When Tron joins the club of 4 billion transactions, this is where TRX is at the top
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According to data collected by Tron blockchain explorer, Tronscan, the total number of transactions on the TRON network has reached and exceeded $4 billion. The network's ability to offer lower transaction fees at a faster rate than Ethereum [ETH] is one of the factors contributing to its popularity.
Peaceful and stable index front
Messari reports that the TRON network ranks sixth among the most valuable smart contract platforms. Tron's market valuation is also at $6 billion. This is behind Ethereum, Cardano and Polkadot.
In addition, data obtained from DefiLlama shows that the total value of the locked network (TVL) is over $5.6 billion. In addition, TVL is up 0.89% in the last 24 hours.
TVL fell to around $3 billion in June before rising to more than $5 billion and holding steady in recent months. This is shown in the image below.
Price is looking good
Looking at the price chart on the daily time frame, it can be seen that TRX has found resistance at the $0.0658 area, where the 50 MA and 200 MA also act as resistance levels.
A descending triangle can be seen using trend lines and using the price range tool, it can be seen that the price has dropped more than 37% since the start of the decline. Range support is also seen between $0.0599 and 0.0576.
A breakout above the MAs that have acted as resistance, especially the long MA, will signal the start of a possible uptrend. After breaking the $0.0658 barrier, TRX could test the level where the descending triangle trend started. The figure would be at $0.0894, an increase of almost 37%.
The asset's low volatility is also reflected in the narrowing of the Bollinger Band (BB). According to the confirmed MA observation, a break above the upper band would mark the start of a bull run for the asset.
With an opening price of $0.0623, TRX is up more than 2% during the trading period and is trading at $0.063. The Relative Strength Index (RSI) shows the line above the neutral line, which means the trend is up on the daily timeframe. It can also be seen that the line is sloping up, indicating a possible move into the overbought zone.
If the current uptrend on the chart continues, a break of the short-term MA resistance is probable. At this point, investors need to be very careful. A short-term MA crossing above a long MA can create a buying opportunity for an asset, either short-term or long-term.
Oct 11, 2022