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Tron Shows Bullish Energy And Attracts Investors To Buy TRX

TRON has been on an uptrend and looking bullish for the past 12 hours. The technical indicators all imply an increased demand on the asset and a steady streak. 

Here’s a quick glance of how the crypto has been performing of late:

  • TRX price up by 0.20% as of this writing
  • Technical indicators show increased TRX demand
  • TRON second in line in terms of TVL

Tron Price Retraces By Half

According to CoinMarketCap, TRX price has spiked by 0.20% or is trading at .05529 as of this writing.

TRON has tested the key support level of $0.54 several times this month. TRX price has also retraced by 50% or currently at the $0.0578 level as the coin retreated from 0.066 to $0.047.

The Visible Range Volume Profile looked promising too as it showcased the point of control which is at the $0.055 level and with the value area high seen at $0.059.

On November 26, TRON retested the key support level of $0.0527. The bullish breaker can be spotted right below this level extending from $0.0527 to $0.0516.

Evidently, the price has tried to retest the bullish breaker several times, seeing a visible reaction on every retest performed.

TRON has recently disclosed they are second in line in terms of Total Value Locked (TVL), trailing behind Ethereum. It also demonstrated an impressive burn rate which only supports the premise of TRON’s accelerating growth.

The frequent retests done on the bullish breakers as well as the higher lows has triggered the formation of a right-angled pattern which could be signaling a breakout northwards on price.

On the other hand, Bitcoin is trying to barrel past the mounting pressure experienced at the $17k-$17.4k, which hints that a pullback could give the bulls an opening to go and buy TRX.

Tron OBV On The Rise

TRX is now being supported, but is failing to make any notable chart moves. Instead, price action is continuing to move sideways within the pennant that formed.

Meanwhile, a further rejection would send the TRX price action back down, where it would then attempt to test the support provided by the the ascending trendline.

Should that level be breached, bearish follow-through trading towards $0.051 can be anticipated.

Since November, it has been observed that TRON’s on-balance volume has been rapidly increasing, which demonstrates an exceptionally high level of buying pressure.

In this case, although the formation of the right-angled pattern hints at an upward breakout, there seems to be another scenario as shown in the flat open interest chart.

This suggests that TRX price may have already peaked which means a lack of further momentum could signify a weakening in the trend.

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Shiba Inu Continues Decline, Sinks To 15th In Market Cap List

Shiba Inu has declined by more than 6% in the last week, and as a result, has lost its place in the market as the 14th largest coin to Tron (TRX).

Meme Coin Shiba Inu Has Continued To Struggle In Recent Days

More than one month following the FTX collapse, SHIB has continued its struggle as the meme coin has been unable to put together any bullish momentum. While the rest of the market was also hit hard by the crash, other top coins have been nonetheless able to show at least a little recovery. Shiba Inu, on the other hand, has moved virtually sideways since then, and thus still finds itself down almost 30% in the period.

Related Reading: Peter Schiff And Jim Cramer Present Their Doom Scenarios For Bitcoin, Cardano, XRP, Dogecoin

At the time of writing, SHIB is trading around $0.00000887, down 0.5% in the last 24 hours. Here is a chart that shows the trend in the meme coin’s value during the past month:

Shiba Inu Price Chart

As you can see in the above graph, Shiba Inu has taken a hit during the last few days, breaking the monotonous sideways trend a bit. After this decline, the meme coin’s monthly returns now stand at around -8%. For comparison, rival Dogecoin is up almost 1% in the same period, while Bitcoin has seen profits amounting to 4%.

SHIB Slips Further Down The Market Cap List

A consequence of SHIB’s recent poor performance has been a change in its standing among the wider cryptocurrency sector. Just last month, Shiba Inu was the 13th largest coin based on the market cap, but the meme coin declining while its competitors have shown better strength has led to it first losing its spot to Litecoin (LTC), and now being overtaken by Tron (TRX).

The below table shows how the 12th to 17th-placed cryptos have performed recently.

Shiba Inu Market Cap

The current market cap of Shiba Inu is around $4.8 billion, which is actually only slightly lower than Tron’s almost $4.9 billion cap. This means that with only a little uptick in price, the crypto can possibly retake the 14th spot on the list.

However, it’s also true that the next-placed asset, Solana, is only minimally behind SHIB now, suggesting that if the meme coin continues to do poorly, it will easily tumble further down the list.

Dogecoin has also been struggling recently, but despite its 10% decline in the past week, the coin is still comfortably sitting at the 8th position in the list, with more than double the market cap of SHIB.

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TRON Ecosystem To Undergo Changes – A Bane Or Boon To TRX Price?

As the newest committee proposal nears completion, Tron will undergo dramatic changes. An update tweet states that the fee cap for smart contracts will be raised from 10,000 to 15,000 TRX coins.

The developers believe this would mitigate the risk connected with smart contracts by reducing the number of low-value smart contracts created on the ecosystem.

Let’s take a quick look at TRX’s performance:

  • Improvements to the Tron ecosystem have boosted investor confidence.
  • The indicators point to the formation of a robust uptrend.
  • Price could rise to $0.05560 or higher on a rebound from the current level of $0.05274.

As the burn rate of TRX increases with the increase in fee limit, the deflection in the ecosystem would also grow, from -1.39% to -3.17%. According to the developer’s Medium post, a rise in fee limitations would also impact the staking rate.

