TRON's Weekly Update: Good News, But Market Indicators Tell a Different Story

TRON published its weekly report on 10 December, detailing developments in its ecosystem over the last week. The report included the formal adoption of the 79th Committee proposal, which aimed to modify network parameters and increase the unit price of energy from 280 to 420 sun.

ONTO Wallet added support for trading assets on the TRON network, and Tether announced the launch of a new stablecoin, CNHT, on the TRON blockchain. TRON also topped the list of blockchains in terms of chain activity.

Justin Sun, the founder of TRON, said the network would see 5 to 10 billion TRX burned annually because of use cases. As of 10 December, over 22.8 million coins had been burned, with a net production ratio of less than zero.

These developments affected TRON's metrics positively over the last week. TRX's volume stayed consistent, and its development activity increased. The Binance funding rate revealed that TRX gained interest from the derivatives market. TRX's price also increased by 2% over the week.

However, market indicators suggested a bearish edge, with TRX's RSI, CMF, and MFI all registering negative signals. A look at TRX's daily chart painted a bearish picture, with most market indicators suggesting a bearish edge.

TRON's weekly report showed several promising developments, but it is important to consider market indicators before getting too excited. TRX's RSI, CMF, and MFI all registered negative signals, suggesting a bearish edge. This bearish edge may bring trouble in the coming days.

Despite this, the report included several positive developments for TRON. The formal adoption of the 79th Committee proposal was a significant step forward, and the addition of support for trading assets on the TRON network and the launch of a new stablecoin on the TRON blockchain were also positive developments.

TRON's development activity increased over the last week, indicating that developers are working hard to improve the ecosystem. The Binance funding rate revealed that TRX gained interest from the derivatives market, and TRX's price also increased by 2% over the week.

Overall, TRON's weekly report showed several promising developments, but it is important to consider market indicators before getting too excited. TRX's RSI, CMF, and MFI all registered negative signals, suggesting a bearish edge. This bearish edge may bring trouble in the coming days.