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Once a week, the official Tron Twitter account would tweet out an update for the world to see. The events of the past week, the post claims, have provided Tron with new possibilities. Also during the quarter, Messari published their own report on Tron’s performance.
As more data on the token’s side are investigated, the research claims that the future of the protocol is bright, but that mixed signals are spreading doubt to fans and investors.
This can be worrisome since low confidence can lead to a sell-off, which can further drive the token’s price down.
Even while there is hope for the token’s future in the Messari research, investors in cryptocurrencies appear to be more concerned with the continued decline in development activity and other factors.
The report points out that:
Read the full reporthttps://t.co/BOxQzatH9M
— TRON DAO (@trondao) November 5, 2022
In addition, the amount of DeFi territory on Tron ballooned dramatically. There was a 61% rise in TVL (total value locked). Total TRX transactions also increased by 12.4% year over year in the third quarter to 5.3 million.
How high may TRX go in the next several days, and will bears in the TRX market eventually prevail?
Tron: Mixed Signals And Price Forecast
As of this writing, the Tron looks like this: CoinGecko claims that TRX did not experience any price growth throughout the last three months. However, at the time of writing, it appears that token prices are 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 token’s confidence. Currently, TRX is trading in the green at $0.0627, and a bullish breakout is possible during the next several days.
Soaring Stoch RSI data will be an indication for investors and traders to monitor, as continued rising movement on this indicator indicates a possible pullback in the coming days or weeks.
Yet, this is counterbalanced by the bearish CMF and CCI indicators, which indicate either partial or complete bear dominance over the TRX market.
TRX Holders Brace For Next Price Movement
As the breakout nears, the EMA ribbon signal suggests opening a long position now. TRX’s trading range has shrunk from $0.0523 to $0.0724 during the last weeks to the current range of $0.0588 to $0.0670.
Along with the rising behavior of the Stoch RSI data, this significantly validates the EMA ribbon’s price movement prediction.
As this day approaches, the market will finally take into account Messari’s previous optimistic quarterly report.
While this 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