- TRX traded 1.55% lower than its August 24 opening price, but the indicators showed a bullish pivot.
- TRX development activity surged to its highest peak in the past three months.
While bitcoin [BTC] and ether [ETH] were still red from all the doom they’d witnessed, Tron [TRX] seemed to follow a different trajectory. While the altcoin saw a 1.55% price drop over the past 24 hours, its seven-day price action was up 5.09%.
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At the time of writing, TRX was exchanging hands at $0.0764, which was 1.67% lower than its August 24 opening price. While the price wasn’t exactly looking upbeat at the time of writing, investors could turn to the indicators for some comfort.
On TRX’s daily chart, the Relative Strength Index (RSI) was in a neutral position, just below 50, standing at 49.25. A neutral RSI indicated that TRX was not under significant buying or selling pressure and could go either way. In addition, the Awesome Oscillator (AO), although below the zero line, flashed green bars when pressed.
In addition, TRX’s Moving Average Convergence Divergence (MACD) appeared to be in a good position as a bullish crossover was observed, albeit below the zero line. A bullish crossover did indicate that TRX’s position could shift in the coming days in light of buying pressure that would outweigh selling pressure.
Source: TradingView
Deciphering the why for the outcome
Data from intelligence platform Santiment indicated that Tron development activity hit its highest peak in the past three months. Keep in mind that the higher the development activity, the more Tron developers contribute to the network.
Source: Sentiment
But that wasn’t all. According to a tweet shared by the Tron community on X (formerly known as Twitter), DefiLlama stated that Tron was ranked second in terms of the Total Value Locked (TVL). This was exciting news for the Tron community and especially for traders looking to invest in the altcoin.
According to @DefiLlama, #TRON is the second leading blockchain in terms of Total Value Locked (TVL) ???? pic.twitter.com/MXgBLwIjf1
— TRON Community (@TronixTrx) August 24, 2023
Realistic or not, here is the market cap of TRX in terms of BTC
Additionally, a tweet from Tron DAO highlighted that Tron had more than 1.2 million active addresses as of Aug. 24. This indicated the strength of the network as more and more users were willing to remain active on the network.
With over 1.2 million active addresses, the #TRONNetwork shows the increasing confidence in decentralized platforms. This shows that #TRONICS users are actively engaged and benefit from it. #TRONSstrong????
Data provided by @MessariCrypto pic.twitter.com/oS12FIjIPX
— TRON DAO (@trondao) August 24, 2023
In addition, it also demonstrated a greater sense of security in the Tron network.