This rise in user activity and adoption of these blockchain platforms indicates significant sector expansion.
popular blockchain protocol Tron has reached a significant milestone with its total transactions surpassing $8 billion. This increase in blockchain activity comes alongside a notable rise in trading volume and value over the past 24 hours.
The total number of transactions on #TronNetwork has exceeded 8.1B and the total number of transactions on #Ethereum has exceeded 2.45B. pic.twitter.com/DKY3AXbeTZ
— Lookonchain (@lookonchain) July 24, 2024
According to CoinMarketCap data, Tron’s market cap has grown by 2% to $11 billion, ranking it 11th among cryptocurrencies. The trading volume has also jumped by 20%, totaling $267 million in the last 24 hours.
Recent Price Fluctuations and Market Stability
Over the past week, Tron (TRX) has seen notable fluctuations. Starting the week at $0.1346, TRX showed promising gains, peaking at around $0.136 before dropping to $0.1332. It then rebounded, climbing above $0.1340, where it currently stands. This surge in Tron’s price suggests a possible upward trend in its value.
The small drop of 0.17% over the past week indicates a period of relative stability amid the usual fluctuations of the cryptocurrency market. Despite this minor decline, on-chain data from IntoTheBlock shows that 93% of Tron addresses remain profitable, suggesting that most TRX holders are still in a favorable position.
The bullish trend in the market is further supported by recent activity on the Tron Network, which has surpassed 8 billion transactions. This increase in transaction volume reflects growing user engagement and adoption of the platform.
Similarly, Ethereum has shown impressive performance with over 2.45 billion transactions. This rise in user activity and adoption of these blockchain platforms indicates significant sector expansion.
Technical Indicators and Market Sentiment
The daily technical indicators for TRX suggest a mixed outlook. The Relative Strength Index (RSI), which stands at 58.96, is slightly above the midpoint of 50. This shows a balanced market sentiment with no extreme buying or selling.
The Awesome Oscillator (AO) shows diminishing green bars, indicating that while positive momentum exists, it is weakening. Meanwhile, the Average Directional Index (ADX), which measures the strength of a trend, is declining and currently sits at 23.61, signaling a weakening trend.
Overall, these indicators imply that although Tron still has some positive momentum, it is losing strength. Therefore, the outlook is cautious rather than positive, with expectations of stability or minor fluctuations rather than strong upward movements.
