Tron News

Tron [TRX], which was once one of the top crypto-assets, has gradually fallen off the leaderboard. Despite the depreciation in terms of its price, user growth has been steady. Tron Foundation unveiled the semi-annual report of user growth and found a gradual increase in figures over the past seven months.

The total number of accounts on Tron was recorded to be 18.633K in the month of January. At the end of June, the figures stood at over 44.726k, meaning an increase of more than 140%. Even after falling to the 28th spot, user growth has remained pretty unfazed.

Daily sign-ups, on the other hand, fell short. From 68,962 to 146,630 in a seven months span, the figures were up by more than 112%; however, the statistics have reacted strongly to the token’s price action. Daily sign-up figures reached a high of 275,778 in the month of May at the peak of the bull run. Subsequent corrections and FUDs engulfing the market damaged the momentum.

Another important indicator of decent growth was the number of active accounts on the network. Even as the count slashed half from the month of June, at 5.261k, to July at 2.002k, it still rose by around 150% since the beginning of the year.

Tron’s [TRX] price is yet to catch up

TRX has finally managed to log into some gains this month as the wider crypto market went for a bullish spin. However, it is yet to catch up to its peer tokens in terms of price action after falling behind the likes of Tezos [XTZ], VeChain [VET], and Ethereum Classic [ETC].

After dwelling in the bearish territory, for the most part, TRX noted a minor increase of 0.87% over the past day, which pushed its token to $0.095.

Tron Weekly had earlier reported the official launch of Tron’s [TRX] exchange-traded product on Xetra, which happens to be the electronic trading platform of Europe’s biggest Deutsche Börse German stock exchange. The main objective of the new product, which is an exchange-traded note [ETN] called ‘VanEck Vectors Tron ETN [VTRX],’ was to develop its foothold across Zurich, Paris, and Amsterdam. However, the news failed to bring in positive price action.

After the severe meltdown triggered by China’s Evergrande, buyers have returned to the Tron [TRX] market. The broader cryptocurrency ecosystem is bouncing upward as well. TRX is yet to reverse its weekly losses of over 15%. Even as there are no clear upward goals, the volatility in the market is picking up suggesting temporary relief.

Tron had suffered two fatal blows which pushed it to the 25th spot. However, over the past 24-hours, TRX yielded an ascent of 7.13% which drove its price to $0.098. At the time of writing, the crypto-asset registered a market cap of $7.04 billion and a 24-hour trading volume of $1.41 billion.

Tron [TRX] Daily Price Chart:

Tron [TRX] bounced from a psychological support area and dodged the upward sloping moving averages. The 50 DMA’s [Pink] attempt to reclaim its foothold above the TRX candles was thwarted by the uptick. The gauge 200 DMA [Yellow] and the 100 DMA [Blue] continued to hover below supporting the price action. The low volume, however, added uncertainty to the progression. Hence, it is unclear if the crypto-asset has made up its mind to climb a new swing high yet.

The technicals demonstrated optimism. The closing red lines of Awesome Oscillator [AO] indicated a weakening bearish momentum in coin market. The Chaikin Money Flow [CMF] also bounced from the zero line in tandem with the price action of the underlying asset depicting an uptick in terms of capital inflow to the market. Even though the Relative Strength Index [RSI] jumped back to the 50-median line, it formed a bearish divergence that could hinder solid resurgence prospects.

If Tron continues to move forward, it could face significant resistance at $0.12. A successful breach could catapult the crypto to target yearly highs of $0.152 and beyond. On the other hand, the support levels were found to be at $0.088, $0.077, and $0.050

Tron [TRX] is of the few crypto-assets that started on a positive note as the broader market flashed red. The latest development follows Justin Sun’s tweet wherein the founder of Tron Foundation teased the community on big news. Besides, TRX’s recovery has been impressive as it decoupled from the rest of the crypto market. It reversed losses from last week’s sell-off and was up by 4.49% over the past seven days.

The latest surge catapulted Cardano [ADA] to a price of $0.108. After recording over 8% daily gains, TRX moved a spot higher and was now the 24th-largest cryptocurrency with a market cap of $7.78 billion and a 24-hour trading volume of $4.68 billion.

