Connect with us
Active Currencies 13836
Market Cap $2,447,057,027,471.85
Bitcoin Share 52.53%
24h Market Cap Change $-4.11

Tron’s Google integration may leave TRX traders anxious for this reason

3min Read

Tron’s Google Cloud integration represents a step in the right direction for the Tron blockchain. However, while this may be a huge step for the blockchain, TRX struggled to maintain momentum on the metrics and price front.

Share this article

  • Tron secures Google Cloud integration and looks to AI in pursuit of long-term dominance.
  • TRX peers down the barrel of capitulation as it struggles to maintain the upside.

Tron has been one of the more interesting blockchain networks to observe so far this year courtesy of its aggressive growth. Its latest announcements may offer insights into what the network is doing to stay competitive.


How many are 1,10,100 TRXs worth today


Tron recently announced its integration with Google Cloud. This adds to the growing list of major blockchain networks that have recently announced the same development.

The integration will reportedly make it easier for Tron users to analyze historic on-chain transactions. Tron’s official post regarding the matter stated that the integration might boost the blockchain network’s accessibility.

While the Google Cloud integration represents a step in the right direction, it is just one of the lanes on which Tron is building its future. The blockchain also revealed a collaboration with GT Protocol. The partnership will allow GT Protocol’s integration with Tron. This will reportedly make it easier for Tron users to access AI automation tools that will make it easier to explore the blockchain.

These latest Tron announcements highlight plans to use Google indexing to improve usability and AI to improve its services. A classic case of taking advantage of existing and hot technology to level up. While this might support Tron’s future performance, it is important to look into what is taking place in the near term.

Tron developer activity tanks but is it a precursor to a bearish outcome?

Development Activity is an important metric because it offers a rough idea of whether a network is busy building. As such, strong Development Activity is considered a good thing and the opposite is true for low development activity. Tron’s Development Activity just fell to its lowest level in the last three months.

Tron development activity

Source: Santiment

The low Development Activity may thus usher in less confidence among TRX traders. However, it is best to explore other metrics to establish if that will be the case. Unsurprisingly, Weighted Sentiment and Social Dominance have both dipped considerably in the last seven days.

Tron weighted sentiment and social dominance

Source: Santiment


Is your portfolio green? Check out the Tron Profit Calculator


The timing is noteworthy because TRX’s price action was oversold roughly seven days ago, resulting in a surge in sell pressure. The cryptocurrency has been experiencing resistance above the $0.089 price level.  This means there is a decent chance that capitulation might ensue despite the bulls attempting to maintain control.

TRX price action

Source: TradingView

Furthermore, TRX’s Money Flow Index (MFI) revealed significant outflows since the start of October. Similarly, the Relative Strength Index (RSI) did show some weakness as it sits on the 50% level. In case of capitulation, traders should anticipate the next support level near the $0.087 price level.

Share

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.
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.