2022-9-13 23:20 |
Tron’s has entered a strategic partnership with crypto market maker Wintermute.
TRX is showing recovery at a 2% gain in the past week.
The token, however, lacks the momentum to continue with the uptrend.
Tron TRX/USD has jumped 0.33% in the past day and 2.09% in the past week. The positive sentiment is partly due to Tron’s strategic partnership with Wintermute. The latter is a global crypto market maker. In the partnership, Wintermute seeks to provide liquidity for TRX pairs across crypto exchanges.
The crypto market maker has stirred optimism in the Tron network since joining Tron DAO reserve. As part of the DAO, Wintermute facilitates the minting and redeeming of Tron’s decentralized stablecoin USDD.
Much as Tron has been around for a while, its fundamentals position the network right. The blockchain was created to give content creators exclusive ownership rights over their work. It is now a go-to network where users can create dApps, share content, and benefit from TRX incentives.
Recently, Tron was lauded as the most eco-friendly blockchain with a low carbon footprint. A report by the Crypto Carbon Ratings Institute has attributed this to the platform’s Delegated proof-of-stake consensus model. Unlike PoW, DPoS allows users to stake native TRX tokens to nodes for a chance to validate transactions. However, TRX is showing mixed signals in the daily chart.
TRX on a sluggish recoverySource: TradingView
Technically, TRX is looking bullish. The token has moved from $0.059 and $0.064 since September 7, representing an 8% increase. From the chart above, the 20-day moving average has joined support, but the token remains below the 50-day moving average.
TRX currently has an RSI reading of 50, signifying no specific trend. Furthermore, TRX faces an immediate resistance level at $0.066.
Bottom lineTron is looking up but lacks the momentum to maintain the price movement. The RSI is at a neutral 50, and investors must wait for the market to show a defined trend. From the long-term perspective, TRX has solid fundamentals coming from the partnership with Wintermute.
The post Can TRX hit new levels after strategic partnership with Wintermute? appeared first on CoinJournal.
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