TRON Bulls Are Back To Pump Some Energy Into TRX Coin

TRON trading volume has shed a trickle at around 3%. There has been an uptrend movement seen before it recently declined.

While the TRON bulls are desperately trying to hold on and support the price, the bears have been doing the heavy lifting so TRX needs to work double and get more buyers to boost the price.

The bulls did an excellent job pushing the price of the TRX/BTC pair from a lower low that registered at $0.06613 to $0.06715 but investors still need to time the market before they go full swing.

As of this writing, TRX was trading at $0.065623, up 2.5% in the last seven days.

Suggested Reading | Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

TRX Market Cap Up 0.43% Over The Last 24 Hours

TRX has only gained around 0.43% in terms of market cap overnight. The coin currently has a trading volume capped at 434 million and a market capitalization of 6.4 billion which rounded up a 4% loss in the past 24 hours.

The short-term analysis has shown an upside or tilting movement but has somehow flattened as the bears have been increasingly on the dominant side.

On the brighter side, the MACD indicator reveals a strong buying signal as the buyers are rushing back to the market. 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.

The TRX price showed a dip of 7% in the past six days which is a cause of concern for some investors. However, the hourly price chart shows some hope with the bulls going back to supporting coin pumping up the possibility of an uptrend movement.

TRX total market cap at $6.05 billion on the daily chart | Source: TradingView.com TRX TVL Grows A Decent 47%

On July 23, the TRON network announced vital network developments that happened from July 16 to July 22. Currently, with its recent update, the TRON network is recognized as second in rank among the top blockchains in terms of transaction volume. TRX currently has processed over 3.5 billion total transactions since its launch.

Additionally, USDD, TRON’s stablecoin was also recently launched on the Arbitrum. On July 20, TRON also revealed its collaboration with WeFund.

From July 16 to July 22, TRX declined in social dominance by 2% which is very minor but TRX social volume also spiked by 22% which is very significant.

The total value locked (TVL) of TRX has grown tremendously since the first week of July. To date, the network’s TVL has ballooned exponentially by 47%.

Suggested Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55

Featured image from Invezz, chart from TradingView.com

from NewsBTC https://ift.tt/pBR3tJ5