Deciphering why Tron decoupled from the market last week
- Tron’s weekly highlights pointed out notable developments in the ecosystem.
- Apart from price, TRX’s performance on the social front was also at par.
Bearish sentiment dominated the market last week, restricting most cryptos from registering gains. Tron [TRX], however, acted differently last week as it was among the only few cryptos with larger market capitalizations that registered gains. Though there were a few developments that happened in its ecosystem last week, a look at its daily chart sheds light on what went in TRX’s favor.
Realistic or not, here’s TRX market cap in BTC‘s terms
Why did Tron decouple?
While most cryptos bled, CoinMakretCap’s data revealed that TRX was up by more than 3% last week. At press time, it was trading at $0.07726 with a market cap of over $6.9 billion. Though there were other factors at play, developments around the blockchain’s ecosystem might have played their part. Tron recently posted its weekly highlights, pointing out the new updates.
?Check out #TRON Highlights from this week (Aug 19, 2023 – Aug 25, 2023).
— TRON DAO (@trondao) August 26, 2023
One of the notable developments from last week was that Bitso, one of the largest crypto exchanges in Mexico, announced support for TRC20-USDT, increasing Tron’s reach. Additionally, the Tron multi-signature also went live on the latest version of TokenPocket for Android.
Apart from this, a look at the token’s daily chart revealed that quite a few indicators turned in TRX’s favor last week, allowing it to push its price up. For instance, TRX’s Relative Strength Index (RSI) jumped above the neutral mark over the last few days. As per the MACD, the bulls were leading the market.
Additionally, its On Balance Volume (OBV) and Chaikin Money Flow (CMF) also went up considerably, supporting the price hike. However, the coming week might be different, as the Bollinger Bands pointed out that TRX’s price was in a less volatile zone.
Tron’s social metrics are soaring
Not only did Tron’s price register an uptick, but its performance on the social front also improved substantially last week. According to LunarCrush, the token’s social mentions and social dominance both surged by more than 40% over the last seven days.
How much are 1,10,100 TRXs worth today
Bullish sentiment around TRX also shot up by 34%. However, it should also be noted that, along with bullish sentiment, bearish sentiment also registered a massive uptick.
Nonetheless, Tron’s Altrank improved, which is a bullish signal. On top of that, a look at TRX’s derivatives market suggested that the price uptrend might continue. This was likely as the token’s open interest increased while its price went up. A hike in the metric increases the chances of the on-going price trend continuing longer.