TRON volume trading volumes have dropped a trickle around 3%. It has seen an upward trend movement before, but it is now declining.
TRON bulls desperately try to support the price but the bears have done the bulk of the lifting. TRX must work twice as hard and find more buyers in order to increase the price.
While the TRX/BTC market price rose from $0.06613, a lower low, to $0.06715 at the end of February 2017, the bulls made a great job. However investors need to still time the market in order to make the most of their potential gains.
TRX trades at $0.065623 today, an increase of 2.5% since the previous seven days.
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TRX Market Cap up 0.433% in the Last 24 Hours
TRX gained only 0.43% overnight in terms of its market capitalization. As of now, the coin has a trading volume cap at 434,000,000 and a market capitalization around 6.4 billion. This translates into a loss of approximately 4% in 24 hours.
While the analysis was initially positive or tilting, the trend has slowed down as bears take over.
Brighter, the MACD indicator shows strong buying signals as buyers rush back to the markets. The coin’s RSI also skyrocketed as seen in the hourly price chart as it glides above 50. The Bollinger band cloud appears to be still and isn’t lifting any finger.
Investors should be concerned that the TRX price fell 7% over six days. The hourly chart does show some optimism with bulls returning to support coin, increasing the likelihood of an upward trend.
Source: TradingView.com| Source: TradingView.com
The TRX TVL grows at a decent 47%
TRON announced important network developments from July 16 through July 22. The TRON network, which has just received a new update, is currently ranked second among top-ranked blockchains for transaction volume. TRX is currently processing over 3.5 million transactions total since its initial launch.
Additionally, USDD, TRON’s stablecoin was also recently launched on the Arbitrum. TRON revealed their collaboration with WeFund in July 20, as well.
TRX’s social dominance declined by 2% between July 16 and July 22. However, TRX’s social volume increased by 22% from July 16 through July 22. This is very important.
Since July 1, the total value (TVL), of TRX has increased tremendously. To date, the network’s TVL has ballooned exponentially by 47%.
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Featured Image from Invezz. Chart from TradingView.com