Evaluating Tron’s (TRX) Scenario and What Investors Could Expect in Near Term
- TRON’s proposal for a new upgrade is underway and would potentially heighten energy costs.
- TRX’s weekly chart remained green & metrics supported price upticks.
Twitter handle TRON Community confirmed an underway new TRON update. It will bring multiple network changes. The tweet added that approving the update would increase Tron Network’s energy cost to $420. The shift will also ensure upticks in the 24hr burning rate of 8 million TRX, with a -3.17% inflation rate.
TRON had burned more than 8,483,079 tokens as of November 28 – with less than zero (-3,417,095) net production ratio – further demonstrating the asset’s deflationary characteristics. Surprisingly, Tron’s latest price action appeared pretty lucrative.
It gave enthusiasts hope following an approximately 10% weekly surge. Coinmarketcap showed TRX traded at $0.05398 during this writing, with a $4.9 billion market capitalization. Besides that, TRON has been popular within the cryptocurrency sector, joining the top fifteen Binance trending searches.
TRON: Good Days Endings?
Though Tron’s recent performance appeared lucrative for the alt, let us check the blockchain’s on-chain metrics to understand what we could have. For example, TRX’s volume recorded a massive drop despite the impressive price uptick, questioning how legit the surge may be.
Tron’s development activity also deteriorated – a negative sign. Nevertheless, the alt garnered increased attention from the derivatives sector – TRX’s Binance funding rate soared within the last few days. Meanwhile, Tron’s non-fungible token sector didn’t perform well within the previous week. The total trade count and NFT trade volume (USD) dropped after an upward move.
What Lies Ahead
Tron’s 24hr chart confirmed an ambiguous tale, with few indicators supporting continued price surge. The asset’s CMF (Chaikin Money Flow) saw a swift spike – an optimistic development. Also, the Moving Average Convergence Divergence flashed a bullish cross, heightening uptrend chances.
Nevertheless, though the MFI (Money Flow Index) soared, it recorded a brief drop. The EMA Ribbon showed a bear advantage within the market, and that might trouble TRX’s endeavors in the coming times. Time and patience could prove helpful.
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