Tron (TRX), which was launched the second week of March, celebrated the announcement by Justin Sun that its cryptocurrency will be legal tender in Dominica.
- As of now, technical indicators for TRON can be confusing
- After 30 days, TRX could rise all the way up to $0.0678
- Tron network’s development activity surges over the last few days
This development means that the cryptocurrency, as well as other Tron minted coins, such as JST (BTT), JST (USDD), USDT, and TUSD can be used now as Medium for exchangeThe island country.
Meanwhile, just last September, Sun shared on Twitter that since October 28, 2021, the total number of burned TRX tokens reached 11 billion, dropping the asset’s supply to 71.6 billion.
The 15ThRemarkably, the largest cryptocurrency according to market capitalization has also achieved a new achievement: 3rdHere’s a list of some of the most important BTTs from the past 30 Days.
TRC-20 utility tokens, BTTs (or TRC-20 utility tokens), are used to power various functions of decentralized programs and applications.
Despite all these achievements, TRX was unable to rally enough to drive its prices higher.
The TRX price is still not available
Data from CoingeckoTRON traded at $0.0623. It is still up 2.2% for the past seven days, and by 4.3% the past thirty days.
TradingView
What lies ahead of TRX? Technical indicatorsThey are confusing at the moment, with some pointing towards a bullish run and others suggesting bear momentum.
The coin’s price movement suggests that it will soon hit 55-day Exponential Moving Average while its Bollinger Bands indicate it is caught in a squeezed zone. These indicators indicate volatility and price rise.
Meanwhile, the altcoin’s Relative Strength Index (RSI) remained in status quo and its Money Flow Index (MFI) experienced decline. However, these indicators suggest that the crypto could experience a bearish trend over the coming days.
Based on CoincodexTRX is expected to slightly fall to $0.0611 in the next 5 days, but its price will increase over the next 30 trading days and trade at $0.0678.
Active Network Keeps Tron In Balance
While still struggling, Tron has one thing that could give investors something good to look forward to – its network activity.
The trading volume and development activity of the digital asset have increased significantly in recent days after a decrease last week. At press time, according to Coingecko, the digital asset’s volume stood at $295 million.
Moreover, last week, Tron’s NFT space performed well as trade count also surged, indicating that there is still significant interest for the blockchain project.
All of these positive developments are important and could ultimately help Tron to push towards a higher year-end trading price.
Featured image from Invezz, Chart: TradingView.com| Featured image from Invezz, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.
