TRON transaction volume lost a trickle at around 3%. There was an upward trending move before it recently turned downward.
While the TRON bulls are desperately trying to hold on and support the price, the bears have done the heavy lifting, so TRX needs to work harder and attract more buyers to raise the price.
The bulls did a great job pushing the price of the TRX/BTC pair from a lower low that settled at $0.06613 to $0.06715, but investors still need to time the market before they are not in full swing.
As of this writing, TRX is trading at $0.065623, up 2.5% over the past seven days.
Suggested Reading | Solana (SOL) will hit $166 by 2025, despite current bearish conditions
TRX market capitalization increased by 0.43% in the last 24 hours
TRX gained only around 0.43% in market capitalization overnight. The coin currently has a capped trading volume of 434 million and a market capitalization of 6.4 billion, which rounded a loss of 4% in the last 24 hours.
The short-term analysis showed bullish or tilting movement, but somehow flattened out as the bears became more dominant.
On the positive side, the MACD indicator reveals a strong buy signal as buyers rush into the market. The coin’s RSI has also spiked as seen in the hourly price chart as it slides above 50. The Bollinger Band cloud appears to be still and not lifting a finger.
The TRX price has shown a decline of 7% over the past six days, which is cause for concern for some investors. However, the hourly price chart shows some hope with the bulls returning to support the coins, increasing the possibility of an uptrend move.
TRX total market cap at $6.05 billion on the daily chart | Source: TradingView.com
TRX TVL increases by 47%
On July 23, the TRON network announced vital network developments that occurred from July 16 to July 22. Currently, with its recent update, the TRON network is recognized as the second rank among the best blockchains in terms of transaction volume. TRX has currently processed over 3.5 billion transactions in total since its launch.
Additionally, USDD, TRON’s stablecoin was also recently launched on Arbitrum. On July 20, TRON also revealed its collaboration with WeFund.
From July 16 to July 22, the social dominance of TRX decreased by 2%, which is very minor, but the social volume of TRX also increased by 22%, which is very significant.
The Total Locked Value (TVL) of TRX has increased significantly since the first week of July. To date, the network’s TVL has exploded exponentially by 47%.
Suggested Reading | Cardano (ADA), after a 35% spike, locks onto the next target: $0.55
Featured image from Invezz, chart from TradingView.com