4 months ago 2 min read

Why the Most Recent Update to Tron is Causing a Rise in the Price of TRX


Tron is attracting more investors as the protocol gets improvements. The new Java-tron GreatVoyage-4.6.0 version, code-named Socrates, is a necessary update that incorporates essential improvements that significantly enhance the protocol's capacity to utilize storage.

Given that time is limited, the following is a succinct overview of TRX:

  • Significant new improvements that will improve the protocol's performance have been introduced.
  • The PancakeSwap idea has the potential to be a powerful motivator for good.
  • Although the market action is currently bearish, a reversal would be bullish.

That's also not all good news. Just recently, PancakeSwap informed its user base that TRX will be accepted into its Syrup staking pool.

All of this will eventually be reflected in TRX's price. According to CoinGecko's weekly time frame, TRX's price increased by 0.8%.

What do the professionals think about it, despite the fact that everything seems to be going great?

Uptrend or Downtrend?

On the charts, it doesn't appear that an upward trend will develop. There may be a variety of causes for this. It is important to note that the Bollinger band is forming a crunch zone right after the cup formation in TRX.

A larger cup-and-handle construction with an ascending triangle serving as its handle may be the cause of the oncoming drop.

The regression model also demonstrates that the current decrease is strong, with Pearson's R value reaching 0.61, showing that even though there have been good on-chain developments, pain for TRX is still conceivable.

The RSI's continued oversold position in the bottom half of the range further supports a downward trend.

At the time of writing, TRX is trading for $0.0525 per coin. The technical indicators are bullish on a 4-hour time frame since the RSI is rising and the bollinger band is getting wider.

The increasing RSI value is accompanied by a falling price as this indicator swings between overbought and oversold territory.

CoinGlass reports that when exchange financing rates rise, the TRX derivatives market is also marginally improving. On the DeFi side of Tron, TVL dropped from $4.31 billion to $4.29 billion.

Lack of Propulsion

Recent developments have undoubtedly given TRX traders and investors confidence. The fact that more traders are initiating long positions than short ones, according to CoinGlass, further supports this.

The metrics suggest that they should approach cautiously, though, as the technicals suggest that TRX will continue to lose value.

Short-term traders could aim for the $0.056 barrier, as a rally could start from this point.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.