Despite the sluggish week, TRON investors can find breathing space, as…

  • Total transactions on TRON have exceeded 4.6 billion
  • Despite the increase in negative sentiment and the decline in the funding rate last week,The indicator sheet suggested a price increase soon

The cryptocurrency market was in a bullish phase last week with many cryptocurrencies booming and recording huge gains. anyway, throne [TRX] was the exception.

According to CoinMarketCap, TRX has only increased its price by 0.6% in the past seven days. Moreover, it was at the time of writing trade at $0.05533 with a market capitalization of over $5 billion.

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But TRX has been hitting quite a few milestones lately, which can work in the network’s favour. For example, the total network has exceeded 4.6 billion and the number of accounts has exceeded 134 million.

Where did Tron stumble?

during the past week, throneDevelopment activities followed a side path which was a red flag. Negative sentiment towards TRX also doubled over the same period, indicating less trust from the community.

The token also failed to gain interest from the futures market, as Binance’s funding rate recorded a sharp drop.

Source: feeling

Fortunately, although last week’s performance was not up to par, TRX Showed signs of recovery. At the time of this writing, the price of TRX has increased by 5% in the past 24 hours. In addition, the network has seen several developments in recent days, which may have the potential to fuel a bullish rally.

TRON recently published its weekly report on Twitter, which listed its highlights. Notably, Binance has completed its integration of the Binance-pegged stablecoin BUSD on TRON. Additionally, DeFiLlama revealed that TRON has become the second largest blockchain in the world by total value locked.

Read for TRON [TRX] predict the price 2023-24

The bulls are preparing

While the metrics supported the sellers, the market indicators told a different story. The Moving Average Convergence Divergence (MACD) revealed an ongoing battle between bulls and bears. This was because they were trying to turn each other around to gain the upper hand in the market.

anyway, TRXThe Money Flow Index (MFI) posted a high that looked bullish. The Relative Strength Index (RSI) was also rising and was heading away from the neutral mark. This may increase the chances of a price hike in the coming days.

Source: TradingView

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