TRON’s RSI was in an overbought position at the time of writing.
However, the rest of the market indicators and statistics were bullish.

TRONSCAN has the latest statistics from the TRON [TRX] ecosystem on Jan. 14, which revealed some key numbers.

Notably, the total locked value of TRON exceeded $9.8 billion, while the total number of accounts on the TRON network exceeded 135 million. In addition, total transactions on the network exceeded 4.64 billion.

Another development was that TRON was also recently listed on the Blockbank application. This new offer allows users to purchase TRX with links like Bitcoin [BTC]Etherium [ETH]Tether [USDT]and more.

TRON’s performance on the price front was also commendable as it posted over 20% weekly gains. From CoinMarketCapTRX’s price is up 9% in the last 24 hours and at the time of writing it was trading at $0.06326 with a market cap of over $5.8 billion.

However, this upward trend can quickly come to a halt, as with CryptoQuant data revealed an important bearish signal.

Read TRONs [TRX] Price prediction 2023-24

Is the tide turning?

According to CryptoQuant, TRON’s Relative Strength Index (RSI) was in an overbought position, which may increase selling pressure in the coming days, resulting in a price drop. However, a look at TRON’s daily chart told a different story, as most market indicators were in favor of the bulls.

The Exponential Moving Average (EMA) ribbon showed a bullish crossover, which may help TRX continue its upward trend. The Money Flow Index (MFI) also rose above the neutral limit, further increasing the likelihood of a price increase. However, the Chaikin Money Flow (CMF) registered a slight decrease, which was a negative signal.

Source: TradingView

Realistic or not, here it is The market cap of TRX in terms of BTC

Investors can relax

Not only the market indicators, but also the on-chain metrics seemed to favor the bulls. TRXdemand in the derivatives market has increased over the past week as the Binance Funding Rate rose steadily.

TRX’s social volume also remained relatively high, reflecting the token’s popularity in the crypto space. However, development activity was concerning as it registered a decline, which is generally a bearish sign for a network.

Source: Sentiment

This post TRON [TRX] could be in trouble if these statistics are to be believed

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