- Tron secures Google Cloud integration and looks to AI in pursuit of long-term dominance.
- TRX peers down the barrel of capitulation as it struggles to maintain the upside.
Tron has been one of the more interesting blockchain networks to observe so far this year courtesy of its aggressive growth. Its latest announcements may offer insights into what the network is doing to stay competitive.
How many are 1,10,100 TRXs worth today
Tron recently announced its integration with Google Cloud. This adds to the growing list of major blockchain networks that have recently announced the same development.
The integration will reportedly make it easier for Tron users to analyze historic on-chain transactions. Tron’s official post regarding the matter stated that the integration might boost the blockchain network’s accessibility.
#TRON has joined @googlecloud‘s expanding public blockchain datasets in #BigQuery.
? Google Cloud’s BigQuery offers lightning-fast SQL queries, real-time data analysis, and seamless integration with data visualization tools.
With #TRON on board, our users can now analyze… pic.twitter.com/nmsi1W6q1j
— TRON DAO (@trondao) October 4, 2023
While the Google Cloud integration represents a step in the right direction, it is just one of the lanes on which Tron is building its future. The blockchain also revealed a collaboration with GT Protocol. The partnership will allow GT Protocol’s integration with Tron. This will reportedly make it easier for Tron users to access AI automation tools that will make it easier to explore the blockchain.
These latest Tron announcements highlight plans to use Google indexing to improve usability and AI to improve its services. A classic case of taking advantage of existing and hot technology to level up. While this might support Tron’s future performance, it is important to look into what is taking place in the near term.
Tron developer activity tanks but is it a precursor to a bearish outcome?
Development Activity is an important metric because it offers a rough idea of whether a network is busy building. As such, strong Development Activity is considered a good thing and the opposite is true for low development activity. Tron’s Development Activity just fell to its lowest level in the last three months.
Source: Santiment
The low Development Activity may thus usher in less confidence among TRX traders. However, it is best to explore other metrics to establish if that will be the case. Unsurprisingly, Weighted Sentiment and Social Dominance have both dipped considerably in the last seven days.
Source: Santiment
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The timing is noteworthy because TRX’s price action was oversold roughly seven days ago, resulting in a surge in sell pressure. The cryptocurrency has been experiencing resistance above the $0.089 price level. This means there is a decent chance that capitulation might ensue despite the bulls attempting to maintain control.
Source: TradingView
Furthermore, TRX’s Money Flow Index (MFI) revealed significant outflows since the start of October. Similarly, the Relative Strength Index (RSI) did show some weakness as it sits on the 50% level. In case of capitulation, traders should anticipate the next support level near the $0.087 price level.
