TRX falls below $0.06, despite increasing transactions, expansion plans
- Over the last 30 days, TRX has constantly been sliding, albeit with minimal fluctuations keeping losses confined to 16%.
- Week on week, the Tron network has observed increasing participation resulting in the addition of 35.21 million transactions this week.
- Tron founder Justin Sun announced Tron’s expansion plans, which include opening an office in South Korea next year.
The bearish cues have been keeping most of the crypto market subdued under the $1 trillion mark. As a result, individual cryptocurrencies have also been moving closer to the lower lows for weeks now. This was the case for Tron, causing the altcoin to fall to a three-month low.
Tron is on a roll
Rolling into the hands of the bears, TRX has been gradually declining towards its critical support level at $0.049. This level has been acting as the bedrock for TRX since March 2021. Although trading at $0.059, TRX’s price is still far from touching this low, but the pressure from the 17-month-long downtrend might push it further towards it.
Unbreached since April 2021, when TRX hit its all-time high of $0.16, this trend line might remain in place since, over the last month, TRX has declined consistently in line with the downtrend.
Down by 16% in a month, TRX is set to continue down this path since the price indicators highlight active and incoming bearishness. The presence of Parabolic SAR above the candlestick since the last local top of $0.061 is evidence of the same.
Additionally, the lack of buying pressure visible on the Relative Strength Index (RSI) is also a huge reason why TRX’s price is not observing any recovery.
However, Tron has been performing well beyond the price action, with this week, in particular, noting some major developments.
Tron will be going places
Regardless of the price action, Tron has registered increased investor participation, which has led to the addition of 35.21 million transactions to the network this week. Consequently, the total transactions on the network have crossed 3.9 billion, bringing Tron closer to another milestone.
Furthermore, Tron is looking to expand into other regions around the world as well, starting with South Korea. Founder Justin Sun, in an interview on September 23, stated that by the first half of next year, Tron plans to open an office in South Korea and increasing contact with Korean developers. He added,
“We believe that the Korean market is one of the largest blockchain markets in the world. In the blockchain market, population is important, but passion for the industry is more important. In that sense, South Korea has preempted the opportunity. (sic)”
These moves could make an impact on the cryptocurrency, however, the same will take a long time to materialize.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
