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Tron [TRX] price

TRON Network Hits Major Landmark with 6 Million Addresses

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According to the announcement by Justin Sun, founder and CEO of Tron, on May 29, Tron ‘s network hit a major landmark with 6 million registered emails. In addition, the increase in the number of addresses coincides with the increase in DApps based on the network, which reached a total of 768 last week.

To date, Tron Network has seen a significant increase in its use in 2020 although its overall market capitalization has been declining. However, according to Justin Sun, his decentralized blockchain platform now has 6 million registered addresses.

 

 

In the past two weeks, Tron Network has seen a steady growth in the number of new addresses according to data from Blockchain explorer, Tronscan. See the chart below.

Tron Network

New Tron Network DApps behind increase in addresses?

Moreover, The Tronscan explore also indicates that there has been a substantial increase in the number of daily TRX transactions on the main chain so far in 2020. According to the chart below, The number of Tron transactions have increased from 13,689 to 813,929 total daily transactions as of May 27 this year.

 

TRON Network

The fact that the increase in TRX accounts is not reflected by the rise in the price of TRX, signals that the growth has been driven by the rise in the number of DApps being created on the Tron Network. 

Currently, there are 768 decentralized applications built on the Tron ecosystem as per the latest DApp weekly report.  Moreover, the report noted a stable growth in the number of decentralized applications on the platform.

Most Tron-based DApps involve gambling and other high risk activities

As per the report, between May 23 and May 29, there were a total of  518,000 TRX transactions processed from DApps built on the Tron Network, worth an upwards of  $4.1 million. 

Additionally, the report noted that most of the decentralized applications on the Tron ecosystem; involve gambling and other high-risk applications. The report also noted that exchanges account for the smallest percentage of Dapps on the Tron blockchain.

Tron [TRX] Price Anlaysis: Justin Sun’s Baby Tries to Ramp up Price as Bear Lurks in The Corner

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The cryptocurrency market has primarily been in a state of bearish shock since the last quarter of 2019 and despite multiple recoveries, the prices have not completely bounced back yet. Tron [TRX], the 12th largest cryptocurrency on the planet was one of the few assets affected badly by the bear and dwindling Tron TRX price has also caused its holders to run helter-skelter.

1 hour:

On the hourly spectrum, the graph for Tron was mostly flat after a stagnant couple of weeks. The immediate support was at $0.0129 while TRX was trading for $0.0131.

Bollinger bands– The upper band and the lower band were moving parallel to each other after an earlier bearish price breakout. This was signified by the size of the Bollinger cloud formed. The lack of convergence or divergence in the bands stated that the asset was heading towards more flatter price points.

Relative Strength Index– The RSI was closer to the oversold zone after fluctuating in the middle of the graph. The hold near the bottom meant that the selling pressure for TRX was much more than the buying pressure.

Chaikin Money Flow– The CMF was right above the zero line which clearly indicated that the money coming into the Tron TRX price market for various projects and applications was more than the money that was flowing out.

1 day:

The daily chart presented a more brazen picture for Tron’s price movement as 2019 came to an end. The immediate support was at $0.01238 while the resistance had not broken in months.

Bollinger bands– Even in the daily spectrum the Bollinger bands were running parallel to each other. The last major price breakout had happened in the period between November and December after which Tron’s value had more or less capitulated.

Relative Strength Index– The RSI was flat and close to the oversold zone. Tron holders have placed great trust in the Justin Sun led cryptocurrency organization but the recent bear crunch seems to have tipped the scales.

Chaikin Money Flow indicator- The CMF was barely below the zero line after staying flat above it for a week. The overturn of the finance leaving the Tron market was responsible for this.