By Franklin Smith
Tron made another achievement recently, nabbing the 3rd position in the most influential BTT list within a month. BB is a cryptographic TRON TRC-10 token.
Meanwhile, BTT targets to serve as a multi-purpose mechanism to send computer resources between service suppliers & requesters and the BitTorrent customers.
Moreover, TRON has had impressive burn rates, recently burning more than eight million tokens within a day. These developments seemed lucrative for TRX, showing potential upsides in the upcoming days.
Nevertheless, Coinmarketcap data indicated that things weren’t that impressive during this publication, with the altcoin gaining only 0.6% within the previous week to change hands at $0.06226.
Nevertheless, TRX enthusiasts might relax as multiple on-chain indexes favored price upticks in the coming sessions.
Metrics in the Place
Tron’s development activity recorded massive upticks within the past few days, presenting a positive signal. Also, volume noted slight upsides following declines over the last seven days.
Besides that, Tron’s non-fungible token (NFT) sector remained heated, with overall NFT trade surging within the past week. Nevertheless, Tron’s Binance funding rate plunged, indicating reduced interest within the derivatives marketplace.
What’s Ahead?
Surprisingly, assessing Tron’s daily chart indicated an ambiguous outlook, with few indicators favoring price surges, whereas others indicated otherwise.
The EMA (Exponential Moving Average) Ribbon showed that the 20-da Exponential Moving Average approached the 55-day Exponential Moving Average, heightening the chances of a bullish cross.
The BB (Bollinger Bands) showed TRX’s price stayed in a squeezed region and could witness volatility soon, indicating price hikes. Nevertheless, the remaining indicators didn’t favor TRX.
For instance, the RSI (Relative Strength Index) rested at the neutral level. The asset’s MFI (Money Flow Index) dropped, suggesting a bearish sign.
Also, TRX can hardly escape broad market forces. Enthusiasts should assess overall market cues for profitable moves. Remember, bears dominated during this publication, catalyzing overnight declines.
The global cryptocurrency market capitalization dropped 1.43% within the previous day to $908.10 billion.
Meanwhile, the total cryptocurrency market volume gained 0.75% over the past day to $44.82 billion. While writing these lines, Bitcoin changed hands at $19,004.52, losing 0.79% within the previous day.