In aggregate, the shifts herald the beginning of bullishness in TRX, however CoinGecko reports a 1.1% decline in the daily timeframe price of TRX. Will these changes influence the price of TRX?

What The Coming Days May Bring For Tron

There is an indication that TRX is beginning to rebound from the market downturn that followed the FTX disaster. In Tuesday’s trade, TRX shows a red candle at $0.05278. It would appear that the RSI statistics are bullish in the short and intermediate term, however this is negated by the fact that the RSI has a bearish crossover.

Chart: TradingView

The MACD indicator corroborates this. Despite the fact that the market appears to favor buyers, bearishness can still be observed as the EMAs of the MACD indicator trend downwards.

Chaikin’s money flow index suggests that bulls are still in charge of the market, and this optimistic sentiment is reinforced by the MFI of TRX, which opposes the price decline. This indicates that the developing decline has no actual impetus.

Investors and traders could rely on the $0.05 support, which halted additional declines on November 11, when both cryptocurrencies and equities collapsed following the November 10 release of the Consumer Price Index.

Solid Bullish Momentum For TRX?

According to Messari’s measures of volatility, TRX is relatively stable. This further reinforces the optimistic conclusion anticipated by the community. With Bitcoin’s price breaking past the $17K barrier and TRX’s increasing link to BTC, we can anticipate further bullishness.

Even though the price trend is falling, a rebound from $0.05274 to $0.05560 and above is inevitable.

TRX total market cap at $4.8 billion on the daily chart | Featured image: Freepik, Chart: TradingView.com

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TRON Unfazed By Decreasing Volumes, Tallies $1 Billion In USDT Inflow

TRON (TRX) remains in a stagnant phase, refusing to make any kind of momentum for an upward run despite a number of positive developments that, in many cases if not all, should have helped trigger a significant price movement.

Let’s consider this summary:

  • TRON’s seven-day jump was less than 2%
  • During the last 30 days, TRX has already lost 12% of its value
  • Tron blockchain enjoys a significant boost in its stablecoin inflow

Instead, the asset continues to consolidate within a narrow range and is not showing any signs of immediate recovery.

According to the latest information provided by Coingecko, at the time of this writing, TRX is trading at $0.053957.

It only managed to climb by 1.6% during the last week although it is nursing an increase of 6.3% over the last 14 days.

TRON, currently the 17th largest crypto asset in terms of overall valuation with a market cap of $4.97 billion, has already gone down by more than 12% on its month-to-date (MTD) performance.

Not even the news of its mother platform registering a massive stablecoin inflow was enough to make the asset push its price to higher levels.

TRON Performs Well In Stablecoin Inflow Last Month

Using Twitter, pseudonymous DeFi Llama shared that the Tron decentralized platform observed an inflow of $1 billion USDT for the past two weeks.

The most notable date during the said time frame was November 18 when the blockchain registered its highest stablecoin inflow. Meanwhile, November 24 and 28 were the other dates when the network experienced spikes in the particular department.

At a quick glance, this development meant that investors are taking action and are showing tremendous trust for the project.

Skeptics, however, were quick to assume that might not have been the case and that Tron founder Justin Sun was behind all of it in his attempt to pump liquidity for TRX.

Nonetheless, this didn’t help Tron’s crypto asset as it continues to struggle in finding its groove to break out of its slump to surge in value.

TRX In Neutral Stance

Basing on the crypto’s four-hour chart, it could be noticed that its Awesome Oscillator (AO) was pegged to be at 0.00045.

Such value is not indicative of a bullish or a bearish movement, therefore it would make sense to say that TRON is currently caught in a neutral momentum.

Source: TradingView

Meanwhile, the Directional Movement Index (DMI) suggests there is a strong directional push that is going in the way of buyers.

However, buyers may not hold their advantage for a long time as indicated by the cryptocurrency’s Average Directional Index (ADI).

As for forecasts for TRX, Coincodex says the asset will experience a slight price decline within the next five days and will change hands at $0.053338 by December 9.

Come January 3, the digital coin will possess a lower trading price of $0.039659.

TRX total market cap at $4.8 billion on the weekend chart | Featured image from Zipmex, Chart: TradingView.com

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Tron Adds 1.75 Million New Addresses In Last 7 Days As TRX Regains Previous Losses

TRON (TRX) took a heavy hit during the first half of November following unfortunate events such as the implosion of FTX, an exchange that was once considered the third largest in the world.

According to data provided by Coingecko, from its $0.064 price on November 6, TRX went on a steady decline until it plummeted to $0.046 on November 14.

After that, the cryptocurrency managed to stage a rebound and continues to do a relatively good job at recovering its losses.

In fact, at the time of this writing, TRON has managed to tally a 19% jump from its November low, trading at $0.054.

Over the last two weeks, the digital asset seems to have found its groove as it continues to shake off the negative effects of both the crypto winter and the FTX collapse.

Tron Report Reveals Project Capable of Attracting More Users

As another week came to a close, Tron blockchain, via Twitter, shared some important data pertaining to its performance for its community.

According to TRON DAO’s post, the project managed to add 1.75 million new addresses within the last seven days, pushing its total tally to 123.3 million accounts.

Also, during the same period, the total number of transactions facilitated on the blockchain network reached 4.28 billion.

In terms of total value locked (TVL), from November 21 to 27, the project was able to hit the $9.4 billion mark after registering an increase of roughly $400 million. Meanwhile, the Tron blockchain height surpassed 46.23 million during the same timeframe.

