TRX shuns stepping into the spotlight despite Tron’s latest offerings. Assessing… – Crypto News – Crypto News
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Assessing the reasons behind TRON’s dormant price action despite these achievements  Assessing the reasons behind TRON’s dormant price action despite these achievements 

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TRX shuns stepping into the spotlight despite Tron’s latest offerings. Assessing… – Crypto News

Published

3 years ago

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  • TRON published its weekly highlights mentioning the notable developments
  • TRON reached 131,312,000 accounts on the network however a few metrics were not supportive

TRON [TRX] posted its weekly update highlighting all the major developments on the ecosystem during the last seven days. This gave an understanding of the network’s performance. TRON mentioned the launch of TCNH by TrueUSD, which is a TRON-based stablecoin pegged to the offshore Chinese Yuan via Twitter.

Furthermore, the number 80 committee proposal was officially approved. The committee proposal’s major point is to change the No. 68 network parameter and charge a price of 1 TRX for transaction memos. Interestingly, TRON Dao announced the foundation of TRON Dao Ventures, which is an effort towards decentralization.

read TRON’s [TRX] Price Prediction 2023-24

How has TRX been?

TRON recently achieved a new milestone, which looked promising for the network as it represented its wide adoption across the globe. According to the latest data, TRON reached 131,312,000 accounts on the network. This was a higher number than that of the king’s coin, Bitcoin [BTC],

While the TRON ecosystem remained active, TRX’s performance was pretty dormant. CoinMarketCap’s date revealed that TRX did not manage to register gains during the last week.

Furthermore, at press time, TRX was trading at $0.0547 with a market capitalization of more than $5 billion. TRON’s on-chain metrics give a better understanding of what went wrong over the last week, apart from the bearish market condition.

TRON’s development activity witnessed a sharp decline, which was a negative sign because it represented fewer efforts from developers to improve the network. Moreover, TRX’s volume also registered a slight decline during the last seven days.

Source: Santiment

However, TRX managed to remain popular in the crypto space, which was evident from its social volume. TRX’s Binance funding rate went up substantially. This could be considered as a positive signal as it indicated high interest from the derivatives market.

Are your TRX holdings flashing green? check the Profit Calculator

Here’s what to expect

For the past couple of weeks, TRX showed support and resistance at $0.053 and $0.056 marks, respectively. The Moving Average Convergence Divergence (MACD) revealed an on-going battle between the bulls and the bears.

TRX’s Relative Strength Index (RSI) was also resting in the neutral position. This suggested that things could head in any direction. However, the Chaikin Money Flow (CMF) was relatively up, increasing the chances of a price surge during the final days of this year.

Source: TradingView

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