This is how Tron’s latest progress can impact TRX’s market position
- 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.
Find out more? https://t.co/BNXlv78Tx4
— TRON DAO (@trondao) July 5, 2023
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.
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.
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.
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.