Tron Burns 10 Million Tokens – Will This Help TRX Price Rise?
TRON has recently done something big, directly destroying more than 10 million tokens, which is simply a declaration to the market: We TRON are serious, we want to play big, and we are doing what we say about value growth and bullish momentum!
This wave of operations directly lowered the net negative production ratio, and the money in circulation also decreased by more than $800,000, which is not a small amount. Now, everyone is curious, can TRON do this to make TRX popular again in the cryptocurrency market and reach a new peak?
From the price chart of TRON, it does seem to be rising. Now TRX is trading at about $0.1623. Although the increase is not large, it is also a good sign. Both the relative strength index and the stochastic indicator show that TRX still has room to rise and may continue to rise in the short term.
Moreover, have you noticed that TRON's daily active addresses have been increasing recently, although not much, but this also shows that investors are becoming more interested. As the activity increases, the robustness and value of the network will also increase.
Let's talk about the financing rate. TRX's funding rate is now close to zero, which shows that the sentiment between bulls and bears is quite balanced. The market remains cautiously optimistic about TRX's short-term price trend. This balanced state can attract more traders to come in and maintain market liquidity.
However, there are still more short positions than long positions now. Traders are more cautious and may still be watching the price fluctuations of TRX. But as long as TRX can maintain its upward momentum, market sentiment will soon turn bullish.
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