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Tron [TRX] announces the approval of No.82 committee proposal

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Tron [TRX] announces the approval of No.82 committee proposal
Source: Unsplash


  • A look at what Tron’s newly approved proposal will do for the network.
  • TRX regains upside as bears struggle to retain dominance but weak upside pushes investors into limbo.

The Tron network just revealed a recent development that may underscore subtle but important upcoming changes. More importantly, these changes will bring some improvements that will benefit users, and here’s how.


Read Tron’s price prediction 2023-2024


According to the Tron announcement, the No.82 committee proposal was recently passed and is scheduled to take effect soon. According to the announcement, the proposal will usher in various changes to network parameters. Further investigation reveals that the upcoming changes courtesy of the newly approved proposal will facilitate faster calculation of related transactions.

The announcement also revealed that reward withdrawal transactions will be notably higher. While this is a favorable development for the network, can it provide a boost to TRX’s price action?

The latter kicked off this week with a sizable retracement. Nevertheless, the price managed to bounce back slightly during mid-week to its $0.06 press time price.

Tron TRX price action

Source: Santiment

The ongoing bullish attempts may have to encounter resistance at the 200-day MA. But, TRX’s on-chain metrics indicate low momentum for the current uptrend.

For example, the weighted sentiment metric is still within its 4-week lower range, indicating a lack of enthusiasm among investors. The same applies to social dominance which was still within the normal low range, at press time.

Tron Social dominance and weighted sentiment

Source: Santiment

Well, the matter is not looking much different on the volume side of things. TRX’s on-chain volume has steadily declined since mid-month and is currently approaching the lower monthly range.

Also worth noting is that TRX’s volatility is up since the start of January, which means we can expect significant price moves.

Tron volume and volatility

Source: Santiment

Back into a zone of uncertainty

Perhaps TRX’s demand levels in the derivatives market may provide a reasonable look at what to expect this week. The Binance funding rate registered some upside in the last 48 hours but a relatively weak upside nonetheless.

If this reflects the outlook in the spot market, then it suggests that we may witness a weak rally.

Tro TRX development activity and derivatives demand

Source: Santiment


Is your portfolio green? Check out the Tron Profit Calculator


There is thus a sizable potential for another retracement during the weekend. On the other hand, the development metric indicates a healthy continued upside which may support a favorable sentiment.

Conclusion

It is now clear that the momentum we saw in the first half of January is tapering out. Investors are now stuck in limbo, wondering whether the market will continue rallying or retrace.

As far as the Tron network is concerned, the changes we have seen in the last few days reflect continued development which should support TRX in the long term.

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Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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