Tron [TRX] made headlines for destroying 10,136,282 TRX, demonstrating a strong commitment to deflation and value growth.
The move resulted in a net negative production rate of -5,069,243, effectively removing $809,558.11 from circulation. As TRON continues to implement its deflationary strategy, the pressing question remains: Can this burn propel TRX toward a new upward trajectory in the crypto market?
Does this mean that interest is growing?
TRON has seen a slight increase in daily active addresses in recent weeks. While the overall trend appears stable, the small uptick in new addresses suggests growing investor interest.
TRON’s 7-day active address change rate is +1.10%, indicating consistent participation in its ecosystem. Steady growth in participation can enhance the robustness and value proposition of the network.
How about the funding interest rate?
The TRX OI weighted funding rate fluctuated slightly but remained close to zero, indicating a balanced sentiment between long and short positions.
As of press time, the funding rate is -0.0088%, indicating that the market remains cautiously optimistic about TRX’s short-term price trend.
This balance can attract both bullish and bearish traders, thus maintaining liquidity within the market.
Long-Short Ratio Analysis
The recent analysis of the long/short ratio shows that short positions slightly outnumber long positions with short positions standing at 54.11% and long positions at 45.89%.
This situation reflects the cautious stance of traders who may expect that TRX price may be volatile.
Nonetheless, as long as TRX maintains its recent bullish trend, the sentiment could quickly turn in favor of the bulls.
All in all, TRON’s recent actions, including significant token burns and positive momentum indicators, demonstrate its commitment to increasing market influence.
Although the current price of $0.1623 and a slight increase in daily active addresses suggest potential growth, traders remain cautious about their long/short positions.
Therefore, if TRON can maintain this upward momentum, it may capitalize on its deflationary strategy and pave the way for significant growth in the coming weeks.
What is the momentum of TRON?
The TRON price chart shows a slight upward trend. At press time, TRX is trading at $0.1623, with a change of 0.98%.
The relative strength index (RSI) at 57.58 suggests that TRX is close to the overbought zone; however, it still has room to grow.
Additionally, the Stochastics oscillator was at 66.63 at press time, confirming bullish momentum but not signaling immediate weakness. These indicators suggest that TRX could continue to rise in the near term.
Will TRX Price Reach $0.20 Soon?
TRX price has been trending upwards over the past 24 hours, surging to a peak of $0.1640. Currently the price has fallen back to $0.1623, can TRX price reach $0.20 soon?
If the TRON price prediction surpasses the $0.18 resistance, the next move could be to target the psychological level of $0.20. However, if the bullish momentum fades, the price could consolidate back to the $0.15 range or lower. On the downside, the key support levels remain at $0.15 and $0.12.
The MACD indicator on the daily chart is showing a potential bullish crossover. The MACD line has crossed above the signal line, a common sign of increasing bullish momentum. The histogram has also moved into positive territory, supporting the bullish strength view.
TRON showed a significant surge in trading activity. TRX trading volumes have risen, highlighting increased market interest and activity. TRX derivatives open interest has also increased significantly. These increases in volume and open interest indicate increased market confidence and active participation.
TRON’s token burn and positive technical indicators suggest the potential for further growth. However, the market remains volatile and traders should keep a close eye on key support and resistance levels.
In simple terms
TRON destroyed more than 10 million tokens, reflecting its commitment to value growth and bullish momentum. The balanced funding rate and long-short ratio indicate that traders are cautiously optimistic. TRON's token destruction and positive technical indicators indicate the potential for further growth. However, the market is still volatile at present, and we should pay close attention to key support and resistance levels.
