Assessing TRON’s weekly performance for the traders going long

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  • TRX reg­is­tered a decline in vol­ume and devel­op­ment activ­i­ty over the past week
  • How­ev­er, its dai­ly chart showed signs of revival as the alt reg­is­tered over 2% week­ly gains

TRON [TRX] recent­ly post­ed its week­ly high­lights, which encap­su­lat­ed all the devel­op­ments that took place in its ecosys­tem over the past sev­en days. 

Notably, the num­ber 74 vot­ing request passed the vote on TRON and the blockchain became a spon­sor for Con­sen­sus 2023, a promi­nent fes­ti­val of the cryp­to industry. 

Justin Sun, the founder of TRON and glob­al advi­so­ry board mem­ber of Huo­bi, attend­ed the Huo­bi rebrand­ing launch event. Dur­ing his appear­ance, he men­tioned that a glob­al pub­lic chain ecosys­tem will be built by inte­grat­ing TRON, HECO, and BTTC’s cross-chain technology. 

All these devel­op­ments looked promis­ing for the TRON ecosys­tem and indi­cat­ed that the blockchain had an opti­mistic future. How­ev­er, these updates had lit­tle effect on TRX’s chart. 

As per Coin­Mar­ket­Cap, TRX only increased its price by 2% over the last sev­en days. At the time of writ­ing, it was trad­ing at $0.05332 with a mar­ket cap­i­tal­iza­tion of more than $4.9 billion. 

Metrics did not correspond 

Not just the price action, but TRON’s on-chain met­rics also did not respond to these devel­op­ments. For instance, TRX’s vol­ume went down over the last week despite the slight increase in its price, which was a neg­a­tive sig­nal for the token hold­ers who were will­ing to go long. 

TRX’s devel­op­ment activ­i­ty also fol­lowed a sim­i­lar route and reg­is­tered a decline on 24 Novem­ber, after which it took a side­ways path. 

Nonethe­less, TRX received inter­est from the deriv­a­tives mar­ket as its Binance fund­ing rate reg­is­tered an uptick.

Source: San­ti­ment

Inter­est­ing­ly, TRON’s NFT space wit­nessed a decline over the past week. Santiment’s data revealed that TRON’s total NFT trade count and total NFT trade vol­ume in USD, after going north, went down in the last few days. 

Source: San­ti­ment

TRON did hit some positive notes, though

How­ev­er, a look at TRX’s dai­ly chart revealed some won­der­ful insights for the long-term hold­ers. TRX’s Rel­a­tive Strength Index (RSI) and Chaikin Mon­ey Flow (CMF), after reg­is­ter­ing declines, went up dur­ing the last days of the week. 

Fur­ther­more, TRX’s MACD also dis­played a bull­ish crossover, sug­gest­ing that good days might be ahead for TRON investors.

Source: Trad­ingView



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