Tron [TRX] Daily Price Chart:

The surge comes at the heels of 50 [Pink] and 200 [Yellow] daily moving averages forming an ultra-bullish Golden Cross after two months of laying low. All the DMAs were aligned below the TRX price candles, firmly supporting the crypto-asset’s price from further downfall. In short, the moving averages aligned with the rising optimistic outlook for TRX’s price in the near term.

As the volatility rose, the volume also hinted at a potential breakout which will determine if the uptrend is sustainable.

The formation of green closing bars on Awesome Oscillator [AO] depicted a bullish momentum in the coin market. The Klinger Oscillator [KO] also aligned with the bulls. The daily Relative Strength Index [RSI] bounced back up after the sell-off, but the bearish divergence that has taken shape is a threat to the current uptrend.

A short-term pullback could sway Tron’s price to test $0.08 which is a strong support for the crypto-asset. To reclaim its yearly highs, TRX first needs to breach the immediate resistance level of $0.11. In case of a bullish breakout, other resistances of $0.131, and $0.152 may come into play.

Tron [TRX] broke free from a crucial level of resistance. The crypto-asset slumped after establishing a local top of $0.09 on the 15th of August. However, TRX quickly flipped the narrative to climb $0.101, a level that was last seen on the 19th of May after rallying 10.55% over the past 24-hours. Even as the broader crypto market was far from the blistering rally, the price dynamics appear optimistic as the collective valuation soared to a whopping $1.23 trillion.

At a market cap of $7.29 billion, Tron has surpassed Theta to reclaim the 25th spot after posting more than 21% weekly gains. The crypto-asset registered a 24-hour trading volume of $1.63 billion, at the time of writing.

Tron [TRX] Daily Price Chart

The volatility in the TRX market has picked up following the upswing. The low volume could, in fact, pose a threat to the much-anticipated price action. On the other hand, the moving averages depicted a promising outlook. After a bullish crossover with the 100 DMA [Blue], the 50 DMA [Pink] was now aiming for a Golden Cross with the 200 DMA [Yellow]. If this does transpire, TRX could get the necessary traction to climb the previously reclaimed levels and surge to new highs.

The green closing bars of Awesome Oscillator [AO] indicated a growing bullish momentum in the market. The MACD also underwent a bullish crossover after TRX’s climbing to level not seen in more than three months. The Relative Strength Index [RSI] attempted to climb above the overbought region after registered a bearish divergence.

Selling pressure might be lead to a dip in Tron’s. But the overall market conditions seem to be fairly bullish. Hence, there’s a high chance that the potential slump might not drive a deeper correction. Currently, there is little resistance till $0.11 level, a break above which would bring in $0.15 and $0.164 levels at play.

On the other hand, the support levels stood firm at $0.08, and $0.05.

Tron [TRX] has been consolidating after forming a local top on the 15th of August. Of late, the digital asset is feeling the pulling of the gravity once. It has been struggling to surge above the 20th May level having faced rejection just shy of $0.092. The volatility in the market has declined to depict an extended period of sideways movement.

Tron [TRX] was up by 1.51% over the past 24-hours and was currently exchanging hands at $0.088. At the time of writing, the crypto-asset registered a market cap of $6,33 billion and a 24-hours trading volume of $1.16 billion.

Tron [TRX] Daily Price Chart:

Low volume in the Tron market has further impeded the growth trajectory of the crypto-asset. The moving averages aligned below the TRX price candles supporting the price from a damaging downturn. The 50 DMA [Pink] underwent a bullish crossover with the 100 DMA [Blue] exhibiting an optimistic outlook. The crypto-asset had recently claimed 200 DMA which continued to hover close to it. If the 50 daily moving average manages to shift over the 200, forming a golden cross, TRX might get the much-needed push to climb towards the highs established in the 2021-highs.

As noted by the Chaikin Money Flow [CMF], the inflow of money in the TRX market has been consistent depicting a bullish sentiment. The MACD, however, signaled bearish cues that were indicative of a struggling demand in the coin market. But with the daily Relative Strength Index [RSI] still trending above the midline after falling from the overbought zone, TRX bulls remain hopeful for further upside.

The overall trend in Tron’s daily chart is positive and no abrupt price movements on either side appear to be in the inkling. The resistance levels stood at $0.11, $0.152, and $0.164, while the support levels were at $0.07, and $0.05 respectively.