TRX Bearish as Tron Exceeds 203 Million Addresses

In 2023, Tron (TRX) has seen notable success in blockchain adoption and usage, surpassing competitors like BNB Chain (BNB) and Bitcoin (BTC) while maintaining a consistent lead.

Tron’s Remarkable Achievements in 2023

Token Terminal’s data underscores Tron’s continued dominance in daily active addresses, with TRX reaching 1.4 million, outpacing BNB (968k) and BTC (443k) as of the latest update. The total number of TRX transactions has exceeded 6.9 billion, and its Total Value Locked (TVL) stands at an impressive $20 billion. The blockchain’s staking ecosystem, highlighted by the introduction of Stake 2.0, has shown positive performance, reflected in the rising share of Stake 2.0 according to TRONSCAN’s data.

Staking Rewards reports a staking ratio of 50.2% for TRX, with 390k staking wallets and a current staking market capitalization exceeding $4.65 billion. Tron’s strategic move with Stake 2.0, introducing new features for stakers, has contributed to its growing presence in the staking landscape over the past few months.

In the realm of NFTs, Tron’s blockchain has gained momentum recently, as indicated by Santiment’s data showing a consistently high number of TRX NFT trades over the past three months. Despite this, the NFT trade volume remained relatively low, with a notable spike occurring on December 6th.

Challenges Loom for TRX

However, Tron (TRX) faces certain concerns. Despite reaching new milestones in total addresses, the cryptocurrency experienced a bearish turn in its price action. Within the last 24 hours, the token’s value declined by more than 3%, settling at $0.1048, accompanied by a market cap exceeding $9.28 billion.

The outlook for TRX’s future appears uncertain, with a decrease in Open Interest heightening the likelihood of a trend reversal. Tron’s Relative Strength Index (RSI) exhibited a downtick, trending towards the neutral mark at the time of reporting.

Related: What is Blockchain Tron and How Does It Work?

Similarly, its Chaikin Money Flow (CMF) followed suit, suggesting an increased probability of a continued downward price movement in the concluding days of 2023.