After being hunted by the SEC for issuing cryptocurrencies and battling the USDD crisis, Tron has finally come out of the dark woods. The blockchain ecosystem has now become the most popular blockchain platform, with a record number of 1.6 million daily active users. BNB Chain, Bitcoin, Polygon, and Ethereum were the second, third, fourth, and fifth most popular blockchains.
Highest Daily Active Users
Among all blockchains, Tron has secured the highest number of daily active users, amounting to 1.6 million users, as per Token Terminal, a Web3 analytics agency. Even popular blockchains were left behind in the race. The next most active users were on BNB Chain, with 1.6 million users. Bitcoin was the third, with 525k active users, and Polygon and Ethereum were fourth and fifth, with 388K and 317k users, respectively.
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The data was shared by Token Terminal’s Twitter handle.
Protocols with the most daily active users 👥⤵️
— Token Terminal (@tokenterminal) April 9, 2023
Why Does it Matter?
The highest numbers of daily active users signal that Tron enjoys high confidence amongst its users. Further, it also signals that it might be one of the highest gainers during the market recovery.
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The ecosystem has seen worse days since the beginning of March 2022. Finally, now, Tron has witnessed some relief after combating various incidents like the charges by the SEC and the de-peg of USDD.
SEC vs Tron
Tron was recently in trouble with the SEC as the latter leveled charges of illegal issuance of securities on Tron Holdings, BitTorrent Foundation Ltd., and Rainberry Inc. Further, Tron founders Justin Sun and his close associates have also been charged with numerous counts of what SEC calls as financial crimes. Several celebrities like Akon, Jake Paul, Lindsay Lohan, and others have also been charged with the promotion of cryptocurrencies without full disclosure.
Recently the USDD witnessed a violent bloodbath in panic selling during March 10-13, 2023. The USDD came down as low as $0.95 per coin. Such a loss might be a daily affair for other cryptocurrencies, but they can sink stablecoins like what happened with Terra’s UST.
Amidst fundamental gains, we are now using technical analysis to check if there is some trading or investing opportunity available with TRX.
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TRX has been in a positive trend since November 2022, when it reached its last low price of $0.05. Since then, the cryptocurrency has climbed up to $0.066, a gain of 32% in six months.
We have used daily charts to capture long-term trends.
Tron has recently seen a resistance near $0.072, which it also failed to break on Feb 20, 2023. This forms a zone of stiff resistance which must be taken out for a price movement toward $0.09.
Currently, the technical indicators are in their favor.
- RSI is getting stronger at 54. Further, the trend is positive in RSI, which indicates higher price movement.
- MACD has shown a positive crossover in the first week of April and is still positive.
- Trading volume has been a net positive in the recent week.
- There has been a positive trend in prices over the last six months.
Overall it indicates higher price movement. If the cryptocurrency exceeds $0.072, it can easily move toward $0.09. On the downside, a stop loss at $0.064 will save your capital if the market turns negative for Tron.
Target: 0.072, 0.09
Stop loss: 0.064.
Disclaimer: Voice Of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.