Tron shines on these fronts but is that enough to lure TRX bulls?

• Tron had nearly 2.4 million active addresses as of 7 June as per Tron DAO.
• However, at press time, TRX was seen surrounded by the bears and didn’t show any bullish signals. 

Tron Community, a Twitter handle that posts updates about the Tron [TRX] ecosystem, shared some celebration-worthy news with the community. On 9 June, 10.19 AM PDT, the Twitter handle stated that Tron climbed to the 10th position on CoinMarketcap. This could be taken as a significant development for the community.

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

Celebrating too soon?

The above-mentioned joy didn’t last long. This was because at press time (12.30 PM PDT) Tron moved back from the 10th spot to the 11th. At press time, it could be seen that Polygon [MATIC] came back to its original position, thus pushing Tron out of the top 10 list of cryptocurrencies on CoinMarketCap.

Source: CoinMarketCap

To add to the pessimistic scenario, it was seen that TRX was exchanging hands 4.53% lower in the last 24 hours. It also traded 3.36% lower over the last seven days.

Furthermore, data from the intelligence platform Santiment also painted a slightly bearish picture for the network and its altcoin. As can be seen in the chart given below, TRX’s weighted sentiment witnessed a significant drop since the beginning of June. As of 8 June the weighted sentiment stood at 0.7953, which indicated that the outlook towards TRX wasn’t very positive.

Furthermore, a look at TRX’s volume also depicted a gradual drop over the last few days. A drop in the price of TRX coupled with a falling volume could be a strong indicator of a bearish sentiment taking over the market. However, contrary to the aforementioned metrics, TRX’s social dominance did witness a rise and stood at 0.481% as of 9 June.

This indicated that TRX’s position was improving on the social front.

Source: Santiment

Bulls need to watch out…

TRX’s bearish sentiment could be seen going in full swing at the time of writing. This was because TRX’s price chart flashed all red. TRX’s Awesome Oscillator (AO) although moved above the zero line, flashed red at press time. In the presence of more selling pressure over the weekend, the AO would swiftly move below the zero line.

Furthermore, the Relative Strength Index (RSI) also seemed to be in a freefall and stood at 40.80. The RSI moving towards the oversold region was surely a bearish indicator, however, a trend reversal could take place once RSI lands into the oversold zone.

Realistic or not, here’s TRX’s market cap in BTC terms

A look at the Moving Average Convergence Divergence (MACD) also depicted the signal line (red) moving above the MACD line (blue). This was a clear signal that the altcoin was captured by the bears.

Source: TradingView

Despite a not-so-favorable scenario, Tron did shine bright on this front. Tron DAO, the official Twitter handle for the chain, tweeted that as of 7 June Tron saw nearly 2.4 million active addresses.

However, traders may need to maintain caution over the weekend and hope that the coming week bring a change in TRX’s current position.