TRON Bulls Are Back To Pump Some Energy Into TRX Coin

Christian Encila

2 years ago

2 mins read

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TRON trading volume has shed a trickle at around 3%. There has been an uptrend movement seen before it recently declined.

While the TRON bulls are desperately trying to hold on and support the price, the bears have been doing the heavy lifting so TRX needs to work double and get more buyers to boost the price.

The bulls did an excellent job pushing the price of the TRX/BTC pair from a lower low that registered at $0.06613 to $0.06715 but investors still need to time the market before they go full swing.

As of this writing, TRX was trading at $0.065623, up 2.5% in the last seven days.

TRX Market Cap Up 0.43% Over The Last 24 Hours

TRX has only gained around 0.43% in terms of market cap overnight. The coin currently has a trading volume capped at 434 million and a market capitalization of 6.4 billion which rounded up a 4% loss in the past 24 hours.

The short-term analysis has shown an upside or tilting movement but has somehow flattened as the bears have been increasingly on the dominant side.

On the brighter side, the MACD indicator reveals a strong buying signal as the buyers are rushing back to the market. The coin’s RSI also skyrocketed as seen in the hourly price chart as it glides above 50. The Bollinger band cloud appears to be still and isn’t lifting any finger.

The TRX price showed a dip of 7% in the past six days which is a cause of concern for some investors. However, the hourly price chart shows some hope with the bulls going back to supporting coin pumping up the possibility of an uptrend movement.

TRX total market cap at $6.05 billion on the daily chart | Source: TradingView.com

TRX TVL Grows A Decent 47%

On July 23, the TRON network announced vital network developments that happened from July 16 to July 22. Currently, with its recent update, the TRON network is recognized as second in rank among the top blockchains in terms of transaction volume. TRX currently has processed over 3.5 billion total transactions since its launch.

Additionally, USDD, TRON’s stablecoin was also recently launched on the Arbitrum. On July 20, TRON also revealed its collaboration with WeFund.

From July 16 to July 22, TRX declined in social dominance by 2% which is very minor but TRX social volume also spiked by 22% which is very significant.

The total value locked (TVL) of TRX has grown tremendously since the first week of July. To date, the network’s TVL has ballooned exponentially by 47%.

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Featured image from Invezz, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.