Investor interest in Tron is increasing as the protocol receives updates. The new Java-tron GreatVoyage-4.6.0 update, codenamed Socrates, is a mandatory update that includes crucial enhancements that significantly improve the protocol’s ability to utilize storage.
As time is running out, here is a brief overview of TRX:
- Major new enhancements that will make the protocol easier to operate have been released
- The PancakeSwap 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) is out!
🛠This is a mandatory update, contains some important features:
✅updated data storage checkpoint mechanism
✅optimize the storage structure of the resource delegation relationship
– TRONDAO (@trondao) November 23, 2022
It’s not all good news either. PancakeSwap has just announced to its user base that it will be accepting TRX into its Syrup staking pool.
The price of TRX ultimately reflects all of this. Using a weekly time frame, CoinGecko reports that TRX the price has risen 0.8%.
Everything looks and sounds fantastic, but what do the experts say?
Uptrend or no uptrend?
It doesn’t look like it will form an upward trend on the charts, and that could be for a number of reasons. It should be noted that the Bollinger band establishes a crisis zone immediately after the formation of the cut in TRX.
The impending decline can be part of a larger cup and handle structure with an upward triangle serving as a handle.
The regression model also reveals that the current decline is robust, with Pearson’s R-value reaching 0.61, indicating that despite positive on-chain events, pain is not out of the question for TRX.
The fact that the RSI is still in the lower half of the oversold further confirms a downtrend.
All of this is happening as TRX is trading at $0.0525 per coin. On a 4-hour horizon, the technical indicators are bullish, as the RSI rises and the bollinger band widens.
As this indicator oscillates between overbought and oversold, the rise in the RSI value is accompanied by a fall in the price.
According CoinGlass, the TRX derivatives market is improving slightly as FX funding rates improve. TVL decreased on the DeFi side of Tron from $4.31 billion to $4.29 billion.
Not enough momentum
TRX investors and traders are unquestionably inspired by the confidence of recent events. According to CoinGlass, this is further underlined by the fact that more traders enter long positions than short positions.
However, based on the metrics, they should proceed with caution as the technicals indicate that TRX will take further losses.
However, short-term traders could target the $0.056 barrier as it would be a good place to start a rally.
TRX total market cap at $4.88 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com