Tron’s TVL tale has these tips for positional TRX traders
According to data from DeFi Llama, the total value locked (TVL) across existing DeFi protocols has seen a 68% decline since the beginning of the year. Furthermore, leading networks such as the Ethereum Network and the BNB Chain – houses to many leading protocols- have each registered a 69% decline and a 62% decline in their respective TVLs.
However, with a TVL of $5.68b, the Tron Network has seen a 9% uptick from its TVL of $5.21 billion recorded at the beginning of the year. This rally came after the TVL touched a low of $3.95 billion on 29 June. Since then, the TVL on the Tron Network has grown by over 40%.
Has the network’s native coin, TRX, recorded similar tremendous growth since 29 June? Let’s take a look.
Lows, highs, then more lows
The last 13 days have been marked by a struggle between the bears forcing a downward price movement and the bulls pushing for an upward correction of TRX.
On 29 June, the price of TRX was pegged at $0.066. By 3 July, the bears pushed the price further downwards, causing it to touch a low of $0.062. This was, however, followed by a bullish retracement that led to a high of $0.070 by 9 July. Exchanging hands at $0.0647 at press time, the coin has since registered an 8% decline.
Trading at its March 2021 level, the TRX coin registered a 2.13% price decline in the last 24 hours of 12 July.
At the time of press, selling pressure was starting to increase as the Relative Strength Index (RSI) was spotted in a downward curve at 44.68.
A tale of steady declines
As per data from Santiment, analysis of the on-chain performance of the TRX coin revealed a steady decline in key metrics since 29 June. On a social front, the coin has seen a 10% decline in its social dominance.
At press time, this was pegged at 0.27%. On the other hand, it recorded an uptick in its social volume. At 226 at press time, a 10% spike has been logged since 29 June.
In addition, since 29 June, the percentage supply of TRX coins held by whales has seen a minor decline of 1%. At the time of writing, this stood at 43%.
The developmental activity on the TRX network also logged a 0.1% decline within the period under review. At the time of this analysis, this stood at 11.