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Reasons Tron investors can expect some chaos from TRX in the last weeks of 2022



Here is what to expect from TRX during the last weeks of 2022
Source: StockAI

  •  TRON’s Galaxy Score looked optimistic 
  • TRX’s Relative Strength Index (RSI) was oversold, which was bullish 

According to a report by LunarCrush, TRON [TRX] had made it on the list of cryptos that had the highest Galaxy score. This was optimistic for TRX, as it indicated a price pump in the coming days.

Read TRON’s [TRX] Price Prediction 2023-2024

Though this development did not have any effect on TRX’s chart, it was interesting to see what might be ahead for TRX in the last weeks of 2022. At the time of writing, TRX had registered a negative 1.6% growth in the last 24 hours and was trading at $0.05065 with a market capitalization of more than $4.6 billion. 

Interestingly, TRON also updated its weekly statistics, which had some notable information about its ecosystem. For instance, the platform recently successfully completed its ‘Hacker House’ event at Harvard University and finished its project submission for TRON Hackathon 2022 season 3. 

While these developments looked pretty promising for TRX, let’s have a look at TRON’s on-chain metrics to better understand the current market. 

Is a TRX revival possible?  

CryptoQuant’s data revealed that TRX’s Relative Strength Index (RSI) was in an oversold position, which looked bullish. This painted a positive image for TRX as it indicated a trend reversal in the near future. Moreover, TRON’s development activity also went up over the last week, which was by itself a positive signal for the blockchain.

Source: Santiment

Nonetheless, the rest of the metrics were against a price surge. TRON’s NFT ecosystem witnessed a decline over the last week as its total NFT trade count and trade volume in USD, after spiking, registered a decline.

Furthermore, TRX also failed to maintain its popularity in the crypto community as its social volume decreased over the last few days.

Source: Santiment

Proceed with caution!

TRX’s market indicators showed a sign of revival, but caution was still suggested as the readings flashed mixed signals. The Exponential Moving Average (EMA) Ribbon revealed that the bears had an edge.

On the contrary, the Money Flow Index (MFI) was resting just below the oversold zone, thus increasing the chances of a northbound price movement. The Chaikin Money Flow (CMF) also registered an uptick, which looked promising for TRX. 

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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