Tron may witness a change in situation as TRX puts on a bold front
- TRX traded 1.55% lower than its opening price of 24 August, however, indicators displayed a bullish pivot.
- TRX’s development activity soared to its highest peak over the last three months.
While Bitcoin [BTC] and Ethereum [ETH] were still red from all the downfall they’d witnessed, Tron [TRX] seemed to be on a different trajectory. Although the altcoin saw a 1.55% drop in its price over the last 24 hours, its seven-day price action was 5.09% higher.
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At the time of writing, TRX was exchanging hands at $0.0764 which was 1.67% lower than the opening price of 24 August. Although the price didn’t exactly seem in a cheerful spot at the time of writing, investors could turn toward the indicators for some solace.
TRX’s daily chart highlighted the Relative Strength Index (RSI) in a neutral position just short of touching the 50 mark and stood at 49.25. A neutral RSI indicated that TRX wasn’t under significant buying or selling pressure and could sway in any direction. Furthermore, although below the zero line, the Awesome Oscillator (AO) flashed green bars at press time.
Additionally, TRX’s Moving Average Convergence Divergence (MACD) seemed in a good position as a bullish crossover was seen albeit below the zero line. A bullish crossover did indicate that TRX’s position could change in the days to come in light of buying pressure outweighing selling pressure.
Decoding the why for the outcome
Data from the intelligence platform Santiment indicated that Tron’s development activity hit the highest peak over the last three months. Note that the higher the development activity, the more Tron developers are contributing to the network.
However, that wasn’t all. As per a tweet shared by the Tron community on X (formerly known as Twitter), DefiLlama stated that Tron ranked #2 in terms of its Total Value Locked (TVL). This was exciting news for the Tron community and especially for traders looking to invest in the altcoin.
— TRON Community (@TronixTrx) August 24, 2023
Realistic or not, here’s TRX market cap in BTC’s terms
Additionally, a tweet posted by Tron DAO highlighted that Tron had over 1.2 million active addresses as of 24 August. This indicated the strength of the network as more and more users were willing to stay active on the network.
— TRON DAO (@trondao) August 24, 2023
Furthermore, it also demonstrated an increased sense of security in the Tron network.