- A look at how Tron has supported Lebanon’s economy after the country’s financial downturn.
- TRX bears dominated as the price cooled down towards a key support level.
It is no secret that cryptocurrencies were born out of the need to have an alternative to the traditional fiat system. The Tron [TRX] network’s adoption and rapidly expanding use in Lebanon makes it one of the networks living up to the original reason.
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According to recent reports, Tron is currently the most used blockchain network in Lebanon. The reason for this adoption is just both impressive and concerning. The country is currently facing an economic crisis that has pushed inflation into triple digits. This makes it one of the worst performing economies in the world.
🚨BREAKING: TRON Is The Dominant Blockchain In Lebanon🇱🇧
Lebanon has been in an economic crisis, with inflation in June hitting 254%
Keep reading below to learn how regular people are turning to the Tron network👇🧵 pic.twitter.com/cRx2nXaOu2
— TronSpark (@TronSpark) August 2, 2023
As a consequence, the country’s economic system has collapsed and Lebanese people have embraced the Tron network as an alternative. Recent reports revealed that most individuals and businesses in Lebanon now engage in commerce using USDT on the Tron network.
The Lebanese people have reportedly adopted Tron due to factors such as ease of use, low cost and high amount of USDT supported by the network. The fact that the country has embraced the network was a unique opportunity to look at how blockchain networks can come to the rescue in tough economic times.
TRX price action recap
TRX has been in a bearish retracement in the last seven days after previously delivering an impressive rally since the second week of June. It traded at $0.076 at press time, which represents a 10% dip from its weekly high. The bearish price action has so far pushed it below the 50-day moving average.
What should traders expect next?
Well, TRX’s price action still has room for more downside before pushing into its long-term ascending support level. Meanwhile, its recent downside pushed the RSI below its mid-point which means an increased chance of more downside. If TRX extends its downside, we could see a drop towards the $0.074 price level.
Read about Tron (TRX) price prediction for 2023/2024
As far as on-chain metrics were concerned, there was a dip in Tron’s development activity in the last 4 weeks. This aligns with the faltering confidence in the bulls. On-chain volume remains within the normal monthly range, hence indicating that the recent pullback was just a normal cool-down after the previously observed rally.
TRX’s daily trading USD volume remained low despite the price discount. This suggests that TRX may not necessarily have enough momentum for a pivot at its current level, assuming that the market demand remains unchanged. On the other hand, the weighted sentiment remains high, confirming that investors were still optimistic about TRX’s upside.
