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More and more users are using Tron but… is it enough to push TRX quotes?

Once a week, the official Twitter account of Tron tweets an update on the progress of his projects. The events of last week - reads the post - have provided Tron with new possibilities and, again during the same update, a dossier on the performance by Tron.

In particular, the dossier argues that the future of the protocol is bright, but that some mixed signals are raising doubts among fans and investors. A potentially worrying condition, as low confidence can lead to a sell-off, which can push the price of the token further down.

Specifically, the dossier points out that TRON TVL grew 61% quarterly, total transactions grew 12,4% to 5,3M compared to the third quarter, TRON's network activity reached a user base. renewed after the USDD launch in May.

But could this help TRX rise in the coming days?

Currently TRX has not experienced any price growth in the past three months. However, at the time of writing, it appears that token prices are on the rise. TRX is actually showing a technical descending triangle formation, thus representing a bullish indicator for investors and traders. A condition that has the potential to restore token trust. Currently, TRX is trading green at $ 0,0627 and a bullish breakout is possible in the next few days.

The surge in the Stoch RSI will be the indication to watch for investors and traders, as the continued upward movement of this indicator indicates a possible pullback in the coming days or weeks. However, this is offset by the bearish indicators CMF and CCI, which indicate a partial or total domination of the bears on the TRX market.

As the breakout approaches, the ribbon EMA signal suggests opening a long position immediately. The TRX trading range has narrowed from $ 0,0523 to $ 0,0724 in the past few weeks to the current $ 0,0588-0,0670 range.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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