The data, according to Tron, seems to prove that given the right conditions, the project is capable of enticing millions of new users to join its ecosystem. It also indicates there are still many individuals that believe in the blockchain’s potential.

3 Main Problems TRX Is Facing

Although it is hovering around the $0.054 at the moment, TRON is not yet out of the woods as there are still challenges that could cause it to plummet once again.

According to some experts, the cryptocurrency is left to deal with the fact that many people lost their faith in the digital asset class following the collapse of the FTX exchange platform which filed for Chapter 11 Bankruptcy on November 11.

TRX is also facing fierce competition from projects such as BitGert (BRISE) and Centrex (CENX) which are, according to experts, having better adoption numbers when compared to the Tron token.

Finally, within the last few weeks, there has been an apparent instability within Tron network as investors panicked when USDD (the project’s algorithmic stablecoin) lost its peg to the US dollar.

These could trigger another price dump for the crypto asset, therefore investors and prospective buyers are advised to keep an eye on these to help them with their decision making.

TRX total market cap at $5 billion on the daily chart | Featured image from Car and Driver, Chart: TradingView.com

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Tron Latest Update Seen Giving TRX Price A Boost – Here’s Why

Investor interest in Tron is growing as the protocol receives updates. The new Java-tron GreatVoyage-4.6.0 upgrade, codenamed Socrates, is a required update that includes crucial enhancements that greatly improve the protocol’s ability to utilize storage.

Since time is of the essence, here is a quick rundown of TRX:

  • Major new enhancements that will smooth out the protocol’s operation have been released
  • The proposal from PancakeSwap has the potential to be a strong positive catalyst
  • Current price action is negative, but a reversal would be bullish

That’s not all good news, either. PancakeSwap just made an announcement to its user base that it would be accepting TRX into its Syrup staking pool.

The price of TRX eventually reflects all of this. Using a weekly time frame, CoinGecko reports that TRX’s price rose 0.8%.

Everything looks and sounds fantastic, but what do the experts have to say about it?

To Uptrend, Or Not To Uptrend?

It doesn’t look like it’ll form an uptrend on the charts, and that might be for a number of reasons. It’s worth noting that the Bollinger band is establishing a crunch zone immediately following the cup formation in TRX.

Chart: TradingView

The impending decline may be part of a larger cup-and-handle structure with an ascending triangle serving as its handle.

The regression model also reveals that the present decline is robust, with Pearson’s R value hitting 0.61, indicating that despite positive events on-chain, pain is not out of the question for TRX.

The fact that the RSI is still in the oversold bottom half further confirms a downward trend.

All of this is occurring as TRX trades at $0.0525 per coin. On a 4-hour timeframe, the technical indicators are optimistic, as the RSI is rising and the bollinger band is widening.

As this indicator oscillates between overbought and oversold, the rising RSI value is accompanied by a decline in price.

According to CoinGlass, the TRX derivatives market is improving slightly as exchange financing rates improve. TVL decreased on the DeFi side of Tron from $4.31 billion to $4.29 billion.

Chart: Coinglass

Not Enough Momentum

TRX investors and traders are unquestionably instilled with confidence by recent events. According to CoinGlass, this is further underlines by the fact that more traders are entering long holdings than short positions.

However, based on the metrics, they should proceed with caution, as the technicals indicate that TRX will experience further losses.

However, short-term traders could target the $0.056 barrier, as this would be a good place to begin a rally.

TRX total market cap at $4.88 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com

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TRX Surges Over 600% Following Justin Sun’s Deal With FTX

Tron’s native token TRX has been seeing significant upside on the FTX exchange since the announcement of a potential deal that would allow users to withdraw funds. This deal is one of the only ones that have gone into effect since FTX began experiencing issues and it seems users are already taking advantage of it. However, it is not all rosy as users begin to notice the downside to this.

TRX Price Explodes On FTX

TRX token is already up more than 500% on the FTX crypto exchange over the last week on the FTX exchange. Tron founder Justin Sun had seemingly worked out an agreement with the troubled exchange to allow users to swap their crypto currently stuck on the platform for TRX tokens and then withdraw it.

This would obviously make it possible for users to swap digital assets such as bitcoin, ethereum, etc, to TRX, and then proceed to withdraw it, making it possible for them to withdraw previously stuck funds from FTX. It has naturally become a popular option for FTX users, causing the price of the digital asset to balloon on the exchange.

In just 24 hours following the announcement, TRX’s price was already up significantly. While the token’s price remained relatively low on all other exchanges, it had traded to a high of $0.43 on the FTX exchange. Compared to the $0.05 price mark that is the case across all other exchanges, it is trading at a 600% premium on FTX.

TRON (TRX) price chart from TradingView.com

TRX price spikes on FTX | Source: TRXUSD on TradingView.com

There has been some fluctuation in the price since the token hit this new high on the platform. However, the price still remains high at  $0.43 at the time of writing, with trading volumes already exceeding $630 million in a 24-hour timeframe.

Not A Good Deal

At first, converting digital assets to TRX on the FTX exchange in order to withdraw looked like a good idea, but that only lasted as long as prices on the exchange correlated with the broader crypto market. As the price of TRX inflated on the FTX exchange, the value that users were getting when they swapped their tokens quickly plummeted.

With TRX being 500% above market price on FTX, it means that the exchange’s users would only be getting about 20 cents on the dollar when they swap. This is because after withdrawing TRX from FTX, they would still have to swap the tokens at current market prices. 

