TRX Price Prediction :: Will the uptrend continue in the second half of 2023?

The first half of 2023 saw an increase in activity on the TRON [TRX] network with the launch of new features such as Stake 2.0.

The last quarter saw a drop in prices, but the next half may be different as it started off well in terms of investor interest.

See the fate of Tron in the first half of 2023

https://twitter.com/trondao/status/1677230873358532613

Tron also adopted two proposals last month, known as Proposals 82 and 83, and subsequently launched a new staking engine.

The launch of Stake 2.0 brought a number of new features that solved a number of problems.

Given the additional features and functionality brought by Stake 2.0, the number of additional contributors is likely to increase.

However, the performance of Stake 2.0 was not up to the mark, and the number of Tron stakes dropped after launch.

Tron network statistics

Overall, Tron adoption has shown another uptick, as evidenced by key network stats. For example, a few days ago, the total number of wallets exceeded 160 million.

At the time of this writing, according to TronScan, the number of users exceeds 170 million, which is also encouraging. A similar growth is also observed in relation to the total number of transactions on the blockchain, which has now exceeded 6 billion.

Interestingly, the overall price performance in the first half of the year was promising, but the second quarter saw a significant decline, with TRX starting the year at almost $0.0545 and ending the first half at around $0.077.

Dive into Q3 2023

In terms of betting, the third quarter started well, as the number of TRX players increased last week, according to the Staking Compensation Table. At the time of this writing, TRX has a staking rate of 41.27% and a staking market capitalization of over $2.8 billion.

Token prices have a similar upward trend: TRX has gained 3.5% over the past seven days, according to CoinMarketCap. At the time of writing, it is trading at $0.07793 and has a market capitalization of over $7 billion.

What's more, positive sentiment has intensified in the first few months of the year. However, later on the situation changed, which can be seen from the balanced mood. However, the good news is that the chart rose again in the third quarter, reflecting investor confidence in the token.

This should be expected from Tron in Q4

While the price performance of the token is positive, the same cannot be said for network indicators. For example, Tron trading volume showed a slight decrease.

Weekly price volatility has also declined significantly, making the uptrend less likely to continue, and demand in the derivatives market has also fallen, as seen in the red funding ratio on Binance.

Most of the market indicators supported the uptrend, although some indicators looked bearish. The exponential moving average (EMA) band was bullish as the 20-day EMA reversed the 55-day EMA. The MACD also completed the EMA band.

TRON's Relative Strength Index (RSI) was also well above the neutral level, indicating the potential for higher token prices in the future. However, the Chaikin Money Flow (CMF) TRX recorded a slight decline, which is worrying.

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