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- 1 TRX/USDT is currently trading at $0.0699 while seeing a change in 24 hours of 1.44%.
- 2 The market cap of the TRON coin is $6.2B and it has a circulating supply of 90.4B.
The TRX price is currently trading above the major EMA levels indicating that it may succeed in recovering its previous trend. The price is currently seeing a slight increase in the number of buyers on the daily timeframe which is also confirmed by the price. If it gains substantial buyer support from the current level it may be able to break out of the bear’s firm grip over the price. The Investor’s sentiments regarding the TRX token are steadily taking a bullish direction.
The majority of the technical indicators are positive regarding the Tron token. Whereas the TVL and Revenue also indicate that the buyers hold positive notions regarding the token for the long term.
Steady Increase in Revenue and TVL of TRX Token
The TVL of the TRX token is moving in a positive direction for the past few months. An increase in these values indicates that the investors are confident regarding the token. The present TVL of TRON is 5.49B observing a change of 1.44% within the last 24 hours.
The Revenue is also seeing a significant increase in the last few years. The Revenue generated by the platform reached 1.2M recently near early January and it has been moving around those levels since then.
In comparison with the Revenue and TVL, there is no positive change in the active users of the token. The amount of Active Users at present is 2.5M.
Technical Analysis (1-Day Timeframe )
The RSI line has recently taken support from the median line, it is taking a retest from 14 SMA. The current value of RSI is 59.20 point’s which is trading below the 14 SMA. The current value of 14 SMA is 59.01 points. The RSI attempted to take a bullish turn though as it is trading near the overbought zone a negative reversal is more probable.
At present, the Stochastic RSI is also indicating a bullish reversal from the oversold level. The %K recently gave a positive crossover to the %D line. The current value of Stochastic RSI is 41.59 points.
Increase in Revenue and Fees of TRX Token
Conclusion
Analysing various technical metrics, The TRON coin is moving on a bullish trend. The TRON coin is observing an increase in buyers within the last few months. According to DefiLama the fees and Revenue of TRX coin have been seeing a major increment within the past few days which indicates that Investors of TRX Price hold the token in high regard.
Technical levels –
Support –$0.06600
Resistance – $0.07500
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
