A long-term review of TRON’s weekly performance for traders

  • TRX recorded a decrease in volume and growth activity last week
  • But the daily chart has shown signs of recovery as the alt has recorded gains of over 2 percent on a weekly basis.

TRON [TRX] It has recently released weekly highlights, which summarize all the developments in the ecosystem over the past seven days.

In particular, the 74 voting request passed the vote on TRON and the blockchain became the sponsor for Consensus 2023, a famous celebration of the crypto industry.

Justin Sun, founder of TRON and member of Huobi’s global advisory board, attended Huobi’s rebranding event. During the appearance, he mentioned that TRON, HECO and BTTC will integrate cross-chain technology to build a global public chain ecosystem.

All these developments looked promising. TRON Ecosystem And blockchain has a promising future. However, these updates had little effect on the TRX chart.

According to CoinMarketCap, TRX has increased its value by 2% over the past seven days. At the time of writing, it was trading at $0.05332 with a market capitalization of over $4.9 billion.

Parameters are not matched.

Not only price action, but also TRON’s on-chain metrics have not responded to these developments. For example, the volume of TRX has decreased over the past week despite a slight increase in price, which was a negative sign for token holders who are willing to go long.

TRXGrowth followed a similar path and declined on November 24, after which it took a sideways path.

However, since Binance’s funding rate was high, TRX gained interest from the volatile market.

Source: Santiment

Interestingly, the TRON NFT space has seen a decline over the past week. Sentiment data shows that TRON’s total NFT trade count and total NFT trade volume in USD, after going north, have dropped in the past few days.

Source: Santiment

TRON hit some positive notes though

However, see TRXThe daily chart has revealed some fascinating insights for long-term holders. TRX’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) rose in the last few days of the week after recording declines.

In addition, TRX’s MACD also showed a bullish cross, indicating that good days are ahead for TRON investors.

Source: TradingView

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