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Tron rallies as Q1 report shows positive results

Script Network SCPT02

Tron (TRX) is performing well for the bulls, and the asset is showing bull flags according to technical indicators provided by TradingView.

Trading at $0.07826 as of press time, TRX was sitting on a daily gain of 8.2% as the asset recorded a 100% increase in trading volume within the same period.

Despite the rising valuation, TRX’s volatility levels seem to be increasing as the Bollinger bands used in estimating volatility diverge away from each other, displaying increased volatility levels. 

The relative strength index indicator is also moving in above its average line, a positive indication of a bullish trend on TRX, as the MACD indicator also now moves high above in the positive region, technically indicating a bullish trend on the asset. 

Tron rallies as Q1 report shows positive results - 1
TRX 1-day chart | Source: TradingView

Tron is sitting at 11% for the week as the total cap for the asset stood at $412,092,598 as of press time, with a circulating supply of 90,342,261,289 TRX.

Tron’s Q1 report

The move comes ahead of the release of Tron’s Q1 report. According to recent research published by market intelligence company Messari, the first three months of 2023 saw a rise in the number of transactions on the Tron blockchain.

The total market capitalization of its native token, TRX, increased by roughly 20% quarter over quarter.

The United States Securities and Exchange Commission (SEC) has announced multiple lawsuits against tron tokens.

Nonetheless, the network activity has mostly remained unaffected by these developments. The crypto’s overall quarterly revenue increased to $90.04 million in Q1 2023, representing an increase of 88% when compared to the $47.96 million it brought in during Q4 2022.

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