Journalist
Posted:
- In addition to TVL, Tron’s daily active addresses also increased.
- Although TRX’s weekly chart was green, market indicators turned bearish.
Trons [TRX] The DeFi space recently witnessed a boost as a key metric shot up, which was encouraging to watch. Blockchain network activity has also grown in recent days. However, TRX’s price action has remained largely stagnant over the past seven days.
Read Trons [TRX] Price prediction 2023-24
Tron’s DeFi ecosystem is thriving
TRONSCAN recently posted a tweet revealing that the blockchain’s TVL witnessed a spike in the recent past. To be precise, TRX’s TVL skyrocketed on September 15, finally marking an exit from its sideways trajectory. According to the tweet, the top three DeFi projects on TRX were Just Foundation, Staking Governance, and Just Crypto.
At the time of writing, Tron’s TVL was $15.45 billion.
The flow #TVL on #TRON amounts to $15.4 billion.
The top 3 projects on #TRON Through #TVL Are @DeFi_JUST #JustLendDAO ($4.73 billion), $TRX Deploying governance ($3.94 billion), #Just now Cryptos ($3.06 billion). pic.twitter.com/ra0wpGW9om
— TRONSCAN (@TRONSCAN_ORG) September 22, 2023
In addition to TVL, network activity has also increased in recent days. This was evident in Artemis’s data, as it showed a sharp spike in its daily active addresses, indicating more users.
Interestingly, the increase in the number of active addresses did not cause this TRXs daily transactions increase. According to TRONSCAN’s factsAt the time of writing, TRX’s total accounts reached the 185 million mark. At the same time, the blockchain’s total transactions exceeded 6.4 billion.
Source: Artemis
Will TRX’s price match?
As the ecosystem grew, the price action of the blockchain’s native token took a sideways path. From CoinMarketCapTRX’s price has only risen 0.5% over the past seven days.
At the time of writing, it was trading at $0.08391 with a market cap of over $7.4 billion, making it the 11th largest crypto. Blockchain development activity also fell last week.
However, other figures suggest that things could change quickly. For example, TRX‘s financing rate was red.
Typically, prices tend to be opposite to that of the financing rate. So there may be a price increase. The token’s price volatility also fell last week. Additionally, TRX’s open interest fell last week.
Source: Santiment
Is your portfolio green? Check the TRX Profit Calculator
While a few metrics were positive, a look at TRX’s daily chart told a different story. Both TRX’s Relative Strength Index (RSI) and Money Flow Index (MFI) were near the overbought zone, which could increase selling pressure on the token.
Furthermore, TRX’s MACD showed the possibility of a bearish crossover, indicating that the token’s price may undergo a correction in the coming days.
Source: TradingView
