The rise of TRX is stirring curiosity in the French crypto community. Contrary to expectations, this surge is not driven by major investors. Let's delve into a comprehensive analysis of the situation.
Over the last 24 hours, TRX has seen an increase of 2.53%, accompanied by a 14% rise in trading volume, reaching $507 million. Analysts believe this could signify the start of a more pronounced bullish trend, with on-chain activities and investor sentiment favouring the asset’s growth.
The most telling indicator is the surge in daily active addresses, which has increased from 2.8 to 4.6 million, a 64% rise. This influx of 1.8 million active users has coincided with a spike in transaction volume, reaching 11 million.
This phenomenon is seen as a very encouraging bullish signal, indicating that user growth has been accompanied by increased accumulation and use of TRX in transactions.
However, not all on-chain indicators are painting an optimistic picture. Decentralized platform activity seems to contradict the trend seen in more general metrics.
The TVL (Total Value Locked) has stabilized at $4.89 billion, showing little recovery in protocol liquidity. More significantly, DEX Trading Volume has seen a significant drop, decreasing from $213.45 million on June 5 to just $80.8 million today. This suggests that many former traders may have sold their assets, leading to reduced activity on decentralized exchanges.
Despite these mixed signals, TRX’s growth over the last 24 hours appears to have been driven by over-the-counter traders actively purchasing the altcoin. Data on TRX inflows and outflows on exchanges show that more purchases have been made in the last 24 hours than in previous periods.
Over-the-counter traders have acquired $1.27 million worth of TRX on the market. If this buying trend continues, TRX could keep moving upwards.
From a technical standpoint, the daily chart reveals a bullish structure for TRX. After a perfect bounce in the demand zone at $0.20 in February, TRX has broken out of its triangle and is naturally continuing this upward trajectory.
Currently at $0.28, TRX is entering a resistance zone with a threshold at $0.30 to surpass. A bearish divergence in the RSI is forming, so monitoring TRX’s price in the coming days will be crucial to see if new investors can push the price above this key resistance.
Charles Ledoux is a Bitcoin and blockchain technology specialist. A graduate of the Crypto Academy, he has been a Bitcoin miner for over a year. He has written numerous masterclasses to educate newcomers to the industry and has authored over 2,000 articles on cryptocurrency. Now, he aims to share his passion for crypto through his articles for InvestX.
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