- TRX finally made an escape from the downtrend.
- TRX burned 125 million coins as net production hits negative $10 million
- The pair of TRX/BTC is at 0.000002505 with a drop of 0.15%
TRON is a decentralized blockchai_based operating system developed by the Tron Foundation. Originally TRX tokens were ERC-20 based tokens deployed on ethereum, but a year later they were moved to their own network.TRON has positioned itself as an environment where content creators can connect with their audiences directly.
After falling below the mark of $0.100 it was very difficult for TRX to reverse the trend. But for now by analyzing the graph for the daily time frame we can observe that the buyers are trying to indulge and make the candle green for TRX. A ‘W’ pattern can be observed on the graph by the moving average indicator.
TRX price is currently at $0.079 with a loss of 4.86% in its market capitalization in the last 24 hrs. While the market cap fell for 5.02% but volume being a support has gained 28.54% in the past 24 hrs showing that buyers are getting attracted. The higher high in the past 24 hrs was $0.085. The value for the BTC pair lies at 0.000002505 with a decrease of 0.15% in it and the volume market cap ratio has a value of 0.44.
It seems TRX has managed to attract some buyers to escape over the falling wedge pattern, but it is not enough. It certainly needs more investors to cross the mark of $0.100 and to start its journey to its all time high.
TRX burned 125 million coins as net production hits negative $10 million
As the official tron community account reports, the network has burned over Million coins as issuing TRX stays at negative 120 million, valued at approximately $ 10 million. As USDD stablecoin by tron network was introduced, the blockchain noe expects a greater burning rate thanks to the arbitrary swap machine in the core of the stablecoin, which mostly mimics Terra’s UST maintaining scheme.
Conclusion
The movementum is bullish as the indicators say the MACD line is above the MACD signal line, while the relative strength index is above the mark of 55.
Technical levels
Resistance: $0.080, $0.090.
Support: $0.060, $0.070
