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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Tron Development Activity Grows In The Last 7 Days – Except TRX Price

Christian Encila
Christian Encila
2 years ago
3 mins read
TRON

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Tron (TRX) welcomed the second week of this month with the news of its coin becoming a legal tender in the Commonwealth of Dominica announced by no less than its blockchain founder, Justin Sun.

  • Technical indicators for TRON are confusing as of this time
  • TRX could surge all the way to $0.0678 after 30 days
  • Tron network’s development activity surges over the last few days

With the development, the crypto, along with other Tron minted coins such as BTT, JST, NFT, USDD, USDT and TUSD, can now be used as medium of exchange within the island nation.

Meanwhile, just last September, Sun shared on Twitter that since October 28, 2021, the total number of burned TRX tokens reached 11 billion, dropping the asset’s supply to 71.6 billion.

The 15th largest cryptocurrency in terms of market capitalization also recently racked up another achievement, placing 3rd on the list of the most influential BTTs over the last 30 days.

BTTs are TRC-20 utility tokens used for powering various features of different decentralized applications and programs.

But even with all of these accomplishments, TRX failed to make any significant rally to push its prices to higher levels.

TRX Price Still Unable To Take Off

At press time, according to data from Coingecko, TRON is trading at $0.0623 and although it is up by 2.2% over the last seven days and by 4.3% for the past 30 days.

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Source: TradingView

As for what lies ahead for TRX, technical indicators are confusing right now, as some of them point towards a bullish run while others suggest bear momentum.

The coin’s price movement suggests that it will soon hit 55-day Exponential Moving Average while its Bollinger Bands indicate it is caught in a squeezed zone. The conditions of these two indicators are telling signs of volatility and price surge.

Meanwhile, the altcoin’s Relative Strength Index (RSI) remained in status quo and its Money Flow Index (MFI) experienced decline. These, on the other hand, suggest the crypto might head into a bearish run over the next few days.

According to Coincodex, TRX will slightly decline to $0.0611 over the next five days but will pump its price over the next 30 days to trade at $0.0678.

Active Network Keeps Tron In Balance

While still struggling, Tron has one thing that could give investors something good to look forward to – its network activity.

Over the last few days, its development activity and trading volume tallied a significant increase after declining last week. At press time, according to Coingecko, the digital asset’s volume stood at $295 million.

Moreover, last week, Tron’s NFT space performed well as trade count also surged, indicating that there is still significant interest for the blockchain project.

These positive developments, no matter how little, could eventually help Tron make that push to end the year with a higher trading price.

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TRX total market cap at $5.6 billion on the daily chart | Featured image from Invezz, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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