- Tron’s network activity has remained high over the past 30 days.
- The token price has fallen by 3% over the past 7 days.
Tron (TRX) We have once again reached a new milestone reflecting the growing adoption and popularity of blockchain. However, while the popularity of blockchain has grown globally, the price movement has not followed a similar trend.
Will TRX’s high network activity lead to a price increase in the future?
Tron adoption is growing
TRONSCAN, a popular X handle that posts updates related to the blockchain ecosystem, recently posted: Twitter Highlighting the latest achievements in blockchain.
According to the tweet, Tron’s total addresses have just passed 245 million, a huge number that shows the growing adoption and use of blockchain.
AMBCrypto has confirmed Artemis as blockchain reaches new milestones. data Learn more about Tron’s network activity.
According to our analysis, Tron’s network activity has remained stable, as evident by the relatively high daily active addresses throughout the month. Thanks to this, the blockchain’s daily transactions have also remained high over the past 30 days.
Source: Artemis
A similar situation was observed in terms of captured value. Both fees and revenues on the blockchain were stable last month. Tron’s performance in the DeFi space was also optimistic, as its TVL showed an upward trend.
TRX is still in a downtrend
Although the blockchain’s network activity was brisk, the price movement of its native token continued to decline last week.
According to CoinMarletCap dataTRX has fallen more than 3% over the past 7 days. At the time of writing, TRX is trading at $0.1341 with a market cap of over $11.6 billion, making it the 11th largest cryptocurrency.
According to IntoTheBlock, over 97% of TRX investors have maintained their profits despite the recent price drop. data.
Our analysis of Coinglass data has shown bullish signals. Tron’s open interest has been decreasing over the past few days and the price has been crashing. Whenever the indicator drops, it suggests that a trend reversal is likely.
Source: Coinglass
Then I checked the daily chart of TRX to see if the indicators were suggesting a trend reversal. I noticed that the technical indicator MACD was showing a bearish crossover.
Tron’s Chaikin Money Flow (CMF) also recorded a downtrend, indicating that the price will continue to decline in the coming days. Nevertheless, the Money Flow Index (MFI) remained somewhat bullish, moving slightly north.
Source: TradingView
Realistic or not, here it is. TRX Market Cap Converted to BTCConditions of
AMBCrypto looked at data from Hyblock Capital and pointed out that if the downtrend continues, the token price could crash to $0.132.
However, if the trend reverses, TRX is likely to reach $0.136 first.
Source: Hyblock Capital