To put this in perspective, say someone has $10,000 worth of bitcoin and swapped it to TRX at $0.43 (current prices), they would get around 38,570 TRX. When they withdraw and move to other exchanges for sale, taking the current price on Coinmarketcap of $0.05, they would have only $1,162 after selling. This translates to roughly 12 cents on the dollar.

Meanwhile, Tron is making bank buying these digital assets for cheap as they are the only ones allowed to transfer TRX into FTX. At the current rate, they will be seeing millions of dollars in profit, presumably giving FTX a healthy cut of the proceeds.

What this shows is that it is the end users that always get screwed over in times like these. Even deals that seem to be “helpful” turns out just to be another way to exploit users who are already in a vulnerable position from the exchange’s collapse. 

Featured image from Medium, chart from TradingView.com

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Tron Transaction Volume Balloons To 5.3 Million In Q3, But There’s Still Doubts Ahead

Once a week, the official Tron Twitter account would tweet out an update for the world to see. The events of the past week, the post claims, have provided Tron with new possibilities. Also during the quarter, Messari published their own report on Tron’s performance.

As more data on the token’s side are investigated, the research claims that the future of the protocol is bright, but that mixed signals are spreading doubt to fans and investors.

This can be worrisome since low confidence can lead to a sell-off, which can further drive the token’s price down.

Even while there is hope for the token’s future in the Messari research, investors in cryptocurrencies appear to be more concerned with the continued decline in development activity and other factors.

In addition, the amount of DeFi territory on Tron ballooned dramatically. There was a 61% rise in TVL (total value locked). Total TRX transactions also increased by 12.4% year over year in the third quarter to 5.3 million.

How high may TRX go in the next several days, and will bears in the TRX market eventually prevail?

Tron: Mixed Signals And Price Forecast

As of this writing, the Tron looks like this: CoinGecko claims that TRX did not experience any price growth throughout the last three months. However, at the time of writing, it appears that token prices are on the rise.

TRX is exhibiting a descending triangle formation, which is a bullish indicator for investors and traders. This has the potential to restore the token’s confidence. Currently, TRX is trading in the green at $0.0627, and a bullish breakout is possible during the next several days.

Soaring Stoch RSI data will be the indication for investors and traders to monitor, as continued rising movement on this indicator indicates a possible pullback in the coming days or weeks.

Yet, this is counterbalanced by the bearish CMF and CCI indicators, which indicate either partial or complete bear dominance over the TRX market.

TRX Holders Brace For Next Price Movement

As the breakout nears, the EMA ribbon signal suggests opening a long position now. TRX’s trading range has shrunk from $0.0523 to $0.0724 during the last weeks to the current range of $0.0588 to $0.0670.

Along with the rising behavior of the Stoch RSI data, this significantly validates the EMA ribbon’s price movement prediction.

As this day approaches, the market will finally take into account Messari’s previous optimistic quarterly report.

While this day has not yet arrived, TRX holders should continue to hold until the rally occurs.

TRXUSD pair trading at $0.062489 on the daily chart | Featured image from Forbes, Chart: TradingView.com

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Tron Performance Last Month Was Impressive, But Can TRX Do Better This November?

Tron, a decentralized, open-source blockchain-based operating system with smart contract functionality, recently released its monthly report for the month of October.

There, the company behind the cryptocurrency TRX highlighted some of the developments that gave its ever-supportive community plenty of reasons to celebrate.

Among those included in the report was Tron becoming the first national blockchain of Dominica which meant digital currencies under its umbrella such as TRX, BTT, JST, NFT, USDD, USDT and TUSD were given permission to be used as medium of exchange within the country.

Justin Sun, the founder of the decentralized network, has also been invited by world-leading cryptocurrency trading exchange Huobi Global to be part of its advisory board.

Meanwhile, Tron Grand Hackathon, returned for its third season, providing another avenue for blockchain enthusiasts to showcase their ideas and be noticed by crypto experts.

TRX Performs Well In October

TRX managed to offset some of its loses back in September when it managed to pump its prices last month, peaking at $0.064 on October 15.

Among those possible reasons for the impressive performance of the Tron crypto was the notable influx of 4.45 million new users that joined the network’s ecosystem.

This resulted in a major upswing in number of transactions facilitated by the blockchain which reached a tally of 186 million by the end of the month.

The altcoin, however, seemed to have lost some of its momentum as it is currently in a declining trend over the last 24 hours according to tracking from Coingecko.

At press time, TRX is trading at $0.062 and is now down by 2% over the last seven days. Despite the price dip, the asset is still on the green zone as far its biweekly and monthly charts are concerned.

It is the 15th ranked cryptocurrency in terms of market capitalization, having an overall valuation of $5.728 billion.

Price Forecast For TRX

Although the trading price Tron crypto is currently experiencing a downward movement, the network’s community can expect bullish rally from the asset, at least according to forecasts from Coincodex.

Over the next five days, TRX is expected to slightly increase its current spot price by almost 2% to change hands at $0.063.

Meanwhile, the digital coin is expected to retain its upward momentum for the next 30 days and is predicted to trade around $0.067.

It is important to note, however, that these forecasts are not set in stone as TRX, just like any other cryptocurrency, is always at the mercy of the volatile nature of the crypto market.

TRX total market cap at $5.77 billion on the daily chart | Featured image from Zipmex, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.

