This Tron [TRX] metric surges: Will bulls regain momentum?

ambcrypto.com:

Tron [TRX] was finally showing bullish excitement at press time after struggling for directional footing since mid-January. Nonetheless, the reason why the bulls were back in control might just be as interesting as the rally itself.

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Recent findings revealed that Tron’s daily transaction fees registered a strong surge in the last 24 hours until the time of writing. Moreover, a quick look at DeFiLlama showed that fees peaked at $1.56 million. This was the largest amount of daily transaction fees that Tron had recorded in the last two years.

Source: DeFiLlama

Initial reports suggested that the surge in fees was linked to Tron’s recently passed Proposal 83. The latter sought to enable a dynamic energy model as the new mechanism for energy charging in smart contracts. The surge in daily transaction fees became apparent just days after the proposal was passed, suggesting that the implementation was already having an impact on the network.

As a consequence, staking TRX became more profitable. This may explain the surge in demand for TRX, coupled with the right timing of the market. The rest of the cryptocurrency market was also off to a healthy mid-week performance, hence making it easier for the bulls.

TRX traded at $0.069 at press time after a 4.49% upside within the last 24 hours. This rally put it within the same range as its press time ATH, so sustained demand may push it to a new high.

Source: TradingView

But what are the chances of a new local high? An extended upside is more plausible, especially as the 50-day MA was crossing above the 200-day MA at the time of writing. TRX’s ability to sustain the upside would require favorable sentiment and substantial