TRON Blockchain Faces Potential Price Correction
The TRON blockchain, despite recent positive reports, is showing signs of a potential price correction. Crypto analyst Ali Martinez has identified a sell signal on the TD Sequential indicator for TRX, indicating a forthcoming bearish trend that could last from three to twelve days. This prediction is supported by a divergence between the TRX price and RSI, suggesting a slowdown in momentum and the possibility of a bearish trend.
Growth of USDT on TRON
According to Messari, USDT volume on the TRON network increased by 11% in the fourth quarter, making TRON the host for approximately half of all issued USDT globally. This demonstrates the growing popularity and credibility of TRON in the stablecoin market. DefiLlama’s reports also show that USDT dominates the TRON network, accounting for 94% of total stablecoin market cap and nearly 71% of global stablecoins.
TRON’s Technological Advancements
TRON’s development is closely tied to infrastructure and technological improvements, making it a powerful player in the blockchain industry. The network’s Delegated-Proof-of-Stake (DPoS) mechanism and TRON Virtual Machine (TVM) contribute to its scalability and flexibility. Additionally, Reflexivity Research indicates that TRON leads in active account indicators, with an average of 1.9 million daily active accounts. This showcases TRON’s widespread usage and acceptance.
TRX Price Correction Expected
While TRON’s growth and technological advancements are promising, its native token, TRX, is expected to undergo a price correction. The TD Sequential indicator’s sell signal and RSI divergence suggest a cooling period for TRX. However, despite this bearish prediction, the TRXUSD market has seen bullish momentum. After establishing support at $0.1179, the price surged to a 24-hour high of $0.1246. At present, TRX is trading at $0.1212, reflecting a 2.28% increase from the support level.
Hot Take: TRON Faces Price Correction Amidst Technological Growth
TRON’s recent developments have positioned it as a leading player in the blockchain industry, with significant growth in USDT volume and technological advancements. However, market indicators suggest a potential price correction for TRX in the near future. While bulls have had the upper hand in the TRXUSD market, it remains to be seen how long this bullish momentum can sustain amidst the impending bearish trend.
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