TRON [TRX] might be in trouble if these metrics are to be believed – AMBCrypto

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altcoin TRON [TRX] might be in trouble if these metrics are to be believed – TRON’s RSI was in an overbought position at press time.- However, the rest of the market indicators and metrics were bullish.TRONSCAN released the latest stats of the TRON [TRX] ecosystem on 14 January, which highlighted several important figures.Notably, TRON’s total…

altcoin TRON [TRX] might be in trouble if these metrics are to be believed – TRON’s RSI was in an overbought position at press time.- However, the rest of the market indicators and metrics were bullish.TRONSCAN released the latest stats of the TRON [TRX] ecosystem on 14 January, which highlighted several important figures.Notably, TRON’s total value locked exceeded $9.8 billion, while the total number of accounts on the TRON network crossed 135 million.

Additionally, total transactions on the network exceeded 4.64 billion.🧐Statistics and recently updated metrics of #TRONSCAN on Jan 13.Check out! #TRON #TRX pic.twitter.com/V3hPTMyRsE — TRONSCAN (@TRONSCAN_ORG) January 14, 2023 Another development was that TRON recently also got listed on the Blockbank application.

With this new listing, users will be able to buy TRX with pairings such as Bitcoin [BTC], Ethereum [ETH], Tether [USDT], and more.(1/2) Hold on to your crypto hats #TRON fans, because @trondao (TRX) is now live on the @blockbankapp! You can now buy with pairings such as #BBANK, #BTC, #ETH, #EUR & #USDT! Earn up to 10% in #TRX with a 10% bonus in #BBANK simply and securely! https://t.co/uva6DlXXVw pic.twitter.com/lo9y9PMhQ5 — blockbank (@blockbankapp) January 13, 2023 TRON’s performance on the price front was also commendable, as it registered over 20% weekly gains.As per CoinMarketCap, TRX’s price increased by 9% in the last 24 hours, and at the time of writing, it was trading at $0.06326 with a market cap of over $5.8 billion.However, this uptrend can soon come to a halt, as CryptoQuant’s data revealed a major bearish signal.Read TRON’s [TRX] Price Prediction 2023-24 Is the tide turning? As per CryptoQuant, TRON’s Relative Strength Index (RSI) was in an overbought position, which can increase selling pressure in the coming days, resulting in a price decline.However, a look at TRON’s daily chart told a different story, as most market indicators were in favor of the bulls.The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover, which can help TRX sustain its uptrend.

The Money Flow Index (MFI) was also above the neutral mark, further increasing the chances of a price hike.However, the Chaikin Money Flow (CMF) registered a slight downtick, which was a negative signal.

Realistic or not, here’s TRX’s market cap in BTC’s terms Investors can relax Not only the market indicators, but the on-chain metrics also looked in favor of the bulls.TRX’s demand in the derivatives market increased over the last week as its Binance Funding Rate went steadily up.TRX’s social volume also remained relatively high, reflecting the token’s popularity in the crypto space.The development activity was concerning, though, as it registered a decline, which is by and large a bearish sign for a network.

– The total value of ETH staked and validators on the network witnessed substantial growth – Whales show interest in ETH as the number of transactions witnessed a surge Ethereum’s [ETH] staking activity continued its upward swing as the total value staked in ETH 2.0.deposit contract reached yet another ATH, data from Glassnode revealed.📈 #Ethereum $ETH Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 16,042,407 ETH Previous ATH of 16,042,391 ETH was observed on 14 January 2023 View metric:https://t.co/SzbMPqvhlb pic.twitter.com/QRT9ANf6dr — glassnode alerts (@glassnodealerts) January 15, 2023 How many are 1,10,100 ETHs worth today? A drill down of the chart further indicated that this value saw a substantial increase since 6 January.This was when developers announced that the Shanghai Upgrade, which will enable the withdrawal of staked ETH, will go live in March 2023.

Notwithstanding the 1.3% drop observed in ETH’s price at the time of writing, the king of altcoins made a remarkable recovery since the FTX contagion hit the crypto market.The bullish cycle also witnessed ETH sprint towards its pre-FTX market cap levels.Staking gets hot The number of validators on ETH network steadily increased by 0.61% over the seven-day period, per data from Staking Rewards.The revenue from transaction fees also shot up by almost 24% which lent credence to the lucrativeness of ETH staking.The annualized reward rate or the reward that validators can expect to earn per year was estimated at 3.8%.Interestingly, the percentage of eligible tokens that were being staked stood at 13.87%, significantly lower than other popular chains like Cardano [ADA] and Solana [SOL] which had as staking ratio of over 70%.

Whales’ transactions surge On-chain indicators corroborated the growing appeal of the network.Whale transactions registered a sharp uptick to hit their highest value in more than two months.As of 14 January, the transactions hit 5646, a jump of almost 30% over the last month.The new participants entering the network rose steadily indicating that Ethereum’s adoption was on the rise.The increased activity was also highlighted by the velocity indicator which steeply increased to 3.99 on 14 January.This suggested that ETH moved more frequently across wallets.

