- Tron’s weekly highlights highlighted remarkable developments in the ecosystem.
- Aside from the price, TRX’s social performance was also comparable.
Bearish sentiment dominated the market last week, preventing most cryptos from making gains. Tron [TRX], last week, however, it traded differently as it was one of the few larger-cap cryptos to post gains. While there have been a number of developments in the ecosystem over the past week, a look at the daily chart sheds light on what went in TRX’s favour.
Realistic or not, here it is TRX market cap in BTC‘s conditions
Why did Tron disconnect?
While most cryptos bled, CoinMakretCap’s was facts revealed that TRX was up more than 3% last week. At the time of writing, it was trading at $0.07726 with a market cap of over $6.9 billion. While other factors were at play, developments around the blockchain ecosystem may have played their part. Tron recently posted his weekly highlights, pointing out the new updates.
🧐View #TRON This Week’s Highlights (Aug 19, 2023 – Aug 25, 2023).
🙌 We will keep you informed of the most important news about #TRON And #TRON #Ecosystem. So stay tuned, #TRONICS! pic.twitter.com/XXVhumap81
— TRON DAO (@trondao) August 26, 2023
One of the notable developments last week was Bitso, one of the largest crypto exchanges in Mexico, announcing support for TRC20-USDT, extending Tron’s reach. In addition, the Tron multi-signature also went live on the latest version of TokenPocket for Android.
Aside from this, a look at the token’s daily chart revealed that quite a few indicators turned in TRX’s favor last week, allowing the price to move higher. For example, TRX‘s Relative Strength Index (RSI) jumped above the neutral limit in recent days. According to the MACD, bulls led the market.
In addition, On Balance Volume (OBV) and Chaikin Money Flow (CMF) also increased significantly, supporting the price increase. However, the week ahead could be different as the Bollinger Bands indicated that the price of TRX was in a less volatile zone.
Source: TradingView
Tron’s social stats are skyrocketing
Not only did Tron’s price show an increase, but its social performance also improved significantly last week. According to MoonCrushthe token’s social mentions and social dominance are both up more than 40% in the past seven days.
How many Worth 1,10,100 TRX’s today
Bullish sentiment all around TRX also shot up 34%. However, it should also be noted that, in addition to bullish sentiment, bearish sentiment also surged.
Nevertheless, Tron’s Altrank improved, which is a bullish signal. On top of that, a look at TRX‘s derivatives market suggested that the price uptrend could continue. This was likely because the token’s open interest increased as its price rose. An increase in the metric increases the likelihood that the ongoing price trend will last longer.
Source: Coinglass