Tron Development Activity Grows In The Last 7 Days – Except TRX Price
October 21 2022 - 05:55AM
NEWSBTC
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. Related
Reading: AVAX Sheds 50% Over The Last 60 Days – More Losses Ahead?
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. Related
Reading: Uniswap Coin’s Bullish Trajectory Sets UNI To Breach $7
Level – Time To Buy? 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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