New TRON Liquidity Share Update Is Here, But Will It Benefit TRX Bulls?

  • Despite updates regarding liquidity efforts, the price of TRX has plummeted.
  • Some of the metrics were in favor of the buyers while market indicators were bearish.

Justin Sun, Founder throne [TRX] advertiser The TRON Foundation has announced the upcoming launch of floating betting, as seen on TIP467. With the launch of this new feature, users will be able to seamlessly exchange their deposited TRX for STRX.

In addition, Tron will also introduce a decentralized resource marketplace, as described in TIP484, bringing TRON to a new level of functionality and ease of use.

Even before the launch of the new DeFiLlama feature data It revealed that the total value of locked TRON has been on an upward trend for two weeks, which is encouraging.

Not only that, but a few days ago TRON more dangerous The Committee’s Proposal No. 82 was passed recently and is due to go into effect soon. When the update goes live, it will facilitate computation faster for related transactions.

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

However, investors should consider this

Although the new feature will increase the scope and capacity throneThe network’s price performance does not seem to match. to me CoinMarketCapTRX price is down by more than 1.3% in the past 24 hours and at the time of writing it is trading at $0.06141 with a market capitalization of over $5.6 billion. Some on-chain metrics have also raised concerns about TRX.

For example, TRXTrading volume has decreased significantly in the past week. Price volatility decreased in one week, which reduced the chances of an unprecedented rally.

Also LunarCrush data It revealed that TRX’s market dominance has also declined by 20% over the past seven days. However, development activity has increased, reflecting the increased efforts of developers. TRX has also managed to gain interest in the derivatives market as Binance’s funding rate has been on the rise.

Source: feeling

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More cause for concern

The daily chart of TRON suggested that after a week-long bull market, the bears continued. The Relative Strength Index (RSI) has been declining and is heading towards the neutral mark.

TRXs Chaikin Money Flow (CMF) also followed the same path, which increased the chances of a downside trend in the coming days. On the other hand, the exponential moving average (EMA) band remained bullish as the 20-day moving average held above the 55-day moving average.

Source: TradingView

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