Crypto News

The latest Tron update has given the TRX price a boost – here’s why

Investor interest in Tron grows as the log is updated. The new Java-tron GreatVoyage 4.6.0 upgrade, codenamed Socrates, is a required update that includes critical improvements that greatly improve the log’s storage ability.

Since time is of the essence, here is a brief overview of TRX:

  • Important new improvements have been released that will smooth the operation of the protocol
  • PancakeSwap’s proposal has the potential to be a powerful positive catalyst
  • Current price action is negative but a reversal would be bullish

📢Java-tron GreatVoyage-4.6.0 (Socrates) has been released!

🛠It is a mandatory update, contains a few important features:

✅ Update data storage checkpoint mechanism
✅Optimize resource delegation relationship storage structure

– TRON DAO (@trondao) November 23, 2022

That’s not all good news either. PancakeSwap just announced to its user base that it would be adding TRX to its syrup staking pool.

Finally, the price of TRX reflects all of this. Using a weekly timeframe, CoinGecko reports that the price of TRX is up 0.8%.

Everything looks and sounds amazing, but what do the experts say?

Uptrend or not uptrend?

It doesn’t look like it’s forming an upward trend on the charts, and that could be for a number of reasons. It is worth noting that the Bollinger Band establishes a crunch zone immediately after the cup formation in TRX.

The latest Tron update has given the TRX price a boost – here’s why, Crypto Trading News

Chart: trade view

The impending decline may be part of a larger cup-and-handle structure, the handle of which is an ascending triangle.

The regression model also shows that the current decline is robust, with Pearson’s R-value reaching 0.61, indicating that despite positive events in the chain, pain is not ruled out for TRX.

The fact that the RSI is still in the oversold lower half confirms another downtrend.

All of this is happening as TRX is trading at $0.0525 per coin. On a 4 hour timeframe, technical indicators are bullish as the RSI is rising and the Bollinger Band is expanding.

As this indicator oscillates between overbought and oversold, the rising RSI reading is accompanied by a falling price.

According to CoinGlass, the TRX derivatives market is improving slightly as exchange rates improve. TVL dropped on the DeFiTron side from $4.31 billion to $4.29 billion.

The latest Tron update has given the TRX price a boost – here’s why, Crypto Trading News

Diagram: coin jar

Not enough momentum

TRX investors and traders are undoubtedly encouraged by recent events. According to CoinGlass, this is further underscored by the fact that more traders are taking long than short positions.

However, based on the metrics, they should proceed with caution as the technicals suggest that TRX will face further losses.

However, short-term traders could target the $0.056 barrier as it would be a good place to start a rally.

The latest Tron update has given the TRX price a boost – here’s why, Crypto Trading News

TRX Total Market Cap at $4.88 Billion on the Daily Chart | Featured Image by WallpaperAccess, Chart:

Source: Crypto News Deutsch

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button