TRON (TRX): Investors Should Watch These Metrics Before Any Move
Indeed, the crypto market flourished over the past seven days, with assets such as ATOM, HNT, LUNC, and LUNA recording double-digit surges surpassing 20%. Nevertheless, the top-ranking TRX could not ensure similar upticks. Coinmarketcap data shows Tron witnessed no growth within the previous week.
Tron Over Past Seven Days
Tronscan data shows the open-source platform, Tron, also recorded dips in some crucial metrics. For instance, new accounts joining the blockchain per day dropped by 5% over the previous week. The number stood at 126,644 by September 5.
Moreover, total Tron holders declined by 1% over the previous week, with the index at 71,721,632 holders during this publication. Also, overall transactions conducted on Tron plummeted by 11% within the phase under review. Total transactions executed on the network hovered at 4,723,396 by September 12.
On the network’s USDD stablecoin, the algorithmic token didn’t see substantial growth in holders during the timeframe under review. Tronscan data shows USDD’s holder hovered at 121,192 by September 12.
Assessing TRX
While publishing this post, TRX traded at $0.06362, witnessing no notable price actions within the past week. That timeframe had the TRX token exploring the lows of $0.060 on September 8 before bulls triggered upticks that pushed the alternative tokens towards the $0.063 value area.
Meantime, TRX swayed 78.80% lower from its $0.3004 all-time high during this publication. The daily chart shows TRX trading inside a constricted range since August end. Selling pressure amplified due to the persistent decline in investor liquidity within the Tron marketplace.
The token’s RSI (Relative Strength Index) stood beneath the neutral-50, reading 40. Also, its MFI (Money Flow Index) maintained downsides at 47. Moreover, the CMF (Chaikin Money Flow) depicted the weakened buying strength for TRX, with its dynamic line standing beneath the center line (0.0) at -0.08.
The continued TRX price dip had the weighted sentiment negative for most of last month. The metric hovered at -0.651% during this publication. Indeed, Tron sees bearish tendencies at the moment as bearishness highlight more decline. Let us wait for what the upcoming price actions will bring.
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