- The Relative Strength Index for Confidence (RSI) was bought in the overbought territory at the time of publication
- TRX metrics and market indices have been strongly favoring the bears
Faith [TRX] The price performance last week was very slow, recording negative growth. new data From CryptoQuant revealed that the days ahead could be even worse, as the RSI for TRX was in the overbought zone. This indicates a further decline in price.
At the time of writing, TRX is down more than 1% in the last 24 hours and it has been trade to $0.05328 with a market capitalization of more than $4.9 billion. However, TRX may see a change in trend given the recent developments.
Read Faith [TRX] predict the price 2023-2024
Where does the throne stand?
Last week, the Dominican government granted Tron an allowance to issue the national currency of Dominica. This was an optimistic update as it reflects the increasing use of Tron on a global scale. Justin Sun, Founder throne, He also joined the Reuters NEXT Leadership Online Summit and gave several interviews on the topic of ‘Crypto Winter’.
🧐 Check it out #throne Highlights from this week (November 26, 2022 – December 2, 2022).
– trondao December 3, 2022
However, things don’t seem to be working in TRX’s favor on the metrics front. For example, since the beginning of this month, the total value of Tron a Dropp off. Additionally, the Santiment chart revealed several metrics that indicated a price drop.
For example, TRX development activity has declined over the past week. TRX volume also followed a similar path and declined. In addition to, TRX It also failed to attract interest from the derivatives market as Binance’s funding rate was consistently low.
At the mercy of bears
Not just the metrics, but a few market indicators also backed the bears. TRXThe Money Flow Index (MFI) is hovering around the overbought region, which was a negative sign.
The 50-day EMA (red) was much higher than the 20-day EMA (green), which increases the chances of a downside move. But the Moving Average Convergence Divergence (MACD) provided some much needed relief as it revealed that the bulls still have the upper hand in the market.