bullish

Memecoin

Tron Bull

Shiba Inu

<ul>
 <li>Tron (TRX) is predicted to extend its bullish run to $0.14 once bulls fail to seize control over the market.&nbsp;</li>
</ul>
<ul>
 <li>Tron-based meme coins appear in “reds,” following the bearish direction of the broad market.&nbsp;</li>
</ul>
<a href="https://www.crypto-news-flash.com/what-is-tron-trx-beginner-guide-roadmap/" target="_blank" rel="noopener noreferrer nofollow">Tron (TRX)</a> defied the broad market pullback to test an all-time high price of $0.170 on August 25 before taking a nosedive to $0.156 in a 6% decline on Monday, September 2.&nbsp;
According to <a href="https://www.fxstreet.com/cryptocurrencies/news/tron-price-is-set-for-a-decline-as-technical-indicators-show-bearish-momentum-202409020606" target="_blank" rel="noopener noreferrer nofollow">analysts</a>, TRX is currently showing a sign of bearish extension as its Relative Strength Index (RSI) indicates a weak market momentum, contrary to the reading on August 25. Per our analysis, the asset could target its previous weekly support at $0.1425 once this trend continues.&nbsp;
Confirming this analysis, Coinglass’ OI-Weighted Funding Rate data on TRX is currently showing a reading of 0.033%, indicating a negative rate. This explains why shorts are paying longer. Generally, this reading signifies bearish sentiment and potential downward pressure.&nbsp;
<h3 id="the-majority-of-trx-holders-are-in-profit">The majority of TRX Holders are in Profit</h3>
According to Coinglass’s data, Binance TRX’s long-to-short ratio currently stands at 0.43. This reading indicates that traders are anticipating a fall.&nbsp;
On the other side, analysts believe that there could be a market shift to the bullish zone if the TRX’s daily candlestick closes above $0.170. This validation could offset the bearish outlook and lead to a 6% surge while targeting its April 17, 2021, high at $0.180.
Regardless of the current bearish state, IntoTheBlock data discloses that about 97.5% of TRX addresses are in profit. Specifically, 140.5 million addresses hold 82.76 Trillion TRX. However, 406.23k addresses currently holding 120.92 Million are in loss.
Tron’s ecosystem has witnessed bullish on-chain activities, with its Total Value Locked (TVL) rising from $6.8 million to $8.17 million since last month. This indicates growing investor confidence and greater adoption of Decentralized Finance (DeFi) services amid the bearish outlook. Confirming our recent <a href="https://www.crypto-news-flash.com/tron-trx-has-remained-in-an-uptrend-for-over-18-months-outperforming-ethereum-is-rollblocks-turn-next/" target="_blank" rel="noopener noreferrer nofollow">publication</a>, the total number of transactions processed has also reached an all-time high of over 8.1 billion.&nbsp;
<h3 id="is-tron-memecoin-hype-over">Is Tron Memecoin Hype Over?</h3>
Tron meme coins have enjoyed massive attention in the past few weeks as Justin Sun’s SunDog made a groundbreaking entry and dominated the broad market with impressive growth. Similarly, Tron Bull recorded about 4000% in just a single day a few days after launch. <a href="https://www.crypto-news-flash.com/from-1-2k-to-10m-unknown-trader-strikes-gold-with-tron-based-memecoin-details/" target="_blank" rel="noopener noreferrer nofollow">According to CNF</a>, an investor had his $1,200 investment in BULL turned into $10 million in just three days.&nbsp;
However, the hype around the meme ecosystem on Tron seems to be fading out as DOG records a 19% fall in the last seven days and a 70% decline in the last 90 days. Tron Bull has also declined by 10% in the last 24 hours and 33% in the last seven days. SunCat, which is still enjoying some 11% gain in the last 24 hours, has fallen by 34% in the last seven days.&nbsp;
According to our data, the ongoing bearish price action is a reflection of the broad market movements, as <a href="https://www.crypto-news-flash.com/what-is-dogecoin-doge-the-fun-crypto-currency/" target="_blank" rel="noopener noreferrer nofollow">Dogecoin</a> has declined by 8.8% in the last seven days and 11.4% in the last 30 days, trading at $0.09.&nbsp;

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Shiba Inu has also been down by 7% in the last seven days, trading at $0.0000135.&nbsp;

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 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-coin="shiba-inu" data-symbol="SHIB" data-currency="USD" data-rate="1.000268" data-type="chart" data-view="day" data-theme="light" data-smooth="true" data-areacolor="" data-bgcolor=""></div>
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Tron (TRX) Signals Bearish Momentum: Is the End of Memecoin Hype Near?

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Crypto News Flash

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