Wednesday, August 4

Tron (TRX) Reaches A New Milestone, Analyst Assesses Latest Situation

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Tron’s daily active users have reached an all-time high of 5.26 million. This milestone was quoted by Crypto Petrov, who noted that Tron reached an all-time high of 6.224 million in daily transactions.

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According to Tronscan.org, Tron hit an all-time high in terms of daily active users and daily transactions.

tron trx has reached a new milestone analyst evaluated the latest situation
source: tronscan.org
tron trx has reached a new milestone analyst evaluated the latest situation 2
source: tronscan.org

Tron’s Total Number of Unique Accounts Exceeds 38.58 Million

Another Tron metric that hit an all-time high was the network’s unique address count. According to Tronscan.org, the network currently hosts more than 38.58 million unique accounts, as shown below.

tron trx has reached a new milestone analyst evaluated the latest situation 3
source: tronscan.org

Tron’s 200-Day MA Last Line of Defense

Regarding price action, Tron (TRX) is currently trading at $0.068 and provides the last line of defense before the 200-day moving average (green) bear zone, according to technical analysis by John P. Njui of EthereumWorldNews.

tron trx has reached a new milestone analyst evaluated the latest situation 4
Source: TradingView/JohnPNJui

It can also be seen from the chart that Tron (TRX) formed a double top pattern between April and May when the cryptocurrency markets were in the bullish zone. Tron has since followed suit, with Tesla stopping Bitcoin payments, speculation that Elon Musk and Tesla are selling their Bitcoins, China ban, etc. Due to the news, it experienced a pullback to $0.05563 in late May.

At the time of publication, Tron is showing some weakness as evidenced by the reduced daily trading volume and the failure of the daily MACD to cross the baseline. This weakness could lead Tron to lose the 200-day MA as support and thus enter bear territory. Also, the analyst recommends caution when trading Tron (TRX) as Bitcoin continues to consolidate between $30,000 and $40,000.

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