The total number of transactions on TRON exceeded 4.6 billion
While negative sentiment increased last week and the funding rate fell, mmarket indicators suggested a price pump soon
The crypto market was in a bullish phase last week as several cryptos thrived and made huge gains. However, TRON [TRX] was the exception.
According to CoinMarketCap, TRX increased its price by just 0.6% in the past seven days. Moreover, it was at the time of writing trade at $0.05533 with a market cap of over $5 billion.
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However, TRX has hit quite a few milestones recently, which could work in the network’s favor. For example, the network total exceeded 4.6 billion and the number of accounts exceeded 134 million.
👏 Congratulations! The total transactions #TRON more than 4.6 billion🎊
— TRONSCAN (@TRONSCAN_ORG) January 9, 2023
Where did TRON falter?
Last week, TRON‘S development activity followed a sideways path, which was a red flag. Negative feelings about TRX also peaked twice in the same time period, indicating lower community trust.
The token also failed to generate interest in the futures market as the Binance funding rate registered a sharp decline.
Fortunately, although last week’s performance was not up to par, TRX showed signs of recovery. At the time of writing, the price of TRX was up 5% in the past 24 hours. In addition, the network witnessed multiple developments in recent days, which could potentially fuel a bull rally.
TRON recently published its weekly report on Twitter, highlighting the most notable updates. Notably, Binance completed the integration of Binance-pegged stablecoin BUSD on TRON. In addition, DeFiLlama revealed that TRON has become the second largest blockchain in the world in terms of total locked value.
🧐 Watch out #TRON This Week’s Highlights (December 31, 2022 – January 6, 2023).
— TRONDAO (@trondao) January 7, 2023
Read TRONs [TRX] Price prediction 2023-24
Bulls make up
While the statistics supported the sellers, the market indicators told a different story. The Moving Average Convergence Divergence (MACD) revealed an ongoing battle between the bulls and the bears. This was because they tried to flip each other to gain the upper hand in the market.
However, TRXThe Money Flow Index (MFI) registered an increase that looked bullish. The Relative Strength Index (RSI) also moved up, moving further away from the neutral mark. This could increase the likelihood of a price spike in the coming days.
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