- Tron’s development activity and weighted sentiment witnessed a decline over the past few days.
- Although trading in the green, TRX’s metrics too didn’t show enough bullish momentum.
Tron [TRX] started Q2 of 2023 with a bang when it announced the launch of Tron Stake 2.0. The blockchain further announced the addition of more features to Stake 2.0.
However, that’s not all Tron had to offer in April. As we are about the enter a new month, crypto researcher Emperor Osmo, highlighted that as of 28 April, Tron had over $5 billion in TVL. The chain ranked #3 after Ethereum [ETH] and Binance Smart Chain [BSC].
However, the crypto researcher was disappointed that not many where using the chain. Does this mean bad news for Tron?
$TRON has over $5 Billion in TVL.
Yet I've never seen or met anyone who's used the chain.
Someone educate me, what's going on here? pic.twitter.com/DXLLUGeEQh
— Emperor Osmo? (@Flowslikeosmo) April 28, 2023
How much are 1,10,100 TRXs worth today
Tron could be in for some stunted growth
In addition to the aforementioned development, data from TronScan also pointed out that the average daily transfer volume of stablecoins on the network had reached 9,745,288,645.
?The average daily transfer volume of #stablecoins on #TRON network reached $9,745,288,645 (2023.04.21-2023.04.27)! #USDD #USDT #USDJ #TUSD #USDC pic.twitter.com/Lue6kLADMV
— TRONSCAN (@TRONSCAN_ORG) April 28, 2023
Despite much to cheer about, data from Santiment didn’t exactly show the best picture for Tron. At the time of writing, development activity on the network wasn’t at its best. Additionally, development activity witnessed a decline over the past few days and stood at 2.31 at the time of writing.
This indicated that developers weren’t as active in their contributions. Tron’s weighted sentiment also took a toll at the time of writing, which indicated that the market didn’t exactly have a positive outlook toward the network. At press time, Tron’s weighted sentiment stood at -1.093.
Although social dominance did witness a slight surge, it couldn’t be considered enough to conclude that much was being talked about on the social front. Tron’s social dominance stood at 0.352% at the time of writing.
Source: Santiment
TRX the savior?
At the time of writing, TRX was exchanging hands in the green at $0.0666. However, things didn’t seem very great on the price front either. This was because, at press time, TRX’s Relative Strength Index (RSI) stood at 53.81. Although above the neutral zone, its movement over the past few days indicated that the RSI had been hovering around the neutral zone.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator also didn’t show a clear picture. At press time, the signal line and the MACD line were running over each other. However, upon making a careful observation, it could be seen that the signal line was over the MACD line. This wasn’t a good indication for TRX either.
The Money Flow Index (MFI) too didn’t show any bullish support at the time of writing. Standing at 39.35, and moving sideways, the MFI indicated that buying pressure at the time of writing was extremely high.
Source: TradingView
Read Tron’s [TRX] Price Prediction 2023-24
Some good news here?
TRX may be in the control of the bears at the time of writing, however, that didn’t stop the chain from aiming for better things. For instance, Tron and BitTorrent announced their partnership with the blockchain student organization of Tsinghua University in Beijing, China.
Education meets innovation!?#TRONDAO and @BitTorrent are excited to partner with @THUBA_DAO, Tsinghua University’s leading blockchain student organization.
We’re committed to fostering the next generation of blockchain talent! ? pic.twitter.com/VKbzfdh0oa
— TRON DAO (@trondao) April 28, 2023
Additionally, at the time of writing, as per CoinMarketCap, TRX was trading 1.08% higher than the last 24 hours and 3.17% higher as compared to the last seven days.
