TRON price rallies to yearly high following burn of over $12.6 million tokens

• TRON fee revenue reached an all-time high of $1.758 million on February 20. 
• TRON network burned over 12.62 million tokens on Tuesday, likely catalyzing the altcoin’s gains. 
• TRON price hit a 2024 peak of $0.14048 on Wednesday and the altcoin is likely to rally higher. 

Justin Sun’s TRON network recently burned large volumes of the token. TRON price rallied to a multi-year high of $0.14048 on Wednesday, with two catalysts as likely drivers of the asset’s gains: TRON’s roadmap to integrate ecosystem assets with the Bitcoin blockchain and the burn of the project’s tokens catalysts as likely drivers of the asset’s gains: TRON’s roadmap to integrate ecosystem assets with the Bitcoin blockchain and the burn of the project’s tokens this week.

TRON price could climb higher

TRON is currently in an uptrend. The altcoin’s target is the May 2021 peak of $0.17. In the event of a correction, TRON could find support at the 23.6%, 38.2% or 50% Fibonacci retracement of TRON’s climb to its 2024 peak, at $0.13124, $0.12552 or $0.12090 respectively. 
The green bars on the Moving Average Convergence Divergence (MACD) indicator suggest that there is positive momentum. TRON price could resume its rally post the brief correction on Thursday.