Recent news reports claim that Tron (TRX), outperforms both Bitcoin and Ethereum when it comes to energy efficiency.
- Social dominance of TRX is up
- The TRX’s price has fallen by 2.9%
- TRX will continue to plummet in the future according to current trends
Compared to Bitcoin, Tron uses 99.9% less energy (just 162,868 kWh). Tron’s recent major problem was crypto mining.
Tron DAO shared a link on Twitter to a post in which they gave an update on their On-chain Metrics and informed their followers.
Apparently, the number of accounts added has increased, and that Tron’s height has surpassed 43.61 million. The blog post states that Tron had added over 971880 new accounts to its database this week.
According to CoinMarketCapAs of press time, the TRX stock price had fallen by 2.9% or traded at $0.06347.
As evidenced by an increase in transaction volume and TVL, the TRON coin seems to be growing rapidly. Although it has seen sporadic increases, the TRON coin’s social dominance metrics have remained steady.
TXD Down in Terms of Market Cap and Volume
It’s not all sunshine and roses for TRX, despite the fact that things are looking up on the social media front.
Both market capitalization and volume have been declining since May. In addition, Tron’s volume metric has experienced extreme fluctuation.
Unheard of levels have also been seen in terms of the development activity. This could indicate that Tron technology won’t see significant breakthroughs and improvements any time soon.
Tron seems to have both advantages and drawbacks. On the micro-frame, however, the price hasn’t exhibited the same volatility.
TRX Price Action Hints At Bullish Omen
TRX Future The $0.071 resistance and $0.063 support levels have mostly influenced TRX’s price action for a while now. However, in recent months, it has exceeded the $0.063 resistance. However, the price has recovered.
TRX was trading above the Bollinger Bands midline on August 30, This could be taken as a bullish sign. Watch out for TRX’s ability to overcome immediate resistance to continue rising.
The weekly technical chart shows future price trends of TRX. Near $0.1, Tron’s upward momentum may come to a stop. The current support for the coin is $0.03. According to the daily chart, it has traded close $0.069 and lost 2.07.
The asset’s price is currently trading below the Daily Moving Averages of 50 and 100. If the asset’s price rises above 100 DMA, new future highs may be possible.
BTC market capital at $5.8 Billion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image taken from AAX Academy. Chart courtesy of TradingView.com