search
Homeweb3.0TRON (TRX) Burns 10M Tokens, Can It Regain Bullish Momentum?

Tron [TRX] has made headlines by burning 10,136,282 TRX, showcasing a strong commitment to deflation and value growth.

TRON (TRX) Burns 10M Tokens, Can It Regain Bullish Momentum?

Tron [TRX] price analysis reveals a promising uptrend, fueled by a substantial token burn and positive technical indicators.

Key Highlights:

* Tron burns 10,136,282 TRX, removing $809,558.11 from circulation.

* TRX price uptrend continues with a 0.98% gain, supported by RSI and Stochastic indicators.

* Despite the price increase, the TRX OI-Weighted Funding Rate remains close to zero.

* Short positions outnumber long positions, indicating a cautious trading sentiment.

Tron price analysis showcases a positive trend, influenced by a significant token burn and technical indicators that point towards further上涨.

Tron burns a massive amount of tokens

Tron has burned a total of 10,136,282 TRX, valued at $809,558.11, as part of its deflationary strategy. This burn contributes to the reduction of TRX tokens in circulation, aiming to increase the token’s scarcity and value.

With this latest burn, the net negative production rate stands at -5,069,243. Tron's deflationary mechanism is designed to counterbalance the generation of new tokens, ultimately decreasing the overall supply and potentially driving up the price of TRX.

TRX price uptrend continues

At press time, TRX price experiences a slight uptrend with a 0.98% gain, continuing its recent price increase. TRX price is trading at $0.1623, displaying resilience amidst the bearish market conditions.

Technical analysis reveals that TRX price is approaching the overbought territory, with the RSI indicator at 57.58, showing room for further growth. Additionally, the Stochastic indicator is at 66.63, indicating bullish momentum without signaling immediate exhaustion.

TRX price may continue its ascent in the near term, supported by these technical indicators and the recent token burn.

TRX price analysis: traders remain cautious

Despite the recent price increase, the TRX OI-Weighted Funding Rate is close to zero, indicating balanced sentiment. At press time, the Funding Rate is -0.0088%, suggesting that the market is cautiously optimistic about TRX’s short-term price movements.

This equilibrium can attract both bullish and bearish traders, maintaining liquidity in the market. However, if the Funding Rate shifts drastically towards either positive or negative values, it may signal an unsustainable market condition.

Our analysis reveals that short positions are slightly outpacing long positions, with shorts at 54.11% and longs at 45.89%. This situation reflects a cautious stance among traders, who may be anticipating potential volatility in TRX’s price.

However, as long as TRX maintains its recent bullish trend, the sentiment can quickly shift in favor of the bulls.

The above is the detailed content of TRON (TRX) Burns 10M Tokens, Can It Regain Bullish Momentum?. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
TRC20和Tron是一个通道吗?TRC20详细介绍TRC20和Tron是一个通道吗?TRC20详细介绍Jun 09, 2024 am 11:27 AM

TRC-20代币提供与ERC-20代币相同的所有好处。然而,由于以太坊经常遭受拥塞,导致高额费用和糟糕的用户体验,基于Tron的代币提供了一种方便的解决方法,Tether可能是使用TRC-20代币标准的最大和最著名的项目。就像以太坊有自己的技术ERC-20代币标准一样,许多其他区块链也是如此。在Tron上,代币根据TRC-20代币标准进行编程,任何人都可以发行自己的TRC-20代币。很多投资者想要知道这个TRC20和Tron是一个通道吗?下面就让小编带大家来了解一下。一文了解TRC20和Tron

SUNDOG (SUNDOG), a meme coin built on the Tron blockchain, has taken the crypto market by surprise.SUNDOG (SUNDOG), a meme coin built on the Tron blockchain, has taken the crypto market by surprise.Aug 21, 2024 am 09:16 AM

Fueled by large investments and vocal support from Tron's founder Justin Sun, the meme coin popularity continues to overshadow those launched on Solana.

TRX and TIA Cryptos Face Notable Value Depreciation Amid Stemming Fears About a US RecessionTRX and TIA Cryptos Face Notable Value Depreciation Amid Stemming Fears About a US RecessionAug 07, 2024 am 12:04 AM

Tron (TRX) and Celestia (TIA) cryptos face notable value depreciation amid stemming fears about a US recession, triggering a historic drop in the price of Bitcoin (BTC) after 2021.

Tron Wins Round As Judge Denies SEC Request to Expedite Legal ProceedingsTron Wins Round As Judge Denies SEC Request to Expedite Legal ProceedingsAug 20, 2024 pm 12:14 PM

A federal judge in New York has rejected the motion of the U.S Securities and Exchange Commission (SEC) to expedite legal proceedings in its ongoing securities fraud case against the Tron Foundation and its founder, Justin Sun.

TRON (TRX) Price Prediction: Will the Bullish Momentum Push TRX to Mimic the Daily Transactions?TRON (TRX) Price Prediction: Will the Bullish Momentum Push TRX to Mimic the Daily Transactions?Jul 26, 2024 pm 06:46 PM

TRON (TRX) saw daily transactions skyrocket, hitting a new all-time high on Thursday. The coin's price followed shortly after, rising over 1% to $0.1357.

Tron (TRX) Gains Massively as It Continues on Its Bullish Path After New Developments Hit the MarketTron (TRX) Gains Massively as It Continues on Its Bullish Path After New Developments Hit the MarketAug 21, 2024 am 12:46 AM

According to CoinGecko, the token is up 14% since last week. This trend may continue as major cryptocurrencies like Bitcoin and Ethereum pull altcoins

TRON Founder Justin Sun Challenges Elon Musk to Restore the Bitcoin Emoji on X, Formerly TwitterTRON Founder Justin Sun Challenges Elon Musk to Restore the Bitcoin Emoji on X, Formerly TwitterJul 29, 2024 am 03:44 AM

Justin Sun, the founder of TRON, has made a public request to Elon Musk, for the purpose of bringing back the Bitcoin emoji on X, which was formerly known as Twitter.

Tron价格预测2024-2030Tron价格预测2024-2030Mar 21, 2024 pm 03:01 PM

Tron价格在 2018 年 1 月达到 0.3004 美元的历史新高 (ATH)。目前,价格下跌了 73%,价格为 0.07841 美元。我们的 Tron 价格预测估计,到 2024 年底,价格为 0.096 美元。我们的 2025 年 Tron 价格预测预测价格为 0.16 美元。

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Best Graphic Settings
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. How to Fix Audio if You Can't Hear Anyone
3 weeks agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

SublimeText3 Chinese version

SublimeText3 Chinese version

Chinese version, very easy to use

MinGW - Minimalist GNU for Windows

MinGW - Minimalist GNU for Windows

This project is in the process of being migrated to osdn.net/projects/mingw, you can continue to follow us there. MinGW: A native Windows port of the GNU Compiler Collection (GCC), freely distributable import libraries and header files for building native Windows applications; includes extensions to the MSVC runtime to support C99 functionality. All MinGW software can run on 64-bit Windows platforms.

SAP NetWeaver Server Adapter for Eclipse

SAP NetWeaver Server Adapter for Eclipse

Integrate Eclipse with SAP NetWeaver application server.

Notepad++7.3.1

Notepad++7.3.1

Easy-to-use and free code editor

mPDF

mPDF

mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),