- Tron ensures Google Cloud integration and looks to AI in pursuit of long-term dominance.
- TRX is peering through capitulation as it struggles to stay on the upside.
Tron is one of the more interesting blockchain networks we’ve observed so far this year thanks to its aggressive growth. The latest announcements could provide insight into what the network is doing to stay competitive.
How much are 1,10,100 TRXs worth today?
Tron recently announced its integration with Google Cloud. This adds to the growing list of major blockchain networks that have recently announced the same development.
The integration will reportedly make it easier for Tron users to analyze historical on-chain transactions. Tron’s official post on the matter stated that the integration could increase the accessibility of the blockchain network.
#TRON has joined @googlecloud‘s expanding public blockchain datasets in #BigQuery.
???? Google Cloud’s BigQuery provides lightning-fast SQL queries, real-time data analysis, and seamless integration with data visualization tools.
Of #TRON on board, our users can now analyze… pic.twitter.com/nmsi1W6q1j
— TRON DAO (@trondao) October 4, 2023
While the Google Cloud integration is a step in the right direction, it is only one of the pillars on which Tron is building its future. The blockchain also unveiled a partnership with GT Protocol. The partnership will enable the integration of GT Protocol with Tron. This will reportedly make it easier for Tron users to access AI automation tools that will make it easier to explore the blockchain.
These latest Tron announcements highlight plans to use Google indexing to improve usability and AI to enhance its services. A classic case of taking advantage of existing and popular technology to reach the next level. While this could support Tron’s future performance, it’s important to look at what happens in the short term.
Tron developer activity is declining, but is this a harbinger of a bearish outcome?
Development activity is an important metric because it gives a rough idea of whether a network is building. As such, high development activity is considered a good thing, while the opposite is true for low development activity. Tron’s development activity just dropped to its lowest level in the last three months.
Source: Santiment
The low development activity could therefore lead to less confidence among TRX traders. However, it is best to research other statistics to determine if that will be the case. Unsurprisingly, weighted sentiment and social dominance have fallen significantly over the past seven days.
Source: Santiment
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The timing is notable because TRX’s price action became oversold about seven days ago, resulting in a sharp increase in selling pressure. The cryptocurrency is encountering resistance above the $0.089 price level. This means that there is a decent chance that capitulation will occur despite the bulls trying to maintain control.
Source: TradingView
Furthermore, TRX’s Money Flow Index (MFI) has seen significant outflows since early October. Similarly, the Relative Strength Index (RSI) showed some weakness as it is at the 50% level. In case of capitulation, traders should anticipate the next support level near the $0.087 price level.