Tron [TRX] recently made headlines as it became the official blockchain of the Republic of Dominica. This news coupled with other positive developments happened to boost TRX’s price in the days that follow.
Fast forward to 18 October, TRX, at press time, was trading at $0.06254 with a market capitalization of $5,769,856,228. Not only this, but Tron was also listed among in the Binance x CoinMarketCap top 10 equal weighted index.
🔥#TRON #TRX is among the @binance x @CoinMarketCap Top 10 Equal-Weighted Index!
🙌As #TRON becomes the official blockchain for the Commonwealth of Dominica🇩🇲, #TRX opens a new world of possibilities. 💎#TronStrong https://t.co/Lk2qmLNxrl
— TRON DAO (@trondao) October 17, 2022
Investors can relax
TRX’s Binance funding rate registered an uptick off late which represented higher interest from the derivatives market. Additionally, TRX’s NFT space was also quite heated last week as its total NFT trade count went up, by and large a positive signal for a blockchain.
Nonetheless all the stars were not in favor of TRX as a few metrics indicated towards a possible price drop. For instance, TRX’s development activity witnessed a downfall after witnessing an uptick just last week. Moreover, Tron’s volume also followed a similar route and went down last week, another red flag for the blockchain.
Source: Santiment
Are the bears awake?
A look at TRX’s daily chart reveals a kind of bearish picture, as several market indicators were against TRX. For instance, TRX’s Moving Average Convergence Divergence (MACD) displayed an ongoing war between the bears and the bulls.
Furthermore, TRX’s Chaikin Money Flow (CMF) was below the neutral position, a bearish signal. However, a few of the indicators gave investors hope as they suggested a continued price increase.
TRX’s Exponential Moving Average (EMA) Ribbon revealed that the buyers might soon overtake the sellers. This was because the 20-day EMA was fast approaching the 55-day EMA, increasing the chances of a price surge. Additionally, TRX’s Relative Strength Index (RSI) registered an uptick, which was yet another green signal for Tron.
Source: TradingView
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