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TRON outperforms LTC, DOT and SHIB by market value, but what does the future hold?

  • TRON trades LTC, DOT and SHIB to become the 12th largest cryptocurrency.
  • TRON DAO has also joined the Enterprise Ethereum Alliance (EEA).

TRON [TRX] stole the spotlight, having traded not just one, but three cryptocurrencies recently. TRX dethroned Litecoin, Polkadot and Shiba Inu to become the 12th largest cryptocurrency in the world in terms of market capitalization.

This massive development occurred while its price action remained non-volatile. According to CoinMarketCap, the TRX price has declined almost 2% over the past week and at press time was Commerce at $0.05402 with a market capitalization of more than $4.9 billion.

#TRON has turned #Moles, #Litecoin Y #Shiba to become the twelfth largest cryptocurrency in the world by market value 🔥 can it break into the top 10? 🤔 pic.twitter.com/0xkPDwQb0W

— TRON Community 🅣 (@TronixTrx) December 28, 2022

Read TRON [TRX] Price prediction 2023-24

This is what went right

While the TRX price failed to register any promising rises, some of the metrics worked in TRON’s favor over the past week. For example, TRON development activity saw a strong increase, reflecting more efforts from developers. TRX volume also increased last week, which was also a positive sign.

Source: feeling

According to DeFillama data, the total value locked on the TRON network marked a slight increase on December 27. Not only that, but growth was also seen in the TRX NFT ecosystem as the total TRON NFT trade count and USD trade volume increased.

However, TRON’s Binance funding rate remained low, which was a bit problematic.

Source: feeling

Another positive development took place very recently when TRON DAO joined the Enterprise Ethereum Alliance (EEA). Following this, TRON DAO will work with the EEA and its members to accelerate the pace of commercial advancements and Ethereum adoption.

#TRON joined the Enterprise Ethereum Alliance (EEA). 👀

“TRON DAO will collaborate with EEA and its members… to accelerate the pace of commercial advancements and adoption of Ethereum.” #stronger together💪

Read more of the @CoinMarketCap Article. ⬇️ pic.twitter.com/2d6Ebgm63a

— TRON DAO (@trondao) December 28, 2022

in an interview TRON’s Director of Ecosystem Development Dave Uhryniak said: “As of December 2022, it has over 127 million user accounts on the blockchain, over 4.4 billion transactions, and over $9.7 billion in value. totally blocked (TVL)”.

He further added that TRON was one of the fastest growing public chains in the world.

How many TRX can you get for $1?

Bulls vs Bears: who will win?

A look at the daily chart of TRON revealed that the bulls and the bears were trying to gain an advantage over each other. The exponential moving average (EMA) tape signaled that the gap between the 20 day EMA and the 55 day EMA was minimal.

The MACD also told a similar story, as bulls and bears struggled to trade each other. The Relative Strength Index (RSI) rested in the neutral position, suggesting that the market could go anywhere. Nonetheless, the position of Chaikin Money Flow (CMF) was relatively high, increasing the chances that the bulls would emerge victorious.

TRXUSDT 2022 12 29 11 58 13

Source: TradingView

source: ambcrypto.com

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