TRON (TRX) Kicks Off 2023 With 4.6 Billion Of The Total Transactions Exceeded

Key Points:

• TRON reported that the total transactions on the network surpassed 4.6 billion, and the number of accounts surpassed 134 million.
• TRX’s Money Flow Index (MFI) increased, indicating a positive trend.

Last week, the crypto market was in a bullish trend, with multiple cryptos flourishing and reporting large gains. Having said that, TRON [TRX] was on the same thereof page.

TRX’s price decreased by 2.23% in the previous seven days, according to Coincu. Furthermore, it was trading at $0.05411 at the time of writing, with a market value of more than $5 billion.

However, TRX has lately achieved a number of milestones that may work to the network’s advantage. The total transactions on TRON surpassed 4.6 billion, and the number of accounts surpassed 134 million.

TRON’s development activities have been sideways over the past week, which is a red indicator. Negative attitudes against TRX surged twice throughout the same timeframe, indicating that the community had lost trust.

The cryptocurrency also failed to pique the interest of the futures market, as its Binance funding rate fell precipitously.

Fortunately, despite poor performance during the last week, TRX showed indications of improvement. TRX’s price had risen by 4.8% since its low on January 7 as of the time of writing. Furthermore, the network has seen a number of changes in recent days that have the potential to drive a bull movement.

TRON recently released its weekly report on Twitter, which highlighted the company’s most important improvements. Notably, Binance has finished integrating the Binance-pegged stablecoin BUSD on TRON. DeFiLlama also disclosed that TRON has surpassed Ethereum as the world’s second-largest blockchain in terms of total value locked.

Despite the fact that the measurements favoured the sellers, market indications indicated a different narrative. The Moving Average Convergence Divergence (MACD) indicator suggested a continuing battle between bulls and bears. This was because they were attempting to flip each other in order to obtain an advantage in the market.

However, TRX’s Money Flow Index (MFI) increased, indicating a positive trend. The Relative Strength Index (RSI) rose as well, moving further away from neutral. This might enhance the likelihood of a price hike in the following days.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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