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Tron (TRX) Attracts Attention with its Performance: Is Interest in TRX Increasing?

  • While Bitcoin and Ethereum are still in the red due to all the declines they have seen, Tron seemed to be on a different trajectory. The altcoin saw a 1% decrease in the last 24 hours.
  • Data from Santiment showed that Tron had seen its highest development activity in the last three months. This means that Tron developers have been contributing more to the network.
  • A tweet shared by Tron DAO highlighted that Tron had over 1.2 million active addresses as of August 24th. This demonstrated the strength of the network, as more users were willing to stay active on the network.

The cryptocurrency market is going through tough times, but Tron (TRX) price has shown an increase in the past week; Development on the network may be increasing interest in TRX!

Tron Rising While the Cryptocurrency Market Falls

Tron-TRX

While Bitcoin and Ethereum are still in the red due to all the declines they have seen, Tron seemed to be on a different trajectory. The altcoin saw a 1% decrease in the last 24 hours, but its seven-day price movement increased by 5.53%.

At the time of writing, TRX was trading at a price of $0.0769, which was slightly below 1% of the August 24th opening price. Although the price did not appear to be in a completely cheerful state at the time of writing, investors could find solace in some indicators.

The daily chart of TRX showed that the Relative Strength Index (RSI) was in a neutral position just before lightly touching the 50 mark and stopped at 49.25. A neutral RSI indicated that TRX was not under significant buying or selling pressure and could move in either direction. Furthermore, despite being below the zero line, the Awesome Oscillator (AO) showed green bars at press time.

In addition, TRX’s Moving Average Convergence Divergence (MACD) seemed to be in a good position, with a bullish crossover occurring despite being below the zero line. A bullish crossover indicated that TRX’s position could change in the coming days due to the buying pressure surpassing the selling pressure.

Development Activity Increasing in Tron

Data from Santiment showed that Tron had seen its highest development activity in the last three months. This means that there has been increased development activity, indicating that Tron developers have been contributing more to the network.

TRX-development-activity

But that’s not all. According to a tweet shared by the Tron community on X (formerly known as Twitter), DefiLlama stated that Tron ranked 2nd in terms of Total Value Locked (TVL). This was exciting news for the Tron community and especially for traders interested in investing in the altcoin.

Additionally, a tweet shared by Tron DAO emphasized that Tron had over 1.2 million active addresses as of August 24th. This demonstrated the strength of the network, as more users were willing to stay active on the network. It also showed an increasing sense of trust in the Tron network.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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