- Tron’s weekly data confirmed growth in various aspects.
- Metrics supported price upticks.
Tron published its weekly report recently, in which the crypto project highlighted substantial updates about its blockchain. The latest tweet had Tron announcing new data that seemed lucrative – its blockchain height surpassed 45.83 million.
Besides this, TRON’s account hit 119,949,499, whereas the transactions count metric hit 4.19 billion. Also, Tron saw growth in TVL (total value locked), touching the $12.3 billion mark. Meanwhile, Tron’s founder Justin Sun recently issued his opinions about the future of non-fungible tokens (NFTs).
The interview had him mention that the present NFT generation lacks enough liquidity. He added that most upcoming projects assess new use cases and explore P2E (play-to-earn), P&E (play-and-earn), metaverse, and web3.
He added that non-fungible tokens remained the underlying mechanism for multiple advancements and projects throughout this web3 development phase. Surprisingly, Tron’s NFT sector also saw growth within the previous week. Its NFT trade volume in United States dollars and count recorded upsurges, which seemed optimistic for the blockchain.
Nevertheless, things did not appear attractive on the alt chart. Coinmarketcap shows TRX recorded a 12% decline over the past seven days. While publishing this content, the token changed hands near $0.4922 with a $4.5 billion market cap.
Besides the NFT upticks, other on-chain indexes showed TX enthusiasts might rejoice soon. For example, the token’s RSI (Relative Strength Index) swayed within the oversold region, increasing the probability of northbound breakouts soon.
Tron’s development activity soared within the previous week – a positive signal for Tron’s blockchain. It shows the developer’s efforts to enhance the blockchain. The altcoin gained increased interest within the derivatives marketplace, with the Binance funding rate recording a surge.
Concerns Still Persist
Though the new updates and metrics supported price hikes, market indicators confirmed a different tale. Tron’s MFI (Money Flow Index) and OBV (On Balance Volume) recorded plummets, printing a negative sign for the network.
Besides that, the EMA (Exponential Moving Average) ribbon confirmed a bearish outlook, with the 20d EMA swaying beyond the 55d EMA. Thus, investors should approach the asset with caution.
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