- TRX’s daily active addresses and transactions are up.
- TRX rose by more than 5% and some indicators pointed to a further price increase.
Trons [TRX] The achievements over the past few months have been commendable as quite a few milestones have been achieved. The blockchain strengthened its high network activity and also performed well on the price front, being one of the few cryptos with a green weekly price chart.
Tron’s network activity is skyrocketing
IntoTheBlock recently posted one tweet highlighting an interesting development regarding the Tron blockchain. According to the tweet, the number of active Tron addresses has steadily increased since the beginning of the year, reaching a daily average of 2.5 million.
This increase far exceeds the number of top layer 1 blockchains, reflecting the mass adoption and use of Tron.
Because these numbers looked optimistic, AMBCrypto checked Artemis’s data. facts to delve deeper into TRX’s network activity.
According to our analysis, TRX’s daily active addresses have been growing steadily since the past month. Thanks to that, the blockchain’s daily transactions also followed a similar upward trend.
Source: Artemis
Apart from this, things also looked positive in terms of value captured. Both TRX’s fees and revenues increased last month.
However, TRX’s performance in the DeFi space has declined over the past seven days. This was evident from the significant drop in TVL.
TRX remains green
Amid this, TRX became one of the few cryptos in the top 20 list that managed to paint its weekly chart green.
According to CoinMarketCapTRX’s price has risen more than 5% in the past seven days. At the time of writing, TRX was trading at $0.1231 with a market cap of over $10.7 billion, making it the 11th largest crypto.
The better news was that TRX’s long/short ratio increased. When the metric rises, it means that bullish sentiment around a token is dominant in the market.
Source: Coinglass
A number of technical indicators also looked quite bullish. For example, the MACD showed a clear bullish advantage in the market.
The Chaikin Money Flow (CMF) recorded a sharp increase, indicating continued price appreciation. However, Tron’s price had reached the upper limit of the Bollinger Bands. When the price touches the upper limit of the indicator, it indicates a correction.
Source: TradingView
Read Trons [TRX] Price prediction 2024-25
If a price correction occurs in the coming days, the price of TRX could drop to $0.115 as liquidation would rise sharply at that level.
However, if the bulls continue to control the market, investors could soon witness a TRX value of $0.13.
Source: Hyblock Capital