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Tron Hits Record 117 Million Users, But TRX Price Increase Is Mediocre

Tron (TRX) managed to pull a Bitcoin-like feat almost two weeks ago when it became a legal tender for the Commonwealth of Dominica.

The 16th largest cryptocurrency in terms of market capitalization successfully replicated Bitcoin’s feat when it became a legally accepted tender within the territories of El Salvador.

  • TRX price slightly corrects after surging following announcement of becoming legal tender in the Commonwealth of Dominica
  • Coin currently trades at $0.0616
  • Tron Protocol’s TVL drops to $1.25 billion

Shortly after such momentous development, Tron witnessed a mini price rally as it traded at $0.0646 on October 15. 

The asset, however, is once again experiencing price correction as it failed to capitalize on its gains, going back to its downward trend that’s been going on for the past few weeks.

At press time, according to data from Coingecko, TRX is trading at $0.0616. While the asset is on a decline, it managed to keep its losses at minimal levels.

Tron Network Reaches Milestone

Data shared by TRONSCAN showed TRX’s network users reached 117 million. The figure is the highest yet for the project but was of no help to push trading prices to higher levels.

Stakers continue to show their support and stand behind Tron. Over the last 30 days, there was an increase of 1.17% on the number of present stakers for the protocol which stood at 305,458.

That’s where the good news ends for the digital asset, as it also tackles with negative developments that will make it harder to make price rally anytime soon.

Active users for dApps running on the crypto’s network declined over the last seven days. This impacted the total value locked (TVL) of the protocol which has declined and now stands at $1.25 billion.

Source: DeFiLlama

Moreover, social mentions for Tron fell sharply for the past week, going down by 18.5%. This highlighted the fact that sentiment towards the protocol and its native cryptocurrency remain negative.

Price Forecast For Remainder Of 2022

Next month will be a bit better for Tron as it is forecasted to have an average trading price of $0.0679. There is a chance the asset will settle for a month-low of $0.0659 but it is still higher than its current spot price.

Not much change can be expected from the crypto in December this year except for the possibility that it may trade at $0.0729.

Meanwhile, TRX is expected to perform slightly better in 2023 as its average price by then is seen to be at $0.10998. The highest the crypto asset can climb next year is $0.11998, based on estimates.

TRX total market cap at $5.6 billion on the daily chart | Featured image from Inside the Magic, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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Tron Development Activity Grows In The Last 7 Days – Except TRX Price

Tron (TRX) welcomed the second week of this month with the news of its coin becoming a legal tender in the Commonwealth of Dominica announced by no less than its blockchain founder, Justin Sun.

  • Technical indicators for TRON are confusing as of this time
  • TRX could surge all the way to $0.0678 after 30 days
  • Tron network’s development activity surges over the last few days

With the development, the crypto, along with other Tron minted coins such as BTT, JST, NFT, USDD, USDT and TUSD, can now be used as medium of exchange within the island nation.

Meanwhile, just last September, Sun shared on Twitter that since October 28, 2021, the total number of burned TRX tokens reached 11 billion, dropping the asset’s supply to 71.6 billion.

The 15th largest cryptocurrency in terms of market capitalization also recently racked up another achievement, placing 3rd on the list of the most influential BTTs over the last 30 days.

BTTs are TRC-20 utility tokens used for powering various features of different decentralized applications and programs.

But even with all of these accomplishments, TRX failed to make any significant rally to push its prices to higher levels.

TRX Price Still Unable To Take Off

At press time, according to data from Coingecko, TRON is trading at $0.0623 and although it is up by 2.2% over the last seven days and by 4.3% for the past 30 days.

Source: TradingView

As for what lies ahead for TRX, technical indicators are confusing right now, as some of them point towards a bullish run while others suggest bear momentum.

The coin’s price movement suggests that it will soon hit 55-day Exponential Moving Average while its Bollinger Bands indicate it is caught in a squeezed zone. The conditions of these two indicators are telling signs of volatility and price surge.

Meanwhile, the altcoin’s Relative Strength Index (RSI) remained in status quo and its Money Flow Index (MFI) experienced decline. These, on the other hand, suggest the crypto might head into a bearish run over the next few days.

According to Coincodex, TRX will slightly decline to $0.0611 over the next five days but will pump its price over the next 30 days to trade at $0.0678.

Active Network Keeps Tron In Balance

While still struggling, Tron has one thing that could give investors something good to look forward to – its network activity.

Over the last few days, its development activity and trading volume tallied a significant increase after declining last week. At press time, according to Coingecko, the digital asset’s volume stood at $295 million.

Moreover, last week, Tron’s NFT space performed well as trade count also surged, indicating that there is still significant interest for the blockchain project.

These positive developments, no matter how little, could eventually help Tron make that push to end the year with a higher trading price.

TRX total market cap at $5.6 billion on the daily chart | Featured image from Invezz, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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TRON Makes Record For Period Spent In Deflationary State – Good For TRX?

TRON (TRX), a lesser known cryptocurrency when compared to Bitcoin, Ethereum, Cardano and Dogecoin, made a loud noise in April 2021 when Tron Foundation announced the asset successfully leaped into the deflation era.

In doing so, TRON managed to be the first ever deflationary virtual currency in the world, reducing its total supply then by over 5.7 million, from 101.678 billion to 101.673 billion.

The crypto’s parent company shared that the asset’s move from inflation to deflation was carried out after its community reached the consensus to turn TRX into a deflationary altcoin.

