TRON tops the chart for most active users last week

TRON, the blockchain-based decentralized platform, has emerged as the leader in terms of active users last week, according to recent reports. With a growing number of dApps and decentralized exchanges being built on the TRON network, the platform has seen a surge in user engagement and transactions, making it an attractive choice for developers and users alike. TRON’s advanced technology and innovative approach to blockchain have positioned it as a key player in the cryptocurrency space, cementing its position as one of the most popular and reliable blockchain platforms today.

Why TRON Has More Active Users Than Ethereum But Still Consolidating in Price

TRON is currently one of the most talked-about cryptocurrencies, with more daily active users than Ethereum, Binance Chain, and Polygon. According to recent data, TRON’s daily active users cross 1.7 million, while its Total Value Locked (TVL) has reached $5.5 billion. However, despite its high user engagement, the asset price has been consolidating within a range in the last few months, around $0.065 – $0.067.

One explanation for this can be the lack of real-world use cases for TRON, which may discourage investors from holding TRX for the long term. TRX is only used on the TRON network and is not a suitable asset for long-term investment, while Ethereum can be used as a payment system with better real-world use cases. Therefore, crypto enthusiasts prefer Ethereum for both long-term investment and trading.

Although TRON has gained the users’ attention with its exceptional performance as the DeFi network, the demand has not been reflected in the asset price. Experts predict that TRX might consolidate in the upcoming months.

On the daily chart, TRX price is trading around $0.066 within a range of $0.065 and $0.067. If it breaks the resistance at $0.067, there can be short-term bullishness. However, the Bollinger Bands have low volatility, and the RSI is over 50, which does not suggest strong uptrend momentum despite high user engagement on the network.

Even on the weekly price action, TRON has been consolidating within a range around the baseline of the Bollinger Bands, and the RSI is around 50, indicating a strong resistance around $0.07. If it breaks the resistance at $0.07, it could be long-term bullish.

In conclusion, TRON has garnered more active users than Ethereum and other cryptocurrencies, but the demand has not been reflected in the asset price due to the lack of real-world use cases. Although TRON has potential, it might consolidate in the upcoming months.

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