Tron (TRX) Long-term Price Analysis – February 10

  • The trend for TRX appears to be more bullish than bearish.
  • The bears may still take advantage of the market and force retraces during volatile upward movements.

TRXUSD Long-term Trend – Ranging

  • Distribution territories: $0.035, $0.04, $0.045
  • Accumulation territories: $0.02, $0.015, $0.01

The price of TRON’s TRX has recently managed to rebound from a January 13 low to enter a range between $0.3 and $0.25. The cryptocurrency has been trading within its range since.

Tron, TRXUSDTron Chart by TradingView

The cryptocurrency has been seeing different rejections between the $0.35 and $0.3 marks, with its price trading close to the 14-day SMA, and with the 50-day SMA sitting close to the $0.25 mark.

The Stochastic Oscillators have crossed to point north within ranges 20 and 40.  This implies now is a good time to set up long positions, although there are notable ranging movements in TRX’s price. The trend does appear to be more bullish than bearish.

Nevertheless, the bears may still take advantage of the market and force retraces during volatile upward movements.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.