Since then, from October 28, 2021 to October 12, 2022, the cryptocurrency has maintained its state of deflation for 50 weeks and was closed to reaching one full year.

Source:TRONSCAN

The milestone was disclosed in a tweet by TRONSCAN, the official TRON blockchain explorer, on October 17th.

But as that era ends for TRON, analysts and experts are keen on seeing how it will help the crypto especially during this bearish time for the space.

TRON Makes History – But What’s ‘Deflationary’ Crypto?

Deflationary cryptocurrencies are those that decrease in terms of supply over time, providing a window for the value of every coin to increase even in cases where there is consistent demand.

TRON completed its transition from inflationary to deflationary asset when its network’s community agreed to the introduction of a burning mechanism that was meant to reduce its supply as time went by.

On August 14, 2021, the total of TRX tokens minted reached 5,273,312 but that figure failed in comparison to the total number of burned coins which peaked at 1,106,056,407 on May 22, 2022.

Fast forward to the present, tracking from Coingecko shows the current total supply of TRX is 101.9 billion, 92.3 billion of which are in circulation.

The asset is currently experiencing a high supply inflation rate of 38.51%.

A Glance At Current TRX Price And Forecast

At press time, according to data from Coincodex, TRON is trading at $0.0625, painting its monitoring charts in green. It is up by 1.41% over the last seven days and by 1.15% over the past month.

The next few days will be full of struggle for the asset, as it is predicted to undergo a slight price correction and fall all the way to $0.0620.

However, TRX is seen to bounce back from this as its 30-day price forecast shows it will climb up to $0.0695.

Sentiment towards the first deflationary cryptocurrency is neutral, as 15 of its technical analysis indicators are sending bullish signals. On the other hand, 14 of its indicators point towards bearish momentum.

It remains to be seen how TRON will be affected by the end of its deflationary status considering a crypto’s supply plays a vital role in its price movement.

TRX market cap at $5.8 billion on the daily chart | Featured image from Zipmex, Chart: TradingView.com

Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.

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TRON Showing Hints Of A Major Rebound After A Week Of Rout

Tron (TRX) holders have been on rough terrain since August with the bears dominating the market. The tables might be turning though in favor of the bulls as shown on the charts. 

  • TRX bulls hint at a comeback after a long period of takeover by the bears
  • TRX price down by 0.87%
  • RSI divergence hints at increased investor optimism

According to CoinMarketCap, TRX’s price has plunged by 0.87% or trading at $0.0596 as of this writing. Apparently, Tron is trying to bounce back from its weekly low that registered at $0.056.

It seems that the token is still traversing in the same range which validates a strong rebound from that level. 

TRON Market Demand Waning?

Hence, there is evidently poor demand for TRX in the market which is normal whenever crypto tries to switch lanes from bearish to bullish. 

Whale activity looks to be insufficient at this point and not gaining enough traction. Regardless, the supply of TRX has increased for the whales.

There is hope as investor optimism ought to be amplified with the recent developments happening for Tron. 

Tron’s weighted sentiment index has shown no significant changes in the market. TRX is still stuck in its lower monthly range which explains the failed uptrend happening over the weekend.

On the other hand, there are a couple of signals that promise the possibility of the bulls pivoting in the coming days. 

TRX Bulls Waiting For The Next Big Wave

TRX price might prevail and rebound from the support zone as further validated by its RSI. The RSI divergence shows increased optimism that the price may escalate in terms of buying pressure.

On-chain metrics for Tron also feature the increase in demand over the derivatives markets as seen in the past couple of days. 

Chart: TradingView.com

Observation of the funding rates provides critical data because it validates the change in the derivatives market. These observations are usually tied up to the spot market. 

While there are signals that hint at a bullish uptrend, the market sentiments reveal that the TRX bulls are on the sidelines and just waiting for the right timing to jump in when the crypto market improves. 

On TRX price predictions, although the stablecoin is making progress, it still continues to drop which could go on for the next couple of trading sessions. 

Tron’s price may hover below the $0.054 level before September ends. More so, there is also a possibility that TRX’s price could slide below the $0.045 range.

With the crypto market currently struggling, TRX prices could also move in the same direction. The bearish thesis will only be proven wrong if and when the price shoot above the $0.066 mark. 

TRX total market cap at $5.5 billion on the daily chart | Source: TradingView.com

Featured image from CCN.com, Chart: TradingView.com

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Will Tron Tie-Up With Liquidity Provider Wintermute Boost TRX Price?

Tron (TRX) has recently disclosed a collaboration with Wintermute to boost Tron’s DeFi ecosystem and more so, to enhance network accessibility and liquidity.

  • TRX price up by 0.43%
  • Tron spikes in terms of popularity and value amounting to $1.2 billion
  • Network integration with Wintermute to improve liquidity, accessibility

Not that Tron needs it desperately as it has been outpacing its rivals but continuous pump and evolution is necessary to thrive in the crypto arena.

Overall, the partnership aims to make Wintermute as Tron’s official market maker to basically increase trading volumes and to link buyers and sellers.

According to CoinMarketCap, TRX price has surged by 0.43% or trading at $0.06157 as of press time.

Tron’s popularity has been booming, pumping up $1.2 billion in terms of value as seen since June despite others like Solana and Ethereum retreating significantly.

Tron, Wintermute Integration To Impact TRX Price

Wintermute has announced previously to be a part of the Tron network’s DAO or Decentralized Autonomous Organization, enabling access to both redeem and mint USDD.

