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 BTT’s 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.
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 the 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 the status quo and its Money Flow Index (MFI) experienced a 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 the trade count also surged, indicating that there is still significant interest in 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.
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.