Tron recently revealed its latest weekly updates, highlighting all notable and necessary community developments within the past week. Moreover, Tron saw a colossal surge in its decentralized finance (DeFi) sector. It had its TVL (total value locked) soaring by more than 61%.
Also, TRX’s transaction count increased by 12.4% during the third quarter to 5.3 million. Nevertheless, TRX could not entice market participants, failing to record lucrative gains. Coinmarketcap data showed TRX value increased by only 1% within the previous seven days to trade near $0.06516.
Moreover, the token’s market cap hovered above $6 billion during this publication. Surprisingly, Tron’s metrics could not present uptick signals, most favoring downward tendencies.
TRX saw a decline in its development activity. And that could mean a negative sign. Meanwhile, such tendencies impacted its popularity as Tron’s social volume plummeted. Nevertheless, the token’s Binance funding rate recorded a surge, confirming increased interest within the derivatives marketplace.
What Awaits Ahead?
Some of Tron’s market indicators showed upside possibilities in the coming times. For example, the EMA (Exponential Moving Average) Ribbon confirmed the ongoing fight between bears and bulls as the 20d EMA overturned the 55d EMA recently.
That might heighten the chances of price surges. Moreover, the MACD (Moving Average Convergence Divergence) revealed a similar tale, indicating bullish future inclinations.
Nevertheless, the CMF (Chaikin Money Flow) rested well beneath the neutral level, flashing a red flag. Moreover, TRX’s RSI (Relative Strength Index) swayed sideways and stayed beyond the neutral level during this publication. That could prevent the token from soaring in the near term.
TRX will hardly record upsides in the short term as the overall crypto space flash bearishness. Bitcoin’s failure to conquer the resistance at $21K welcomed downward tendencies. The leading crypto shows weakness around $20K, and the upcoming hours can see it exploring the $19K vicinity.
The crypto world saw a bloodbath within the previous day as bears dragged most assets lower. It remains essential to watch upcoming price actions. What are your opinions? When will we escape the ups and downs? Feel free to comment in the section.