Once a week, the official Tron Twitter account will tweet an update for the world to see. The post claims that the events of the past week have given Tron new possibilities. Also during the quarter, Messari published its report on Tron. performance.
As more data in favor of the token is scrutinized, research claims the future of the protocol is bright, but that mixed signals are casting doubts for fans and investors.
This could be worrying as low confidence could lead to a sell-off, which could further push the coin’s price down.
Even though Messari research has hope for the token’s future, investors in cryptocurrencies are more concerned about a continued decline in growth activity and other factors.
The report states that:
Read full reporthttps://t.co/BOxQzatH9M
— tron dao (@trondao) 5 November 2022
In addition, the amount of DeFi fields on Tron has increased dramatically. TVL (Total Price Lock) increased by 61 per cent. Total TRX transactions also increased 12.4% year over year to 5.3 million in the third quarter.
How high can TRX go over the next several days and will the bears finally prevail in the TRX market?
Tron: Mixed Signals and Price Predictions
At the time of writing, Tron looks like this: coingeco Claims that TRX has not experienced any price hike in the last three months. However, at the time of writing, it appears that the coin price is on the rise.
TRX is exhibiting a descending triangle formation, which is a bullish indicator for investors and traders. This has the potential to restore the trust of the token. Currently, TRX is trading in the green at $0.0627 and a bullish breakout is likely in the coming days.
Rising Stoch RSI data will be a signal for investors and traders to watch, as continued rising momentum on this indicator indicates a potential pullback in the coming days or weeks.
Nevertheless, this is balanced by the bearish CMF and CCI indicators, which indicate partial or complete bear dominance over the TRX market.
TRX holders are ready for the next price movement
As the breakout nears, the EMA ribbon signal now suggests opening a long position. TRX’s trading range has shrunk from $0.0523 to $0.0724 over the past weeks to the current range of $0.0588 to $0.0670.
With the rising behavior of the Stoch RSI data, this EMA significantly validates the Ribbon price movement prediction.
As the day approaches, the market will finally take into account Messari’s last positive quarterly report.
Although that day has not yet arrived, TRX holders should continue to hold until the rally occurs.
TRXUSD pair trading at $0.062489 on the daily chart | Featured image from Forbes, Chart: TradingView.com