Assets including ATOM, HNT, LUNC, and LUNA all had weekly gains in excess of 20% as the cryptocurrency market grew robustly over the last week. While TRX ranked first, it was unable to guarantee increases of the same magnitude. According to data compiled by Coinmarketcap, Tron saw no gain over the course of the preceding week.
Over the Last Week, Tron
Data from Tronscan reveals that the open-source Tron platform also experienced drops in key indicators. For example, compared to the previous week, the average number of daily accounts added to the blockchain has decreased by 5%. On September 5th, the count had reached 126,644.
And at the time of writing, the total number of Tron holders had dropped to 71,721,632 (a 1% decrease from the previous week). Overall Tron transactions also fell by 11% over the period under consideration. As of September 12th, the total number of network transactions has stabilized around 4,723,396.
As the USDD stablecoin on the network did not witness significant growth in holders during the period under review, the algorithmic token did not fare well. As of September 12 (Tronscan date), the value of one U.S. dollar had stabilized around 121,192.
Evaluating TRX
At the time of writing, TRX was trading at $0.06362, with no significant price changes having occurred in the previous week. During that time period, the TRX token dropped to a low of $0.060 on September 8 before bulls triggered price increases that drove alternative tokens up to the $0.063 level.
While this was being written, the price of TRX had fallen by 78.80% from its all-time high of $0.3004. TRX has been trading within a tight range on a daily chart since the month of August’s close. Because investor liquidity in the Tron market has been steadily decreasing, selling pressure has increased.
The RSI (Relative Strength Index) for the token was under 40, below the neutral-50 level. Moreover, its Money Flow Index (MFI) continued to show declines, hovering at 47. Further, with its dynamic line below the center line (0.0) at -0.08, the CMF (Chaikin Money Flow) demonstrated the weaker buying strength for TRX.
The weighted sentiment for TRX was negative during much of the month as the price dropped further. Throughout the time period covered by this article, the indicator was consistently found to be -0.651%. There is a current negative trend in Tron, and this trend points to further decrease. Let’s see what the future price movements bring.
