TRON (TRX) Rises as Market Shows Bearish Trend; What is the Reason Behind This?

• Last week, there was a downward trend in the market and most cryptocurrencies did not record any gains. However, Tron behaved differently among the few cryptocurrencies that recorded gains as one of the cryptocurrencies with a larger market value.
• One of the highlights from last week was Bitso, one of Mexico’s largest cryptocurrency exchanges, starting to support TRC20-USDT, which increased Tron’s accessibility.
• Tron’s Altrank improved, which is a bullish signal. In addition, when looking at the derivatives market of TRX, it was observed that the price uptrend could continue.

TRON (TRX) stood out from the market decline last week and saw an increase in price; developments in TRON may have triggered the rise!

TRON Saw an Impressive Increase Last Week

Last week, there was a downward trend in the market and most cryptocurrencies did not record any gains. However, Tron behaved differently among the few cryptocurrencies that recorded gains. Although there were some developments in the ecosystem last week, we can see the factors in favor of TRX by looking at its daily chart.

While most cryptocurrencies lost value, data showed that TRX increased by more than 3% last week. It is currently trading at $0.07716 and has a market value of over $6.8 billion. Of course, other factors also played a role, but developments around the blockchain ecosystem may have also played a role. Tron recently shared its weekly summary and highlighted new updates.

One of the highlights from last week was Bitso, one of Mexico’s largest cryptocurrency exchanges, starting to support TRC20-USDT, which increased Tron’s accessibility. Additionally, Tron’s multi-signature feature was activated on TokenPocket in its latest Android version.

Furthermore, when looking at the daily chart of the token, several indicators show that TRX turned in its favor last week and allowed for price increases. For example, TRX’s Relative Strength Index (RSI) crossed above the neutral level in the past few days. According to MACD, bulls were directing the market.

In addition, On Balance Volume (OBV) and Chaikin Money Flow (CMF) also increased significantly, supporting the price increase. However, the next week may be different as Bollinger Bands indicate that TRX’s price is in a less volatile range.

Tron’s social metrics are rising

Tron’s price not only increased, but its performance also significantly improved socially last week. According to LunarCrush, the token’s social mention rate and social dominance increased by more than 40% in the past seven days.

Bullish sentiment around TRX also increased by 34%. However, along with bullish sentiment, bearish sentiment also increased significantly.

Nevertheless, Tron’s Altrank improved, which is a bullish signal. In addition, when looking at the derivatives market of TRX, it was observed that the price uptrend could continue. The token’s open position increased and the price rose. An increase in this metric increases the likelihood of the ongoing price trend continuing for a longer period.