TRX avoids the spotlight despite Tron’s latest offerings. Assess…

  • TRON released its weekly highlights mentioning notable developments
  • TRON reached 131,312,000 accounts on the network, but a few metrics weren’t favorable

TRON [TRX] released its weekly update highlighting all the major developments in the ecosystem over the past seven days. This helped to understand the performance of the network. TRON mentioned the launch of TCNH by TrueUSD, which is a TRON-based stablecoin pegged to the offshore Chinese Yuan via Twitter.

In addition, committee proposal number 80 has been officially approved. The main point of the committee’s proposal is to modify network parameter #68 and charge a price of 1 TRX for trade memos. Interestingly, TRON Dao announced the founding of TRON Dao Ventures, which is a decentralization effort.

Read TRON [TRX] Price prediction 2023-24

How did TRX go?

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

While the TRON ecosystem remained active, the performance of TRX was quite dormant. Data from CoinMarketCap revealed that TRX failed to post any gains over the past week.

Additionally, at press time, TRX is trading at $0.0547 with a market cap of over $5 billion. TRON’s on-chain metrics shed some light on what went wrong over the past week, aside from bearish market conditions.

TRON development activity saw a sharp decline, which was a negative sign as it represented less effort from developers to improve the network. Moreover, the volume of TRX has also seen a slight decline over the past seven days.

Source: Santiment

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

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Here’s what to expect

In the past two weeks, TRX showed support and resistance at $0.053 and $0.056, respectively. The Moving Average Convergence Divergence (MACD) revealed an ongoing battle between bulls and bears.

TRX’s Relative Strength Index (RSI) was also resting in neutral. It suggested that things could go either way. However, the Chaikin Money Flow (CMF) was relatively up, increasing the chances of a price surge in the final days of this year.

Source: Trading View

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