Home web3.0 TRON (TRX) Burns 10M Tokens, Can It Regain Bullish Momentum?

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

Oct 14, 2024 pm 01:44 PM
tron Token Burn TRX

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.

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