- The Tron crypto’s trading price has advanced by 100% over the last year.
- The TRX token price seems outperforming.
Tron, founded by entrepreneur H.E. Justin Sun, is a decentralized blockchain platform focused on scalability and decentralization. Its native cryptocurrency, TRX, initially an ERC-20 token, facilitates transactions and staking rewards within the ecosystem. Tron supports smart contracts, decentralized finance (DeFi), and aims to establish a decentralized internet infrastructure.
The open interest in Tron crypto has not witnessed any significant change for the last 24 hours, while the derivatives trading volume has declined by 11.4%. The token’s market cap is also trading flat, witnessing a slight decline of 0.53%.
The token’s spot trading volume has declined by 2.9%, resulting in a traded volume of $416.793M in the last 24 hours. Also, the token’s volume/market cap ratio is 3.62%.
The long/short ratio for the token is 0.9662, and the long liquidation for the crypto is $235.47. Against this, the short liquidation for the token is just $7.03K. Moreover, the market cap dominance of the token is 0.44%, followed by medium volatility of 3.33% in the crypto.
The token was released on July 1, 2017, and the sentiment of the token is neutral. Also, the fear and greed index of the token is at 81, indicating extreme greed among the traders.
Tron Token Supply Overview
The fully diluted market cap of the TRX token is $19.267B, and the maximum supply of the crypto is infinite. The circulating supply of the token is 87.874B TRX, and the total supply of the token is the same.
Tron Crypto Blockchain Data Overview
The stablecoin market cap and Total Value Locked are consistently advancing as per DefiLlama. The current stablecoin market cap of the token is $52.891B, and the fees for the crypto are recorded to be $1.84M. The revenue of the token is also the same as revenue.
Social Dominance Vs Social Volume
Social dominance has witnessed a huge decline while the trading price of the token has reached certain highs. The social volume of the crypto also seems low compared to the past.
TRX Crypto Technical Analysis
The TRX token price has been consistently advancing, followed by the rising wedge pattern. The token’s price further broke out of the rising wedge pattern and is trading at certain highs.
The price of the token is taking support at the breakout levels, and a further break above the last swing can lead to further advances in the price.
TRX/USD Chart by TradingView
The exponential moving averages on the daily chart of the TRX crypto price indicate bullish behavior as the price is trading above the 50-day EMA, followed by a golden crossover of the 50-day and the 200-day EMAs.
The Average Directional Index (ADX) is also trading at a level of 41.63, indicating strength in the trading price of the token. The described behavior of the ADX represents that the preceding uptrend is reliable.
Despite trading above the zero level, the MACD and the signal line follow a bearish crossover. It is followed by the bearish histograms on the chart, which indicate the retracement of the trading price.
Summary
Despite recent declines in trading volume, TRX crypto shows strong bullish signals. With a 100% price increase over the year and outperforming its token sale price, TRX demonstrates resilience.
Technical analysis suggests a potential for further advances, supported by bullish indicators like the golden cross of EMAs and strength in the ADX.
Technical Levels:
- Support levels: $0.04940 and $0.07480
- Resistance levels: $0.0131 and $0.180
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.