Investor interest in Tron is increasing as it receives protocol updates. The new Java-tron GreatVoyage-4.6.0 upgrade, codenamed Socrates, is a critical update that contains significant improvements that significantly improve the protocol’s ability to use storage.
Since time is of the essence, here’s a brief overview of TRX:
- Major new improvements have been released that make the protocol’s operation easier
- The PancakeSwap proposal has the potential to be a strong positive catalyst
- The current price action is negative, but a reversal will be bullish
📢Java-tron GreatVoyage-4.6.0 (Socrates) has been released!
🛠This is a mandatory update and contains some important features:
Update checkpoint mechanism of data storage
✅Optimize the storage structure of the resource delegation relationship
— Tron Dao (@trondao) November 23, 2022
It’s not all good news either. PancakeSwap just announced to its user base that it will accept TRX in its Syrup staking pool.
The TRX price ultimately reflects all of this. Using the weekly timeframe, CoinGecko reports that the TRX price is up 0.8%.
Everything looks and sounds great, but what do the experts say?
Uptrend or not uptrend?
It doesn’t seem like it would create an upward trend on the charts, and that could be for several reasons. It’s worth noting that the Bollinger Bands set up a crunch zone right after the cup formation in TRX.
The looming decline may be part of a larger cup-and-handle formation with a rising triangle acting as a handle.
The regression model also shows that the current decline is strong, with a Pearson’s R-value of 0.61, indicating that pain is not ruled out for TRX, despite positive events in the chain.
The fact that the RSI is still in the oversold lower half confirms a further downward trend.
All this is happening while TRX is trading at $0.0525 per coin. Technical indicators are bullish on the 4-hour time frame as the RSI rises and the Bollinger Bands widen.
Since this indicator fluctuates between overbought and oversold, a rising RSI value is accompanied by a fall in price.
According to CoinGlass, the TRX derivatives market is seeing a slight recovery as exchange rates improve. TVL fell from $4.31 billion to $4.29 billion on the DeFi side of Tron.
not enough speed
TRX investors and traders are undoubtedly filled with confidence from recent events. According to CoinGlass, this is further underscored by the fact that more traders are taking long positions than short positions.
However, based on the stats, they should proceed with caution as technical signals suggest that TRX will suffer further losses.
However, short-term traders can target the $0.056 mark as this would be a good place to start the rally.
TRX has a total market cap of $4.88 billion on the daily chart. WallpaperAccess, Chart: Featured image from TradingView.com