- TRON’s weekly report revealed several promising developments
- While some metrics supported a price rise, others did not. RSI, and other market indicators suggested otherwise
TRON [TRX] The weekly report was published on December 10, detailing all developments in the ecosystem during the past seven days.
🧐Look at #TRON Highlights from this week (Dec 03, 2022 – Dec 09, 2022).
🙌We will keep you informed about the latest news #TRON #TRON #Ecosystem. Keep watching, #TRONICS! pic.twitter.com/1FF4IMpnlc
— TRON DAO (@trondao) December 10, 2022
Read TRON’s [TRX] Prediction of Price 2023-2024
One of the most significant developments was the formal adoption by the 79th Committee proposal. The principal content of the committee proposal was the modification of No. The committee proposal was to modify the No. 11 and No. 47 network parameters. 47 network parameters. It was also intended to raise the energy unit price from 280 to 420 sun.
ONTO Wallet’s latest version, 4.4.3 has added support for trading assets over the TRON network. Tether also announced that CNHT, a new stablecoin, was launched on the TRON Blockchain.
TRON is another example of recent accomplishments. topped This is the list of Blockchains with Chain Activity.
TRON is the best thing in the world.
Justin Sun, founder of TRON, recently expressed his thoughts regarding TRON’s burn rate. This update was very promising for blockchain, as it reflected its deflationary properties.
He mentioned,
“We will see 5 to 10 billion TRX burned yearly because of all the use cases on TRON Network.”
This was good news as it would allow the token to increase in value over the long-term. With a net production ratio below zero, more than 22.8million coins had been burned as of 10/12/2008.
10th December: #TRON burns more than 22,818,476 coins 🔥 with a net production ratio less than zero -17,752,668 🤯 pic.twitter.com/avDkpJdOop
— TRON Community 🅣 (@TronixTrx) December 11, 2022
These aforementioned developments also affected TRON’s metrics positively over the last week. For instance TRX’s volume stayed consistent during the last seven days, which was a positive signal.
TRX’s development activity also increased, reflecting the increased efforts of the developers. The Binance funding rate indicated that TRX attracted more interest from the derivate market as the graph increased.
Source: Santiment
Alongside these developments, TRX’s price action also aligned in favor of investors, as it registered 2% weekly gains. TRX was at 2% weekly gains as of the writing date. trading At $0.05462, the market capitalization is more than $5 billion.
However, before going gaga over the positive metrics and TRX’s price action, it is important to consider the market indicators.
Bears are here
A look at TRX’s daily chart painted a bearish picture, as most market indicators suggested a bearish edge. For instance, TRX’s Relative Strength Index (RSI) registered a slight downtick and was at the neutral mark. This was a very negative signal.
TRON’s Chaikin Money Flow (CMF) and Money Flow Index (MFI) also plummeted, which might bring trouble in the coming days.
Source: TradingView