Tron decouples from the market – What next for TRX?
- TRX’s total accounts crossed 206 million, and total transactions were close to 7 billion.
- Tron was up by 2.7% in the last 24 hours, and a few indicators looked bullish.
Only a few weeks have passed since we entered 2024, and the crypto market has witnessed much volatility in this short duration.
The recent price correction painted most cryptos’ charts red, and Tron [TRX] was not an expectation. However, things started to change in the token’s favor. While that happened, the blockchain reached yet another milestone.
Tron is behaving differently
A few days ago, the much-anticipated Bitcoin ETFs got approval, which made headlines. While most expected the crypto market to begin a bull rally, the opposite happened as charts turned red.
Tron also fell victim to the price correction, but the trend changed soon.
According to CoinMarketCap, TRX was up by over 2.7% in the last 24 hours. At the time of writing, TRX was trading at $0.1089 with a market capitalization of over $9.6 billion.
Thanks to the recent price uptick, TRX’s weighted sentiment improved slightly, and its social volume remained high.
The good news was that despite the price volatility, TRX’s development activity surged last week, reflecting more efforts from developers to improve the network.
Source: Santiment
While this happened, Tron reached yet another milestone, reflecting the hike in its adoption. As per the latest data, TRX’s total number of accounts crossed the 206 million mark.
Not only that, but AMBCrypto’s look at TRONSCAN’s data pointed out that TRX’s total transactions were about to reach 7 billion.
🎉🎉🎉Congratulations!!! #TRON‘s total accounts have reached 206,177,470, exceeding 206 million! #TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
🥰Appreciation to all #TRONICS! pic.twitter.com/iMu1EQB0us
— TRONSCAN (@TRONSCAN_ORG) January 12, 2024
To see whether high adoption also affected the blockchain’s network activity, AMBCrypto had a look at Artemis data.
Our analysis revealed that Tron’s network activity remained high in 2024. This was evident from the fact that its daily active addresses gained upward momentum. The same trend was also seen on its daily transactions graph.
Source: Artemis
Not only that, but things in terms of captured value also looked good as TRX’s fees and revenue remained relatively stable.
Nonetheless, the concerning metric was its Total Value Locked (TVL), which registered a sharp drop off late.
Source: Artemis
Tron bulls to influence TRX’s price?
Since Tron was among the only few that painted its daily chart green, AMBCrypto took a look at its market indicators to find out what to expect. As per our analysis, TRX’s MACD displayed a bullish crossover.
Realistic or not, here’s TRX market cap in BTC‘s terms
Its Relative Strength Index (RSI) also moved northwards, increasing the chances of a continued price uptrend. Nonetheless, the Bollinger Bands looked troublesome.
This was because TRX prices touched the upper limit of the metric, which can cause a price correction.
Source: TradingView
