Tron (TRX) Records Positive Moves While Major Cryptos Bleed
The past few days have not been encouraging for investors given the price action of many digital assets, but TRON seems to be an exception. Some of the best shots on the list of cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), XRP, and even DOGE Memcoin, which now down todayThe 14th of February.
Also, Koingeko chart shows that the global capitalization of the crypto market is now below one trillion. But against the red color of these crypto assets, TRON is completely green on its hourly, 24-hour and seven-day price charts.
What keeps Tron (TRX) afloat when others bleed?
Over the years, participants have noticed that news on topics related to crypto, regulations, network development, bitcoin trends, etc. affect asset prices. So while it is difficult to pinpoint the factor that fuels the enthusiasm around Tron (TRX), there are some important details to note.
IN tweet On February 11, Justin Sun, founder of the TRON network, confirmed the value of this blockchain. According to Sun, the developers are working “relentlessly” to create a “secure, cheap, and fast network for their users.” The report also notes the recent shift from the charging energy model to the dynamic energy model.
This change is a welcome development as it will help expand the Tron network. According to details, this feature will reduce the low-value transaction bulk flow that delays high-value transactions. The Tron Foundation noted that sometimes some small amount transactions are fraudulent.
But with the dynamic energy charging model, the cost of low cost transactions will increase, thus discouraging the mass queue. In this way, the user experience will improve, which will lead to the growth of the dApp ecosystem and the encouragement of developers.
This move to improve user experience can boost network activity. TRX records gain 15.19% in trading volume, indicating that the upgrade is already having a positive impact on the ecosystem. However, the increase in the number of transactions has led to a sharp increase in network fees.
Some users complained on the increase in fees for the withdrawal of TRON on the crypto exchange Binance after the change, Sun assured them of the network’s intention to cut it. In a Twitter statement, Sun claims that the developers are working with Binance to find a solution. He also promised to keep users informed as the process continues.
TRX Price Prediction, Will the Rally Continue?
TRON continued its uptrend, fixing fifth consecutive green day from February 10, 2023. The asset made higher highs on the price chart and the bulls are steadily pushing the rally today.
TRX is trading above its 50-day and 200-day levels Simple Moving Average (SMA), confirming the bullish trend. The 50-day SMA approached the 200-day SMA and is likely to cross higher, which could push the price further up.
Support levels: $0.06188, $0.06266 and $0.06421; resistance levels are $0.06653, $0.06731 and $0.08666. Relative Strength Index (RSI) is 62.10, which is close to the overbought zone of 70. The indicator is also pointing up, which signals a potential increase in the price in the coming days.
MACD TRX (Convergence/divergence of moving averages) is slightly below its signal line and is about to cross, which indicates an emerging bullish trend. Expect TRON to rise to the $0.06653 resistance level if the price momentum continues. However, there is a clear possibility of a pullback after five consecutive green days for the token.
Please note that all cryptocurrencies are volatile and altcoins are more likely to deviate from the predicted price direction. Proper technical and fundamental analysis is essential for all crypto traders, combined with a sound risk management strategy.
Credit : www.newsbtc.com