Is your portfolio green? Check out the ETH Profit Calculator However, ETH investors are wary of the fact that the Shanghai Upgrade could intensify selling pressure in the market.Data analytics firm Bitwise challenged the claim and stated that mass sales will be impossible as the amount of ETH that could be unstaked will be limited at any point of time.Bitwise also predicted that ETH will turn deflationary in 2023 and its total circulating supply will drop by 1% or more, bringing more relief to investors.- The state of FLOW will improve with the latest upgrade allowing it to be more attractive for mass adoption – FLOW is due for a retracement but the upgrade may potentially delay that outcome The Flow network is about to change things up with its upcoming upgrade dubbed the Flow mainnet spork.One of the most important things to consider is what such an upgrade will do for the network.Flow’s latest update may offer some insights into what to expect.

Read FLOW’s price prediction 2023-2024 According to the update, one of the biggest benefits of the mainnet upgrade will be its ability to scale.The network revealed that it plans to be able to handle petabytes of data, giving it an edge over many other top blockchains.Even more interesting was that the upgrade will allow Flow to drastically improve its TPS.The Flow mainnet spork is just a few days away and we’re gearing up for unprecedented scaling.We will be laying the foundation down to scale Flow to Petabytes of data, a feat not achieved by any other blockchain 📈 — Flow (@flow_blockchain) January 13, 2023 A higher transaction count per second will allow the network to boost its ability to scale up.This could also be considered as a move that is aimed at preparing for mass adoption.

These upgrades will make it easier for Flow to compete more effectively with other blockchain networks.These upcoming upgrades are good news for the Flow community but can they facilitate a surge in demand for the FLOW cryptocurrency? There are a few notables that may point towards a potential impact on this upcoming upgrade on FLOW.For example, its development activity improved since the start of this month, which is a healthy observation from the development side.More recently, Flow’s social dominance metric experienced its largest surge in the last four weeks.This means it could experience significant attention amid news of its major network upgrade.This aligns with the surge in volume that it experienced since 12 January, and consequently reached a new monthly peak.Moreover, FLOW’s price volatility pivoted in favor of the upside in the last three days.These observations enabled FLOW’s price action to extend its upside in the last three days.

A result that has pushed for a 78% collective rally for the last two weeks.Is your portfolio green? Check out the FLOW Profit Calculator But can FLOW sustain its current trajectory especially now that it is about to go through a major network.It might turn out to be a case of ‘buy the rumor, sell the news’ particularly now that it is overbought.What to expect in the near future? Flow’s upcoming upgrade may set the FLOW cryptocurrency up for more organic demand in the long-run.

However, the short-term performance may experience a resurgence of sell pressure given the current overbought circumstance.An additional run-up may occur if the news of the upgrade manages to attract more buyers but this will only push back the retracement.- ADA’s last week remained happening with developers working on multiple projects.- The on-chain metrics revealed the reason behind ADAs’ double-digit growth.Cardano [ADA] recently published its weekly highlights, which revealed several key developments that happened over the past seven days in its ecosystem.The official blog mentioned that Cardano’s total transactions exceeded 58 million.

The total number of native tokens reached 7.5 million, and the total number of projects launched on Cardano stood at 112.Every Friday, we publish our weekly #Cardano development update.

So for the lowdown on what IOG’s dev team has been working on last week, head on over and take a look👇https://t.co/S5q2awYQb2 — Input Output (@InputOutputHK) January 13, 2023 Read Cardano’s [ADA] Price Prediction 2023-24 This has been an exciting week Apart from the stats, Cardano also revealed all the new projects that the developers worked on over the last week.For instance, the consensus team focused on cleaning up and benchmarking the UTXO-HD prototype.The improvements that might be necessary for the upcoming revisions of the prototype were also discussed with the ledger team.Cardano mentioned that the Plutus team worked on increasing script capacity, inliner optimization, and the Plutus debugger MVP.

The Mithril team, on the other hand, was working on a mechanism to handle seamless updates to the Mithril networks in the event of breaking changes that necessitate a synchronous update of the signer nodes.Moreover, Input Output Global also made an important announcement last week regarding a new toolkit.IOG released the first iteration of the sidechains development toolkit, which comes with a technical specification for building sidechains on Cardano.

The custom sidechain solution will benefit stake pool operators as well as the dApp ecosystem.Is your portfolio green? Check the Cardano Profit Calculator A good week for the investors too! Cardano’s price action was also in favor of investors, as its weekly chart was colored green.CoinMarketCap’s data revealed that ADA’s price increased by more than 26% in the last seven days, and at press time, it was trading at $0.3463 with a market capitalization of more than $11.9 billion.ADA’s on-chain metrics helped shed light on the reason behind this pump, apart from the bullish market.ADA’s MVRV Ratio increased steadily over the last week, which was bullish.

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