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Is it time to jump on the TRON [TRX] bandwagon, based on these developments

Published

2 years ago

on

Source: StockAI

  • TRON will soon announce partnership with BitTorrent. 
  • TRX’s price increased over the last day and the metrics, along with market indicators, looked bullish. 

TRON [TRX] reached a new milestone that reflected its increased adoption across the globe. TRONSCAN revealed that TRON’s total accounts surpassed the 140 million mark – they stood at 140,010,268 at press time.

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Moreover, Justin Sun, the founder of TRON, announced new developments taking place in the

TRON network. On 2 February, he announced TRON’s partnership with BitTorrent. The new partnership will enable new possibilities and build a more efficient future by combining artificial intelligence (AI) and blockchain technologies.

 

Did TRX react accordingly? 

TRX responded to these developments by registering an uptick in the last 24 hours. As per CoinMarketCap, TRX’s price increased by 1.7%, and at the time of writing, it was trading at $0.06465 with a market capitalization of more than $5.9 billion.

This increment in its price could also be a reason why the whales showed interest in TRX. Notably, WhaleStats revealed that TRX ranked third in the list of most used smart contracts among the top 100 biggest BSC whales in the last 24 hours. 

TRX’s performance on the metrics front also remained decent, as several of them supported the possibility of a price hike. For instance, TRX’s Binance funding rate remained consistently high, reflecting high demand from the futures market. Development activity also increased, which suggested higher efforts of the developers in improving the network.

Not only that, but DeFiLlama’s data revealed that TRON’s total value locked (TVL) also continued to rise, which looked positive as well. However, TRON’s popularity fell as its social volume registered a decline.

Source: Santiment

Realistic or not, here’s TRX market cap in BTC’s terms

Better days to continue?

Interestingly, TRX’s daily chart revealed that the investors might find some more relief, as the bulls were leading the market. The Exponential Moving Average (EMA) Ribbon’s finding was bullish, as the 20-day EMA was well above the 55-day EMA. Additionally, TRON’s Relative Strength Index (RSI) registered an uptick, increasing the chances of a continued price hike.

Though the Money Flow Index (MFI) went down slightly, it was still comfortably above the neutral mark, which was also bullish. Nonetheless, the Bollinger Bands suggested that TRX’s price was entering a low volatility zone, which might restrict TRX’s price from skyrocketing in the short term. 

Source: TradingView

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