Why TRX is at crossroads despite Tron strengthening its stablecoin support
The stablecoin developments on Tron represent the continued favorable growth trajectory. Perhaps more importantly, they may end up pushing for more organic growth. Such progress is bound to lead to more utility for the
cryptocurrency. Perhaps encourage more liquidity into the token courtesy of the promising growth opportunities.? TRX has been rallying since the second week of June and delivered a 25% upside from its lowest point during the month. That rally lasted up until this past weekend after peaking at $0.08. It has since experienced some selling pressure and exchanged hands at $0.077 at the time of writing.TRX’s press time position indicated that there has been some profit-taking as seen in the Money Flow Index . However, it also reflected the prevailing confidence in the market. Meanwhile, the Relative Strength Index confirmed that there was still some room for more upside.
Interestingly, on-chain data suggested that quite a number of traders were also betting in favor of the bears. Especially in the derivatives market as reflected by the surge in negative funding rates in the last few days.TRX’s on-chain volumes have so far remained relatively stable. Some might interpret this as a sign that retail demand is not so active. On the other hand, TRX’s weighted sentiment has been on an overall upward trajectory, confirming an improvement in investor confidence.
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