalyst that may push its price higher is that the company is looking to go public in the United States. It will do that by executing a reverse merger with SRM Entertainment. SRM will change its name into Tron and use over $100 million to accumulate TRX tokens. Therefore, there is a likelihood that the TRX token will keep going up ahead of the merger.The post Top 4 reasons why Tron price may surge 55% soon appeared first on Invezz