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TRON’s quest for global adoption could get more impetus after this development

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TRON’s quest for global adoption could get more impetus after this development
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  • More geographies took a liking for Tron’s network.
  • TRON’s development activity nosedived while the weighted sentiment jumped.

After Dominica and St Martin, the Tron ecosystem found favors with another nation. According to a tweet by TRON founder Justin Sun, a major country was set to legalize TRX token as legal tender in the days to come. 

At the time of writing, TRX was up 0.81% from the previous day with a marginal expansion in its market capitalization as well.

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

What’s hot in the world of Tron?

The Tron ecosystem saw some interesting developments in the week that went by, which was highlighted in a report shared on Twitter. One of the major announcements was St Martin adopting TRX as a legal tender and making TRON part of the country’s infrastructure. 

TRON also informed its community about the upcoming launch of liquid staking and a decentralized resource marketplace, aimed at improving the revenue for TRX staking. 

Furthermore, Tron also recorded increasing use of Tether [USDT], the world’s largest stablecoin by market cap, on its blockchain.

Development activity dips sharply

These aforementioned developments seemed to have given a lot of confidence to investors. The weighted sentiment which was negative for the most part of January skyrocketed to 4.01 on 28 January, data from Santiment disclosed.

Furthermore, there was decent demand for TRX in the futures market as highlighted by the positive value of the Binance Funding Rate.

But what could dampen spirits was the development activity on the platform which has nosedived in the last six days. 

Source: Santiment

         Is your portfolio green? Check the TRON Profit Calculator

Should investors remain optimistic?

TRX moved into a consolidation phase after registering gains of almost 25% in the bullish surge which started on 8 January. 

TRX’s Relative Strength Index (RSI) was well above the neutral mark, indicating that bullish sentiment is not going to wane soon. The On Balance Volume (OBV) dipped sharply on 28 January which could be due to short-term bulls selling their holdings to earn profit.

The Moving Average Convergence Divergence (MACD) showed that buying pressure has indeed subsided but it was still early to prophesize about a downtrend.

Source: TradingView TRON/USD

TRON has a slew of positive news on its side at the moment and investors should remain optimistic about a breakout from the current resistance level at $0.06329.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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