- The TRON network saw a surge in revenue, which indicated active participation throughout the entire network. This could indicate a price run.
- The derivatives markets may be under pressure to sell, which could dampen any rally in TRX.
TRX’s price has fallen by 1.47% in the last 24 hours and 8.62% this past month. This decline was minimal compared with the wider cryptocurrency market at the time this article was written.
AMBCrypto found that TRX had a strong foundation behind its minimal price drop. This could lead to a potential increase in TRX prices over the next few trading days. The derivatives markets could put pressure on the price to drop.
Spot traders drive accumulation, keeping TRX stable
This analysis shows that the underlying cause of this phenomenon is a lack of dietary fiber. TRON The chain has surpassed other chains that have been prominent in the marketplace over the past seven days. This includes Ethereum, Solana Bitcoin and BNB Chain.
Source: DeFiLlama
TRON generated revenue of $12.75 millions during this time period. The number of transactions completed increased by 2.2%, to 60,5 million.
Token Terminal also revealed, however, that its network generated the largest fees out of any blockchains. The stablecoins that are now on the chain could account for this. At press time, stablecoin market capital was $62,27 billion.
Source: Token Terminal
The number of addresses that were active at the time seemed to be a good indicator. Active addresses that track interactions between users and the chain are at a record-high of 127.5 millions.
The rise of revenue along with high levels of user engagement is an indication that traders are buying the asset from sellers and thus preventing it from falling in price.
TRX’s recent price stability is due to spot traders, according to an analysis of the netflows of the exchange on IntoTheBlock. This cohort has bought 133.43 TRX in just the last 24 hour, which is worth about $29 million.
Source:
This level of purchase in one day indicates a strong interest from buyers. TRX might record more bullish gains if the sentiment continues to be positive into next week.
Even though spot traders have bought, all segments of the market are not in alignment. The opposite could be true. Derivatives traders may have taken the position of selling.
TRX potential upside is restricted by TRX sellers
Latest 24-hour drop in the stock market TRX’s price The most likely culprits were derivatives traders that sold.
The amount of derivatives that were not settled had decreased significantly at the time this article was written, along with a concurrent decline in the trading volume. For example – Open Interest fell by 3.38% to $156 million. Both metrics are declining, which is an indication that the Futures Market is being dominated by sellers.
Coinglass
A reading of 0.0086 also indicates that traders who are shorting a stock pay periodic fees. The market was moving to their advantage.
Spot traders could have more chances to buy assets at discounted prices if sellers on the derivatives markets continue to sell.
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Source: ambcrypto.com
