Tron [TRX] recently made headlines when it became the official blockchain of the Republic of Dominica. This news, coupled with other positive developments, caused the price of TRX to rise in the days that followed.
Fast forward to October 18, TRX, at the time of writing, was trading at $0.06254 with a market cap of $5,769,856,228. Not only this, but Tron was also listed in the Binance x CoinMarketCap top 10 equal weighted index.
— TRON DAO (@trondao) October 17, 2022
Investors can relax
TRX’s Binance funding rate registered an uptick late, representing higher interest from the derivatives market. In addition, TRX’s NFT space was also quite heated last week as the total number of NFT transactions rose, generally a positive signal for a blockchain.
Nevertheless, all the stars were not in favor of TRX as a few stats pointed to a possible price drop. For example, TRX’s development activity witnessed a downfall after seeing a rebound last week. In addition, Tron’s volume also followed a similar route, falling last week, another red flag for the blockchain.
Are the bears awake?
A look at TRX’s daily chart reveals a sort of bearish picture as several market indicators were against TRX. For example, TRX’s Moving Average Convergence Divergence (MACD) showed an ongoing war between the bears and the bulls.
In addition, TRX’s Chaikin Money Flow (CMF) was below the neutral position, a bearish signal. However, a few indicators gave investors hope as they suggested continued price increases.
TRX’s Exponential Moving Average (EMA) Ribbon revealed that the buyers could soon overtake the sellers. This was because the 20-day EMA was rapidly approaching the 55-day EMA, increasing the likelihood of a price increase. In addition, TRX’s Relative Strength Index (RSI) registered an increase, which was another green signal for Tron.
This post Long-term Tron holders should consider the bear sleep cycle before investing further
was published first on https://ambcrypto.com/tron-long-term-holders-must-consider-the-bear-sleep-cycle-before-investing-further/