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Despite a sluggish week, TRON investors may find some respite, as…  

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Decoding what went wrong for TRX and week and what to expect 
Source: StockAI


  • The total transactions on TRON exceeded 4.6 billion
  • Though negative sentiments increased and the funding rate declined last week, market indicators suggested a price pump soon

The crypto market was in a bullish phase last week as several cryptos flourished, registering massive gains. However, TRON [TRX] was the exception.

As per CoinMarketCap, TRX increased its price by only 0.6% in the last seven days. Furthermore, at the time of writing, it was trading at $0.05533 with a market capitalization of more than $5 billion.


Are your TRX holdings flashing green? Check the Profit Calculator


However, TRX did reach quite a few milestones recently, which could act in favor of the network. For instance, the network total exceeded 4.6 billion, and the number of accounts crossed 134 million.

 

Where did TRON falter?

Over the past week, TRON’s development activity followed a sideways path, which was a red flag. Negative sentiments regarding TRX also spiked twice during the same period, which indicated less faith from the community.

The token also couldn’t garner interest from the futures market, as its Binance funding rate registered a sharp decline. 

Source: Santiment

Fortunately, even though the past week’s performance was not up to par, TRX showed signs of recovery. At the time of writing, TRX’s price had increased by 5% in the last 24 hours. Moreover, the network witnessed multiple developments in the last few days, which may have the potential to fuel a bull rally.

TRON recently published its weekly report on Twitter, which mentioned its most notable updates. Notably, Binance completed its integration of Binance-pegged stablecoin BUSD on TRON. Furthermore, DeFiLlama revealed that TRON has become the world’s second-largest blockchain in terms of total value locked.


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


Bulls are gearing up

Though the metrics supported the sellers, the market indicators told a different story. The Moving Average Convergence Divergence (MACD) revealed an ongoing tussle between the bulls and the bears. This was because they were trying to flip each other to gain an upper hand in the market.

However, TRX’s Money Flow Index (MFI) registered an uptick, which looked bullish. The Relative Strength Index (RSI) also went up and was headed further away from the neutral mark. This could increase the chances of a price pump in the coming days. 

Source: TradingView

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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