DAO has also recently beefed up the network with over $200 million worth of crypto to boost TRX, in accordance to the decision of Justin Sun, CEO and Founder of Tron, to deploy as much as $2 billion ensuring the optimized efficiency of USDD.

The merger is said to impact the value of TRX. In fact, TRX metrics has improved significantly as in the past 24 hours following the announcement of the Wintermute and Tron integration.

These recent activities surrounding Tron highly impact the improvement of its network, lifting investor sentiment.

The recent spike to TRX price proves that traders and investors are happy about the integration and recent developments in the network.

TRX Seen With A Bullish Pullback

TRX was seen to start the week with a bullish pullback signifying overall bearish sluggishness as the token failed to barrel past the 50% RSI mark.

TRX was seen to retrace early this week which also triggered a retest of the key support zone at $0.065. Further, selling pressure has dwindled down at the set price zone due the flip in investor sentiment.

While there is a possibility of a short-term uptrend, this will not be guaranteed.

TRX, created in 2017 is dubbed to be one of the pioneering cryptocurrencies that is based originally in the Ethereum network and then shifted to its own network the following year.

Being one of the oldest cryptocurrencies to date, it has greatly improved in terms of stability and while it is moving a little slow, TRX is taking more calculated and steady traction.

TRX total market cap at $5.6 billion on the one-day chart | Source: TradingView.com

Featured image from The Daily Hodl, Chart: TradingView.com

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TRON Volume And Market Cap Down Despite Social Media Hype

According to recent news reports, Tron (TRX) outperformed both Bitcoin and Ethereum in terms of energy efficiency.

  • TRX social dominance up
  • TRX price down by 2.97%
  • Future trends show TRX to plunge further

 Compared to Bitcoin, Tron uses 99.9% less energy (just 162,868 kWh). Being a major issue in the most recent session, crypto mining has been welcome publicity for Tron.

The Tron DAO recently tweeted a link to a blog post where they provided an update on some of their on-chain metrics and informed their followers of the exciting development.

Apparently, the number of accounts added has increased, and that Tron’s height has surpassed 43.61 million. Tron added over 971880 accounts this week, according to the blog post.

According to CoinMarketCap, TRX price has nosedived by 2.97% or trading at $0.06347 as of press time.

The TRON coin appears to be expanding quickly, as seen by a jump in transactions and TVL. Although there have been sporadic surges, its social dominance metric has remained stable.

TRX Down In Terms Of Market Cap, Volume

It’s not all sunshine and roses for TRX, despite the fact that things are looking up on the social media front.

Since May, there has been a declining trend in both volume and market capitalization. In addition, Tron’s volume metric has experienced extreme fluctuation.

The level of development activity has likewise dropped by an unheard-of amount. This might be a sign that the Tron technology is not likely to see many breakthroughs or significant improvements anytime soon.

The advantages and disadvantages of Tron, however, seem to be in continual conflict with one another. On the micro-frame, however, the price hasn’t exhibited the same volatility.

Chart from TradingView.com
TRX Price Action Hints At Bullish Omen

TRX Future The $0.071 resistance and $0.063 support levels have mostly influenced TRX’s price action for a while now. In recent times, nonetheless, the price did surpass the $0.063 resistance level. Nevertheless, it has recovered.

The midline of the Bollinger Bands was being traded above by TRX on August 30. It may be interpreted as a bullish omen. It will be interesting to watch if TRX can overcome its immediate resistance and continue to rise.

Future price trends for TRX are shown by the weekly technical chart. Near $0.1, Tron’s upward momentum may come to a stop. The coin is currently supported at around $0.03. On the daily chart, the asset has been trading close to $0.069 with a loss of 2.07.

The price of the asset is presently trading below both the 50 and 100 Daily Moving Averages. New future highs are possible if the asset price crosses above the 100 DMA.

BTC total market cap at $5.8 billion on the daily chart | Source: TradingView.com

Featured image from AAX Academy, chart from TradingView.com

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TRON (TRX) TVL Accelerates To Nearly $2 Billion Last Month

TRON (TRX) continues to gain traction despite the current erratic market movement. TRX has recently seen TVL growth by $6 billion in July which is by far due to a revival of investor interest specifically in DeFi.

TRON has been the most-supported DeFi smart contracts seen in the past two years. In fact, blockchain has accelerated by 49% in terms of TVL as observed in July. In fact, July growth was exponential as TRON’s TVL was seen to surge from $3.95 billion on July 1 to $5.91 billion at the end of July.

TRON was establish in 2017 by Founder Justin Sun. TRX is seen to be a highly-acclaimed project that is profound in terms of scalability. This protocol is ambitious and designed in creating a specialized infrastructure for a completely decentralized type of internet.  

TRON: More TVL Than Polygon, Solana, Avalanche

TRON was originally an ERC20 token built in Ethereum’s ecosystem. However, due to issues with scalability that is linked to Ethereum’s overtly expensive gas fees, TRON announced that they would be moving forward with a new peer-to-peer network in 2018.

TRON TVL increased in July because of the increase of dApps in the ecosystem. In fact, JustLend, a DeFi, increased by as much as 19% the previous. More so, JustStables (USDJ) also soared to more than 2% following the same period. In addition, decentralized exchanges that include UniFi and SocialSwap also spiked by a whopping 550% and 6%; respectively.  

