CryptoSlate reports:
Tron has seen a consistent increase in daily active addresses. The price of TRX has risen by over 13% in the past 30 days.
Tron (TRX) has been renowned in recent years for its robust network activity. Encouragingly, last month the blockchain maintained its streak of consecutive growth. The native token’s price has also followed a similar upward trend.
Overview of Tron’s Network Activity
TRONSCAN, a popular handle for Tron-related ecosystem updates, tweeted highlighting the blockchain’s recent achievements. According to the tweet, the daily average transactions on TRON over the past 30 days amounted to 6.84 million, reflecting a 6% increase compared to the previous 30 days and indicating a clear rise in blockchain usage.
To assess TRX’s long-term growth, AMBCrypto examined data from Atremis. It revealed that Tron’s daily active addresses have steadily increased over the past three months. Consequently, daily transactions on the blockchain have mirrored this trend, signaling continued adoption of TRX.
The blockchain has performed well in capturing value. Over the past three months, TRX fees and revenues have remained consistent and stable. However, Tron’s performance in the DeFi market has been less than ideal. Indeed, TRX’s TVL has sharply declined over the past three months.
Encouragement for TRX Investors
Despite the robust network activity, TRX’s price performance appears optimistic. According to CoinMarketCap data, the token’s price has surged by over 13% in the past 30 days. The outlook for the past seven days is also positive, with the token’s value increasing by more than 3.5%.
At the time of writing, TRX is trading at $0.1297, with a market capitalization exceeding $11.3 billion. Investor confidence in TRX has remained high over the past month, evident from its high weighted sentiment score.
AMBCrypto subsequently reviewed Coinglass data to gauge expectations for the token. According to their analysis, TRX’s long vs. short ratio has decreased, indicating a bearish signal due to more short positions in the market compared to long ones.
Reality Check: TRX Market Cap in BTC Terms
Furthermore, the Relative Strength Index (RSI) has declined, suggesting a potential price drop in the coming days. Nonetheless, the Moving Average Convergence Divergence (MACD) technical indicator shows a bullish advantage in the market. The Chaikin Money Flow (CMF) moving south implies that prices are likely to continue rising.
