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Tron Latest Update Seen Giving TRX Price A Boost

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Investor interest in Tron is growing as the protocol receives updates. The new Java-tron GreatVoyage-4.6.0 upgrade, codenamed Socrates, is a required update that includes crucial enhancements that greatly improve the protocol’s ability to utilize storage.

Since time is of the essence, here is a quick rundown of TRX:

  • Major new enhancements that will smooth out the protocol’s operation have been released
  • The proposal from PancakeSwap has the potential to be a strong positive catalyst
  • Current price action is negative, but a reversal would be bullish

That’s not all good news, either. PancakeSwap just made an announcement to its user base that it would be accepting TRX into its Syrup staking pool.

The price of TRX eventually reflects all of this. Using a weekly time frame, CoinGecko reports that TRX’s price rose 0.8%.

Everything looks and sounds fantastic, but what do the experts have to say about it?

To Uptrend, Or Not To Uptrend?

It doesn’t look like it’ll form an uptrend on the charts, and that might be for a number of reasons. It’s worth noting that the Bollinger band is establishing a crunch zone immediately following the cup formation in TRX.

Chart: TradingView

The impending decline may be part of a larger cup-and-handle structure with an ascending triangle serving as its handle.

The regression model also reveals that the present decline is robust, with Pearson’s R value hitting 0.61, indicating that despite positive events on-chain, pain is not out of the question for TRX.

The fact that the RSI is still in the oversold bottom half further confirms a downward trend.

All of this is occurring as TRX trades at $0.0525 per coin. On a 4-hour timeframe, the technical indicators are optimistic, as the RSI is rising and the bollinger band is widening.

As this indicator oscillates between overbought and oversold, the rising RSI value is accompanied by a decline in price.

According to CoinGlass, the TRX derivatives market is improving slightly as exchange financing rates improve. TVL decreased on the DeFi side of Tron from $4.31 billion to $4.29 billion.

Chart: Coinglass

Not Enough Momentum

TRX investors and traders are unquestionably instilled with confidence by recent events. According to CoinGlass, this is further underlines by the fact that more traders are entering long holdings than short positions.

However, based on the metrics, they should proceed with caution, as the technicals indicate that TRX will experience further losses.

However, short-term traders could target the $0.056 barrier, as this would be a good place to begin a rally.

TRX total market cap at $4.88 billion on the daily chart | Featured image from WallpaperAccess, Chart: TradingView.com

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Crypto

FTX US ex-president reportedly seeks $6M funding to launch crypto startup

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Just a month after the controversial fall of Sam Bankman-Fried’s FTX exchange and 130 affiliated companies, a former high-ranking executive is reportedly seeking out investors to launch a crypto startup.

The ex-president of FTX US, Brett Harrison, is on the lookout for $6 million in funding to launch a start-up that would build crypto trading software for big investors, according to The Information. Harrison’s funding round would be against a $60 million valuation.

On Sept. 27, Harrison announced his plans to step down as the president of FTX US as he moved into an advisory role — over a month before the infamous fall of FTX. As a result, the entrepreneur was not immediately accused of having direct involvement in misappropriating users’ funds.

However, after the FTX crash, Harrison, too, claimed to be “surprised and saddened” by what SBF and his accomplices were able to achieve through deception. Following FTX’s crash, a hacker managed to gain access to a part of the the exhange’s funds and has been actively trying to syphon the stolen funds.

Most recently, the FTX hacker was found transfering a portion of stolen funds to OKX after using Bitcoin (BTC) mixer.

Related: FTX Japan drafts plan to return client funds

FTX Japan, one of 134 companies caught up in FTX’s bankruptcy proceedings but has been drafting a plan to return client funds.

On Dec. 1, FTX Japan confirmed that the user assets were seperate from the exchange’s assets, as mandated by Japanese regulations.

Currently, FTX Japan claims its primary focus is to re-enable withdrawals and is reportedly aiming to do so by the end of 2022.