TRON Bulls Are Back To Pump Some Energy Into TRX Coin
July 25 2022 - 07:43AM
NEWSBTC
TRON trading volume has shed a trickle at around 3%. There has been
an uptrend movement seen before it recently declined. While the
TRON bulls are desperately trying to hold on and support the price,
the bears have been doing the heavy lifting so TRX needs to work
double and get more buyers to boost the price. The bulls did an
excellent job pushing the price of the TRX/BTC pair from a lower
low that registered at $0.06613 to $0.06715 but investors still
need to time the market before they go full swing. As of this
writing, TRX was trading at $0.065623, up 2.5% in the last seven
days. Suggested Reading | Solana (SOL) To Hit $166 By 2025,
Despite Current Bearish Conditions TRX Market Cap Up 0.43% Over The
Last 24 Hours TRX has only gained around 0.43% in terms of market
cap overnight. The coin currently has a trading volume capped at
434 million and a market capitalization of 6.4 billion which
rounded up a 4% loss in the past 24 hours. The short-term analysis
has shown an upside or tilting movement but has somehow flattened
as the bears have been increasingly on the dominant side. On the
brighter side, the MACD indicator reveals a strong buying signal as
the buyers are rushing back to the market. The coin’s RSI also
skyrocketed as seen in the hourly price chart as it glides above
50. The Bollinger band cloud appears to be still and isn’t lifting
any finger. The TRX price showed a dip of 7% in the past six days
which is a cause of concern for some investors. However, the hourly
price chart shows some hope with the bulls going back to supporting
coin pumping up the possibility of an uptrend movement. TRX total
market cap at $6.05 billion on the daily chart | Source:
TradingView.com TRX TVL Grows A Decent 47% On July 23, the TRON
network announced vital network developments that happened from
July 16 to July 22. Currently, with its recent update, the TRON
network is recognized as second in rank among the top blockchains
in terms of transaction volume. TRX currently has processed over
3.5 billion total transactions since its launch. Additionally,
USDD, TRON’s stablecoin was also recently launched on the Arbitrum.
On July 20, TRON also revealed its collaboration with WeFund. From
July 16 to July 22, TRX declined in social dominance by 2% which is
very minor but TRX social volume also spiked by 22% which is very
significant. The total value locked (TVL) of TRX has grown
tremendously since the first week of July. To date, the network’s
TVL has ballooned exponentially by 47%. Suggested Reading
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