TRON is said to have more TVL compared to Polygon, Solana, and Avalanche. TRX is said to have move to the third spot following Ethereum and Binance Smart Chain.

TRON Switches To Bearish Mode

TRX started July trading at $0.06479 and ended the month at $0.06894. In general, this showed a boost of 6% covering the opening and closing price of TRX. The bears were trying so hard to penetrate the market but the bulls didn’t let as they pumped the price further up.

The bears do need to get their act together so they can tilt the token price in their favor. The coin was going the bullish trend from August 2 but the bears were able to slice into the trade on August 4 as the bulls were able to push the price up on the daily chart.

According to CoinMarketCap, TRON is down by 0.41% or $0.06965 as of this writing. If the bulls can reenter by force and turn the tables around then the bears may lose it to the bulls. However, if the bears can push the price down, then this will render more damage for the bulls so they’ll keep pushing back. With these opposing forces, the price could break at the support zone of $0.0669 and the price may fall to its next support at $0.0627.

TRON total market cap at $384 billion on the daily chart | Source: TradingView.com

Featured image from MyConstant, chart from TradingView.com

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TRX Soars 15% In Last 5 Days – Is This Enough To Recoup Investors’ Losses?

Tron (TRX) has eclipsed its past performance and has been up 15% in the last five days. The TRX/BTC pair registers an increase of 0.28% at 0.000002895 BTC.

The token is now sweeping through an uptrend wave as seen in the daily price chart. There is an obvious power struggle between the bulls and the bears which impacted the price but it seems neither was able to pull off a riveting dominance in the market.

It helped that Bitcoin (BTC) did some heavy lifting as its price briefly soared above the 24K price zone which also propelled the entire market up.

Tron Still Grappling With Losses 

TRX price surged by over 15% in just five days but it’s still grappling with losses in the part of the investors. With that being said, Tron still needs to get more buyers to speed up the recovery train. The price registered at a low of $0.068 and spikes continuously with the increased buying pressure.

As of now, TRX coin trades at $0.071 showing an increase of 3.46% in terms of market cap seen in the past 24 hours. The coin is showing a trading volume that catapulted 557 million which reveals a 22.18% loss seen in the past 24 hours. The altcoin currently has a total market capitalization of 6.5 billion.

On a 4-hour chart, TRX price showcases a robust uptrend momentum. Evidently, the RSI is also showing that the price is overbought as increased selling activity is pushing the price. Current RSI is almost 70. So, the buyers who are looking to penetrate the market should wait. The MACD that supports the uptrend indicates that the buyer’s line is gliding over the green lane.

TRX Hits $0.075 Critical Level

Tron (TRX) was rolled out in 2017 by founder Justin Sun. However, it was a disappointment when Sun decided to abandon Tron as he ventured to other projects. Following Sun’s exit, TRX price has suffered massively and was unable to beat its all-time high in 2018.

Technical analysis on the past couple of months showed that TRX has been on a downtrend following its ATH in April 2021 which touched the high of $0.18. Ever since, TRX price wasn’t able to break away from the downward slope.

For TRX to switch into a bullish standpoint, the price must reach the $0.075 level and if BTC continues to perform well which has happened for five straight days for Tron.

 

Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com

Featured image from Coin Payments Blog, chart from TradingView.com

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Tron (TRX) Extends Gains As Prices Break Away From Support Point

While the rest of the crypto market is in a state of frenzy, Tron (TRX) price dominance is on for the second day in a row as its price swerves away from the support line. Tron has had a swift recovery so far.

TRX/USD swished to a 3% jump and intraday high of $0.06631 today in contrast to yesterday’s low that registered at $0.06383. The rebound was seen after TRX has been moving in the red zone for several days now.

The cross signals seen in the daily chart usually hint a downtrend but it somehow triggered a bull run.

Related Reading | Tezos (XTZ) Price Movement Indicates Looming Price Drop

TRON RSI To Cross 49.85 Resistance Line

This will be tested soon as the RSI is seen to cross the 49.85 resistance level. The current price of the TRX/USD pair is at $0.064 and has declined by 2.15% in the past 24 hours. In addition, trading volumes have reduced by 1.89 as seen overnight. TRX bears are seen to ascend in the coming days.

A few days ago, technical indicators all show a bearish perspective for Tron which has to retrieve the resistance level at $0.07 to gain back the confidence of investors and step on the gas for a bull run.

But, it seems the odds aren’t in favor of a bullish standpoint considering that the bears have already been collared in the market. Once the support level is hauled back to $0.06, then it’s the break the bulls needed to reclaim the market.

Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com
Can Bulls Tilt The Boat?

TRON’s RSI is transacting at around 40.85 following the failure to maintain the bullish streak impeding the bears’ dominance. Currently, the RSI line reveals a divergence showing that transactions are happening below the 14-day average line.

With that being said, it means trouble in paradise for the bulls who are eyeing the resistance line. The bears seem to have dominated on the red line but can the bulls tilt the boat? Can TRX beat the selling pressure? Tron is gaining in prices today and the bulls are definitely taking the lead hinting that anything is indeed possible.

Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red

Tron has been trying to outstage Ethereum since day one. It’s a platform that supports DeFi applications and smart contracts. Tron is looking to decentralize the internet and outperform Google and Facebook.

Users will need to buy and hold TRX to use the network’s storage, CPU, RAM, and other resources. Following that, users can freely transact on the network.

Featured image from AAX Academy, chart from TradingView.com