Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

This is how Tron’s latest progress can impact TRX’s market position

3min Read

Tron [TRX] has been in the limelight for quite sometime now and for all the right reasons. With all the development in the ecosystem and indicators favoring a bull run, TRX has managed to prove it mettle in the market.

Share this article

  • In a Twitter post, TronDAO stated that the newly launched RWA platform bridges the gap between DeFi and TradFi.
  • TRX’s metrics displayed significant development over the last 30 days.

Tron [TRX] investors and enthusiasts could be on cloud 9 with the Periander update just days away. The network has come a long way, not just in terms of development, but also by managing to stay in the list of top 15 cryptocurrencies by marketcap.

However, Tron enthusiasts may have some more news to celebrate. As of 5 July, TronDAO’s Twitter handle posted a tweet that the newly-launched RWA platform on Tron and stUSDT bridges the gap between DeFi and TradFi.


Is your portfolio green? Check the Tron Profit Calculator


Tron on a mission!!!

As per data from CoinMarketCap, Tron’s native token TRX was exchanging hands at $0.766 at the time of writing. Although its 24-hour performance showed dropped by 0.92%, its seven-day performance showed that TRX was trading 3.45% higher.

This could have a lot to do with Tron’s announcement around the stUSDT, the total number of accounts crossing 170 million, and its transactions exceeding 6 billion.

To add to the ongoing sentiment, the network also managed to show significant development over the last 30 days as per data from Santiment. TRX’s chart from the data intelligence platform highlighted TRX’s development activity. As can be seen, TRX’s development activity shot up significantly on 29 June and stood at 1.23 at press time.

Additionally, the weighted sentiment around TRX also saw smaller yet consistent surges over the last month. At the time of writing, TRX’s climbing weighted sentiment indicated the market favoring the altcoin. However, the drop in social dominance stood in the way of TRX’s holistic development card.

A drop in social dominance indicated that TRX wasn’t doing very well on the social front.

Source: Santiment

It’s the time to go bullish

At the time of writing, TRX was positioned in a secure place with indicators in favor of the altcoin. As can be seen in the price chart given below, TRX’s Moving Average Convergence Divergence (MACD) displayed a bullish crossover. A bullish crossover is when the MACD line (blue) crosses the signal line (red) above the zero line.

Additionally, the Relative Strength Index (RSI) stood above the neutral line at 58.93. This was an indication that there was some buying pressure in the market. However, its sideways action could be some cause for concern.


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


Upon considering the movement of the Money Flow Index (MFI), it could be seen that the indicator showed every sign of retracting from the oversold region. This could be an indication that buying volume was in for a reversal.

Source: TradingView

However, TRX’s overall scenario could remain bullish if investors drive and maintain the buying momentum. Furthermore, the anticipation around the Periander update could also be responsible for enthusiasm around the altcoin.

Share

Aashna is a News Editor at AMBCrypto and is particularly interested in the how and what of blockchain technology, along with its vast applications. A flair for the language and her inquisitive nature are factors that spike her interest in the cryptocurrency space.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.