In a Twitter post, TronDAO stated that the recently launched RWA platform bridges the gap between DeFi and TradFi. TRX’s stats have shown significant development over the last 30 days.
Tron [TRX] investors and enthusiasts could be in cloud 9 in days with the Periander update. The network has come a long way, not only in terms of development, but also in managing to stay in the list of top 15 cryptocurrencies by market capitalization.
However, Tron enthusiasts may have more news to celebrate. As of July 5, TronDAO’s Twitter handle posted a tweet that the newly launched RWA platform on Tron and stUSDT bridges the gap between DeFi and TradFi.
More information👇 https://t.co/BNXlv78Tx4
— TRONDAO (@trondao) July 5, 2023
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Tron on a mission!!!
According to data from CoinMarketCap, Tron’s own token TRX was trading hands at $0.766 at the time of writing. While the 24-hour performance was down 0.92%, the seven-day performance showed TRX trading 3.45% higher.
This may have a lot to do with Tron announcement around the stUSDT, the total number of accounts exceeding 170 million, and its transactions exceeding 6 billion.
To add to the ongoing sentiment, the network also managed to show significant development over the past 30 days according to data from Santiment. TRX’s chart from the data intelligence platform highlighted TRX’s development activity. As can be seen, TRX’s development activity skyrocketed significantly on June 29 and stood at 1.23 at the time of going to press.
In addition, weighted sentiment around TRX also saw smaller but consistent spikes over the past month. At the time of writing, TRX’s rising weighted sentiment indicated that the market favored the altcoin. However, the drop in social dominance got in the way of TRX’s holistic developmental map.
A drop in social dominance indicated that TRX was not doing so well socially.
It’s the time to get bullish
At the time of writing, TRX was positioned in a safe place with indicators in favor of the altcoin. As shown in the price chart below, TRX’s Moving Average Convergence Divergence (MACD) showed a bullish crossover. A bullish crossover is when the MACD line (blue) crosses the signal line (red) above the zero line.
In addition, the Relative Strength Index (RSI) was above the neutral line at 58.93. This was an indication that there was some buying pressure in the market. However, the lateral action may be some cause for concern.
Read Tron’s [TRX] Price Forecast 2023-24
Watching the movement of the Money Flow Index (MFI), it could be seen that the indicator was showing all the signs of a pullback from the oversold territory. This could be an indication that the buying volume was about to reverse.
However, TRX’s overall scenario could remain bullish if investors boost and maintain buying momentum. Furthermore, the anticipation surrounding the Periander update could also be responsible for the enthusiasm surrounding the altcoin.
This post Here’s how Tron’s latest advancements could impact TRX’s market position
was published first on https://ambcrypto.com/this-is-how-trons-latest-progress-can-impact-trxs-market-position/