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Tron Remains Bearish Despite Overwhelming Positive Reports

Tron Remains Bearish Despite Overwhelming Positive Reports

Tron has been in the news, mostly for good reasons, over the past few days. Recent reports from the Crypto Carbon Ratings Institute (CCRI) showed that the Tron network is 99.9% times more energy efficient than blockchain heavyweights like Ethereum (ETH) and Bitcoin.

The report detailed that the TRX network used a small 162,868-kilowatt hour (kWh) per year to facilitate about 2.31 billion transactions, while Ethereum and Bitcoin used up a massive 22 million kWh and 83 million kWh per year, respectively.

Meanwhile, the Tron DAO — host company of Tron — recently tweeted a link to a Medium blog post, where they reported numerous on-chain growth and other exciting developments. The blog post detailed that the number of accounts added to the network this week alone was a whopping 971,880 new accounts, bringing the total Mainnet account count to 108,781,925. The post also reported that the total value locked (TVL) on the network hit $13.7 billion, while the total number of transactions hit 3.76 billion.

Celebrating another win for the network, the founder of Tron, Justin Sun, tweeted that the number of USDT holders on Tron had jumped by 170%, noting: “The number of #USDT holders on #TRON was 5,687,621 a year ago. Now the number is 15,371,854. 3x growth in one year.”

USDT Holders on Tron
USDT Holders on Tron

TRX Remains on the Backfoot

Despite the flurry of positive news, TRX continues to struggle with a persistent bearish bias. At press time, the cryptocurrency trades at $0.0630 and is down by 1.14%, according to data from CoinMarketCap.

Trading volume and network development also took a beating, with network development activity around its lowest point in 2022. Some analysts say that this could be an indication that the Tron technology may not record notable breakthroughs or improvements in the near term.

Source: Santiment
Source: Santiment

After breaching the $0.0620 mark last weekend, TRX escaped the $0.0650 hurdle and posted a mild rally towards the $0.06800 top. However, luck ran out for the cryptocurrency after a confluence of moving averages (MAs), and the resistance line rejected the rally, prompting a dump lower.

TRX/USD Daily Chart on TradingView
TRX/USD Daily Chart on TradingView

However, TRX has held fairly steady above the $0.0620 support zone in the last 24 hours, inspiring hopes of a retest of the previous resistance level. As is apparent from the daily chart, sustenance above the $0.0650 mark in the near term helps put TRX back above the ascending trendline and on track for bullish recovery. But first, the cryptocurrency needs to attract trading volume again to possibly pull off another bullish rebound.

TRX Statistics Data

TRX Current Price: $0.0.630

TRX Market Cap: $5.8B

TRX Circulating Supply: 92.38B

TRX Total Supply: 92.38B

TRX Market Ranking: #15

Trade TRX now >

This article should not be taken as a piece of financial advice. It is essential to conduct your research before making investment decisions.

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