Connect with us
Active Currencies 16048
Market Cap $3,739,327,621,377.10
Bitcoin Share 52.91%
24h Market Cap Change $6.12
Altcoin

TRON investors can expect this from TRX during the closing weeks of 2022

2min Read
Posted:
Avatar
editors
Tron investors can expect this during the closing weeks of 2022
Avatar
editors
Posted:

Share this article

  • TRON’s weekly report revealed several promising developments 
  • Some metrics supported a price surge, while RSI and other market indicators suggested otherwise

TRON [TRX] published its weekly report on 10 December, which detailed all the developments related to the ecosystem over the last seven days. 

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

The most notable developments included the formal adoption of the 79th Committee proposal. The main content of the committee proposal was to modify the No. 11 and No. 47 network parameters. The aim was also to increase the unit price of energy from 280 sun to 420 sun. 

With its latest version, 4.4.3, ONTO Wallet added support for trading assets on the TRON network. Additionally, Tether announced the launch of a new stablecoin named CNHT on the TRON blockchain.

Talking about recent achievements, TRON also topped the list of blockchains in terms of chain activity. 

Is everything in favor of TRON?

Justin Sun, the founder of TRON, recently expressed his thoughts regarding TRON’s burn rate. This update looked pretty promising for the blockchain as it reflected its deflationary characteristics. 

He mentioned,

“We will see 5 to 10 billion TRX burned yearly because of all the use cases on TRON Network.” 

This was good news, as it would help the token increase its value in the long term. As of 10 December, over 22.8 million coins had been burned, with a net production ratio of less than zero -17,752,668. 

These aforementioned developments also affected TRON’s metrics positively over the last week. For instance, TRX’s volume stayed consistent during the last seven days, which was a positive signal.

TRX’s development activity also increased, reflecting the increased efforts of the developers. The Binance funding rate revealed that TRX gained interest from the derivatives market as the graph went up.

Source: Santiment

Alongside these developments, TRX’s price action also aligned in favor of investors, as it registered 2% weekly gains. At the time of writing, TRX was trading at $0.05462, with a market capitalization of over $5 billion.

However, before going gaga over the positive metrics and TRX’s price action, it is important to consider the market indicators. 

The bears are here

A look at TRX’s daily chart painted a bearish picture, as most market indicators suggested a bearish edge. For instance, TRX’s Relative Strength Index (RSI) registered a slight downtick and was at the neutral mark. This was a strong negative signal.

TRON’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) also plummeted, which might bring trouble in the coming days.

Source: TradingView

 

Previous:
Next:

Share

Avatar
Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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.