TRON Volume And Market Cap Down Despite Social Media Hype
September 01 2022 - 7:01AM
NEWSBTC
According to recent news reports, Tron (TRX) outperformed both
Bitcoin and Ethereum in terms of energy efficiency. TRX social
dominance up TRX price down by 2.97% Future trends show TRX to
plunge further Compared to Bitcoin, Tron uses 99.9% less
energy (just 162,868 kWh). Being a major issue in the most recent
session, crypto mining has been welcome publicity for Tron. The
Tron DAO recently tweeted a link to a blog post where they provided
an update on some of their on-chain metrics and informed their
followers of the exciting development. Apparently, the number of
accounts added has increased, and that Tron’s height has surpassed
43.61 million. Tron added over 971880 accounts this week, according
to the blog post. According to CoinMarketCap, TRX price has
nosedived by 2.97% or trading at $0.06347 as of press time. The
TRON coin appears to be expanding quickly, as seen by a jump in
transactions and TVL. Although there have been sporadic surges, its
social dominance metric has remained stable. Related Reading: Shiba
Inu Burn Events Spark A Rally In Altcoin Over The Past Weeks TRX
Down In Terms Of Market Cap, Volume It’s not all sunshine and roses
for TRX, despite the fact that things are looking up on the social
media front. Since May, there has been a declining trend in both
volume and market capitalization. In addition, Tron’s volume metric
has experienced extreme fluctuation. The level of development
activity has likewise dropped by an unheard-of amount. This might
be a sign that the Tron technology is not likely to see many
breakthroughs or significant improvements anytime soon. The
advantages and disadvantages of Tron, however, seem to be in
continual conflict with one another. On the micro-frame, however,
the price hasn’t exhibited the same volatility. Chart from
TradingView.com TRX Price Action Hints At Bullish Omen TRX Future
The $0.071 resistance and $0.063 support levels have mostly
influenced TRX’s price action for a while now. In recent times,
nonetheless, the price did surpass the $0.063 resistance level.
Nevertheless, it has recovered. The midline of the Bollinger Bands
was being traded above by TRX on August 30. It may be interpreted
as a bullish omen. It will be interesting to watch if TRX can
overcome its immediate resistance and continue to rise. Future
price trends for TRX are shown by the weekly technical chart. Near
$0.1, Tron’s upward momentum may come to a stop. The coin is
currently supported at around $0.03. On the daily chart, the asset
has been trading close to $0.069 with a loss of 2.07. The price of
the asset is presently trading below both the 50 and 100 Daily
Moving Averages. New future highs are possible if the asset price
crosses above the 100 DMA. Related Reading: Want to Hodl USDC?
Check These Indicators First To Ease Doubt BTC total market cap at
$5.8 billion on the daily chart | Source: TradingView.com Featured
image from AAX Academy, chart from TradingView.com
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