Is Tron’s (TRX) Collaboration with Google a Good Sign for Bulls?

On October 4, Tron (TRX) DAO announced that it has joined Google Cloud’s expanding blockchain used for datasets query. According to the disclosure, the integration of Tron into the Google Cloud could improve the adoption and access to the Tron network.

As a three-core layer architecture with a core, storage, and application layer, Tron noted that the enables token flows, on-chain analysis, and increased traction without the need for individual nodes.

#TRON has joined @googlecloud’s expanding public blockchain datasets in #BigQuery.

🚀 Google Cloud’s BigQuery offers lightning-fast SQL queries, real-time data analysis, and seamless integration with data visualization tools.

With #TRON on board, our users can now analyze… pic.twitter.com/nmsi1W6q1j

— TRON DAO (@trondao) October 4, 2023

Interestingly, the announcement did not have a significant impact on the TRX price action. At press time, TRX’s value was $0.08—a similar price to what it was around the time the development was made known to the public.

Meanwhile, the TRX/USD daily chart showed that the cryptocurrency had formed a bullish market structure. But in between the increase from $0.077 to $0.088, there have been some sell-offs.

While the sell-offs did not result in a massive plunge, they were responsible for the halt in the bullish momentum TRX previously had. It is also noteworthy to mention that the Relative Strength Index (RSI) reached 78.40 on October 1, indicating how solid TRX’s buying pressure was.

As expected, the overbought level above 70 resulted in a retracement, and at press time, the RSI was 63.58. Notwithstanding, the RSI value at the time of writing still signaled a good bullish momentum. But for the RSI to impact the price action, buying pressure has to increase alongside Tron’s volume.

Furthermore, the Accumulation/Distribution (A/D) increased to 25.27 billion. Usually, the A/D line gauges the supply and demand of a cryptocurrency by assessing where the price closed and multiplying it by volume.

Since the A/D line rose, it means that TRX still had the potential to recover from its slight retracement. However, this may only happen if bears do not take over the market from bulls.

TRX/USD Daily Chart (Source: TradingView)

As it stands, TRX may continue to consolidate between $0.086 and $0.089. Should the buying momentum increase and the RSI move toward 65.00, then TRX may hit $0.09.

However, it is clear that the partnership with Google Cloud is only a development for the Tron network and not the cryptocurrency price. Still, TRX has more potential to increase than for the price to fall.

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