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Home»ALTCOIN NEWS»Tron: Do investors have reason to be concerned?
ALTCOIN NEWS

Tron: Do investors have reason to be concerned?

By Crypto FlexsDecember 27, 20232 Mins Read
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Tron: Do investors have reason to be concerned?
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  • Tron has remained at the top of blockchains in terms of daily active addresses.
  • TRX fell more than 3% and most market indicators were weak.

2023 was pretty good Tron (TRX) In terms of adoption and use of blockchain.

TRX has not only surpassed major competitors such as BNB Chain (BNB) and Bitcoin (BTC), but has also consistently maintained its top spot over the past few months.

Tron’s performance in 2023 is diverse.

AMBCrypto checked data from token terminals and found that Tron continues to top the list of cryptocurrencies by daily active addresses.

At press time, TRX had 1.4 million daily active addresses, while BNB and BTC had 968,000 and 443,000 addresses, respectively.

Source: Token Terminal

AMBCrypto also found: TRXThe total number of transactions exceeded 6.9 billion and TVL reached $20 billion. The performance of the blockchain’s staking ecosystem also maintained a fairly good level in 2023.

Tron launched Stake 2.0 this year, adding several new features for stakers. As TRONSCAN’s report shows, the share of Stake 2.0 has increased over the past few months. data.

Source: TronScan

According to Staking Rewards, TRX’s staking ratio is 50.2%, and the total number of staking wallets is 390,000. At the time of this writing, the staking market cap was over $4.65 billion.

The NFT ecosystem on blockchain has also gained some traction recently.

AMBCrypto’s look at Santiment’s data shows that the total number of NFT transactions on TRX has remained high over the past three months. Nonetheless, NFT trading volume remained low except for one spike on December 6th.

Source: Santiment

TRX has some concerns.

Although the blockchain has reached new highs in terms of total addresses, TRX’s price action has turned bearish.

According to CoinMarketCapIn the last 24 hours alone, the token’s value has fallen by more than 3%. At press time, its market capitalization was over $9.28 billion and it was trading at $0.1048.

Things weren’t looking very good for TRX’s future. AMBCrypto found that a decrease in open interest increases the likelihood of a trend reversal.

Source: Coinglass


how much? Currently worth 1,10,100 TRX?


Tron’s Relative Strength Index (RSI) was also in a downward trend and was heading toward a neutral point at press time.

Chaikin Money Flow (CMF) is likely to follow a similar path, with prices continuing to move south until the end of 2023.

Source: TradingView

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