Decoding TRON’s [TRX] price performance despite bearish conditions

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  • TRX’s performance on the price front has remained better than many over the past week.
  • Several developments and measurements may have played a role in TRX’s performance.

On February 10, TRON [TRX] announced that the total amount of TRX burned had exceeded 15 billion. With that, the circulating supply of TRX had fallen by 10.3 billion, worth $950, further proving its deflationary nature.

Interestingly, while cryptos have been struggling, experiencing massive price declines, TRON somehow minimized the damage. According CoinMarketCapthe price of TRX has only decreased by 0.18% in the past seven days and at the time of writing, it was trading at $0.06336 with a market cap of over $5.8 billion.

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This is the script

TRON also published its weekly report, highlighting significant ecosystem developments over the past seven days. Most notably was the announcement of TRON’s plan to provide ChatGPT with a decentralized payment framework. The framework included the payment layer protocol, the underlying calling SDK, the on-chain smart contract system, and the AI ​​payment gateway.

Not only that, but Fireblocks, a digital asset and crypto infrastructure platform, announced that it has expanded DeFi access beyond EVMs with TRON. After that, users will be able to securely connect to TRON dApps via WalletConnect, starting with JustLend DAO and JustStables.

Another important development was recently revealed by Justin Sun. TRON has launched a new $100 million artificial intelligence development fund to facilitate the integration of artificial intelligence and blockchain technologies. Blockchain has identified four areas of focus, including an AI service payment platform, AI oracles and more.

Santiment’s chart also pointed to several metrics working in TRX’s favor, which may have helped TRX limit the price drop. For example, positive sentiment around TRX has increased in recent days. Additionally, after a sharp decline, demand from the derivatives market picked up again as the Binance TRX funding rate rose. However, the growth activity of TRX has decreased in recent days, which was a negative sign.

Source: Santiment

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What to expect?

TRX’s daily chart remained neutral as some market indicators supported the bulls while others supported the opposite. Bollinger bands pointed this out TRXIts price was in a compressed zone, which reduced the chances of a sudden breakout in any direction.

Furthermore, the Relative Strength Index (RSI) followed a sideways path, indicating that the market can move in either direction. However, the MACD showed a bearish crossover, which increased the chances of a downtrend in the coming days.

Source: TradingView

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