The official Tron Twitter account will tweet an update once a week for everyone to see. Tron is now open to new opportunities thanks to recent events, as the post claims. 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.
🔥This is what the report says:
✅#TRON #TVLThe growth rate was 61% in QoQ
✅Over Q3, the total transactions increased by 12.4%, to 5.3M.
✅#TRONAfter the launch of, network activity saw a reenergized foundational user base. #USDDIn May.
👀Read the full report👇https://t.co/BOxQzatH9M
— TRON DAO (@trondao) November 5, 2022
DeFi territory was also added to Tron’s already large number. TVL (total valued locked) increased 61%. In the third quarter, total TRX transactions increased 12.4% over last year to reach 5.3 million.
What will the price of TRX rise in the coming days? Will bears eventually win in TRX’s market?
Tron: Price Forecast and Mixed Signals
As of this writing, the Tron looks like this: CoinGecko claims that TRX did not experience any price growth throughout the last three months. At the time this article was written, however, token prices seem to be on the rise.
TRX has a downward triangle formation which can be a positive indicator for traders and investors. This has the potential to restore the token’s confidence. TRX trades at $0.0627 and could see a bullish breakout in the following days.
Investors and traders should be watching for the Soaring Stoch RSI data, which indicates a potential pullback over the next few days or weeks.
This is offset by CMF and CCI indicators that indicate partial or total bear dominance over TRX.
TX Holders Prepare for Next Price Movement
The EMA ribbon signal is indicating that a long position should be opened as soon as the breakout approaches. 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.
Although this is not the day yet, TRX owners should hold on until it happens.
TRXUSD pairs trading at $0.062489 daily chart. Featured Image from Forbes. Chart: TradingView.com| Featured image from Forbes, Chart: TradingView.com