Tron (TRX) Records Positive Moves While Major Cryptos Bleed
14 Februar 2023 - 7:00PM
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The past few days haven’t been encouraging for investors, given the
price action of many digital assets, but TRON seems like the
exception. Some of the top shots in the crypto list include Bitcoin
(BTC), Ethereum (ETH), Binance Coin (BNB), XRP, and even memecoin
DOGE, which are currently down today, February 14. Also, the
Coingecko chart reveals that the global crypto market cap is now
below one trillion. But amidst the red on these crypto assets, TRON
is all green in its 1-hour, 24-hour, and seven days price
charts. Related Reading: Binance’s BUSD Reserves Steady At
$13 Billion, Represents 18% Of All Assets What Is Keeping Tron
(TRX) Afloat When Others Bleed? Over the years, participants
have noticed that news on crypto-related topics, regulations,
network developments, Bitcoin trends, etc., affects asset prices.
So while it’s difficult to pinpoint the exact factor sustaining the
enthusiasm around Tron (TRX), there are some important details to
note. In a tweet on February 11, Justin Sun, founder of the
TRON Network, reiterated the value proposition of this blockchain.
According to Sun, the developers are working “tirelessly” to
achieve a “secure, cheap, and fast network for their users.” The
message also noted the recent change from the energy charging model
to the dynamic energy model. The change is a welcome
development as it will grow the Tron network. According to the
details, the feature will reduce the massive flow of low-value
transactions that delays high-value ones. The Tron Foundation noted
that sometimes some low-value transactions are fraudulent.
But with the dynamic energy charging model, the cost for the
low-value transactions will increase, thereby discouraging the mass
queue. By that, the user experience will improve, hiking the growth
of the dApp ecosystem and encouraging developers. This move
to improve the user experience could boost network activity. TRX
records a 15.19% gain in its trading volume, indicating that the
update is already having a positive effect on the ecosystem.
However, more transactions have led to a spike in network fees.
Some users complained about the increase of TRON withdrawal fees on
crypto exchange Binance following the change, Sun has reassured
them of the network’s commitment to reduce it. In his statement on
Twitter,Sun claims the developers are working with Binance to find
a solution. He also promised to update the users as the process
continues. TRX Price Prediction, Will The Rally Continue?
TRON has continued its uptrend, recording a fifth consecutive green
day since February 10, 2023. The asset has recorded higher highs on
the price chart, and the bulls are pushing the rally relentlessly
today. TRX is trading above its 50-day and 200-day Simple Moving
Average (SMA), confirming the bullish trend. The 50-day SMA has
approached the 200-day SMA and will likely cross above it, which
might propel the price to rise even further. The support levels are
$0.06188, $0.06266, and $0.06421; the resistance levels are
$0.06653, $0.06731, and $0.08666. The Relative Strength Index (RSI)
is 62.10, close to the overbought zone of 70. Also, the indicator
points upwards, which signals a potential price increase in the
coming days. TRX’s MACD (Moving Average
Convergence/Divergence) is slightly below its signal line and is
about to cross over, which shows the emerging bullish trend. Expect
TRON to rally to the $0.06653 resistance if the price momentum
sustains. However, there is a distinct possibility of a pullback
after five consecutive green days for the token. Related
Reading: Binance’s BUSD Reserves Steady At $13 Billion, Represents
18% Of All Assets Note that all cryptocurrencies are volatile, and
altcoins are more likely to deviate from a predicted price
direction. Proper technical and fundamental analysis is necessary
for all crypto traders, coupled with a sound risk management
strategy. Featured image from Pixabay and chart from
TradingView.com.
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