Justin Sun’s Tron Flips BSC in Daily Active Users — But TRX Remains in Danger

YEREVAN (CoinChapter.com) – Tron (TRX) has flipped Ethereum, Polygon, Arbitrum, and Binance Smart Chain (BSC) in terms of daily active users (DAU), according to the crypto analytical platform Token Terminal. The metric for Tron stood at 1.5 million, while BSC’s DAU counted at 1.1 million.

Tron Flips BSC in TVL Terms, As Well

Despite the bearish sentiment on the market and Bitcoin’s 9% weekly drop, Tron’s total value locked was merely 25% below its all-time high and fluctuated around $5.3 billion on April 24.

However, the market dominance chart shows that while Tron flipped both Binance and Arbitrum in terms of TVL, the rise in dominance was insignificant and could be attributed to BSC’s loss rather than Tron’s gain.

The latter kicked the year off with 10.71% dominance and is wrapping April up with 10.85%. Conversely, BSC dominance went from 12.3% to 9.3% year-to-date.

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TRX Risks a 5% Drop

Tron’s in-house token has been flatlining for the previous three weeks, as seen on the weekly chart below.

As a result, the TRX price fluctuated around $0.066 in the Asian-Pacific session on April 24. The token also met a confluence of support from two trendlines, instrumental since July 2021 and Nov 2022, respectively.

Notably, the Tron token traded above its 20, and 50-day exponential moving averages (EMA-20,50), seeking additional support.

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However, the lowering trading volumes on the daily chart below suggest a short-term decline, which would pin the target TRX price at the mentioned support trendline, i.e., at approximately $0.063, constituting a 5% drop.

The coming sessions will show if the prediction is consistent with the overall market climate, as TRX’s price action correlates with Bitcoin.