Should Tron Investors Be Worried?
“Tronscan” site published the latest data of the Tron network yesterday (January 14). These data included some significant figures.
According to Valx and quoted by Ambcrypto, the total value locked in the Tron network exceeded 9.8 billion dollars. The number of accounts created in this network reached 135 million. The total number of transactions in this network reached 4.64 billion.
Another important event of this network was its listing in the Blockbank financial application. With this interaction, users of this application will be able to buy Tron currency with currencies such as Bitcoin, Ethereum, Tether, etc.
The price performance of Tron (TRX) was also commendable; This cryptocurrency experienced a 20% growth in value during the last week. The market value of Tron at the time of writing this article is slightly more than 5.8 billion dollars.
But this happiness may not last long; Cryptoquant site data has bearish signs.
Tron analysis by CryptoQuant shows that the relative strength index (RSI) of this currency is in the overbought zone, which could lead to increased selling pressure in the coming days.
On the other hand, the exponential moving average (EMA) ribbon has also formed a bullish intersection in the Tron price chart, which can lead to the continuation of the upward trend. The Money Flow Index (MFI) was above neutral, which increases the chances of price increases. But the Chaikin Money Flow Index (CMF) had a slight decline, which is a negative signal.
In addition to technical indicators, intra-chain analysis is also aligned with bulls. The demand for TRX has increased in the derivatives market, which can be seen in the increase in the funding rate of the Binance exchange.
Tron’s social popularity indicators also remained relatively high, which indicates the popularity of this currency among the crypto community. However, the amount of development activities decreased, which is a worrying factor.
Should Tron investors be worried? The first time in the blog Valx. appeared.