Tron Transaction Volume Balloons To 5.3 Million In Q3, But There’s Still Doubts Ahead
07 Novembro 2022 - 9:40AM
NEWSBTC
Once a week, the official Tron Twitter account would tweet out an
update for the world to see. The events of the past week, the post
claims, have provided Tron with new possibilities. Also during the
quarter, Messari published their own report on Tron’s performance.
As more data on the token’s side are investigated, the research
claims that the future of the protocol is bright, but that mixed
signals are spreading doubt to fans and investors. This can be
worrisome since low confidence can lead to a sell-off, which can
further drive the token’s price down. Even while there is hope for
the token’s future in the Messari research, investors in
cryptocurrencies appear to be more concerned with the continued
decline in development activity and other factors. 🔥The report
points out that: ✅#TRON #TVL grew by 61% QoQ. ✅The total
transactions grew by 12.4% to 5.3M over Q3. ✅#TRON network activity
reached a refreshed foundational user base after the launch of
#USDD in May. 👀Read the full report👇https://t.co/BOxQzatH9M — TRON
DAO (@trondao) November 5, 2022 In addition, the amount of DeFi
territory on Tron ballooned dramatically. There was a 61% rise in
TVL (total value locked). Total TRX transactions also increased by
12.4% year over year in the third quarter to 5.3 million. How high
may TRX go in the next several days, and will bears in the TRX
market eventually prevail? Related Reading: Tron Development
Activity Grows In The Last 7 Days – Except TRX Price Tron: Mixed
Signals And Price Forecast As of this writing, the Tron looks like
this: CoinGecko claims that TRX did not experience any price
growth throughout the last three months. However, at the time of
writing, it appears that token prices are on the rise. TRX is
exhibiting a descending triangle formation, which is a bullish
indicator for investors and traders. This has the potential to
restore the token’s confidence. Currently, TRX is trading in the
green at $0.0627, and a bullish breakout is possible during the
next several days. Soaring Stoch RSI data will be the indication
for investors and traders to monitor, as continued rising movement
on this indicator indicates a possible pullback in the coming days
or weeks. Yet, this is counterbalanced by the bearish CMF and CCI
indicators, which indicate either partial or complete bear
dominance over the TRX market. TRX Holders Brace For Next Price
Movement As the breakout nears, the EMA ribbon signal suggests
opening a long position now. TRX’s trading range has shrunk from
$0.0523 to $0.0724 during the last weeks to the current range of
$0.0588 to $0.0670. Along with the rising behavior of the Stoch RSI
data, this significantly validates the EMA ribbon’s price movement
prediction. As this day approaches, the market will finally take
into account Messari’s previous optimistic quarterly report. While
this day has not yet arrived, TRX holders should continue to hold
until the rally occurs. Related Reading: Dogecoin Climbs 6% In Last
24 Hours – Can DOGE Maintain Its All-Green Aura? TRXUSD pair
trading at $0.062489 on the daily chart | Featured image from
Forbes, Chart: TradingView.com
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