James Atkins
Editor
Editor
The wider cryptocurrency market has underperformed for the second day in a row this week. The crypto market has shed more than 3% of its value in the last 24 hours. And the total cryptocurrency market cap is now below $1 trillion.
Bitcoin is currently the most popular cryptocurrency, although it has dropped 2.7 percent in value today. BTC is presently valued at $29,100 per coin.
Other top performers in the crypto space today include TRON (TRX), which is up more than 5% at $0.08 per coin, and Ethereum; which is up 2.5% at $1,825 per coin.
After dropping more than 4% of its value in the last 24 hours, Ether is again trading below $2,000.
The best-performing cryptocurrency in the top 100 by market cap during the previous 24 hours is Tron’s native token, TRX. In today’s trading session, TRX has outperformed the broader cryptocurrency market, rising 1.4 percent thus far.
At the time of this publication, TRX is valued at $0.072636. There is no obvious cause for the upward trend in TRX. Despite recent concerns about stablecoins, the USDT stablecoin of the Tron network has been gaining traction in recent days.
TRON’s USDT-TRON Bridge, which allows users to convert between TRX and USDT, has also seen significant usage in recent days. TRON founder Justin Sun has been active on social media, promoting the TRON network and its various DeFi protocols.
The TRX/USDT 4-hour chart is presently neutral, as Tron has been trending quite well for the last 24 hours. Technical indicators indicate that TRX is on the mend from its recent slump.
The MACD line remains in the negative zone, but it may soon cross into the neutral area if the current performance is sustained. The 14-day relative strength index of 53 indicates that TRX has left the oversold region.
If the good performance continues. TRX may break through the first major resistance level at $0.07478 by the end of the day. However, to push past $0.080, it will need support from the broader cryptocurrency market.
TRX bulls need to push the price above $0.0288 to resume the uptrend. Above this level, TRX could rise to $0.0300 and $0.0320.
On the downside, TRX is likely to find support at $0.0280, $0.0275, and $0.0270. TRX bulls need to push the price above $0.0288 to resume the uptrend.
TRON is currently the 10th largest cryptocurrency with a market cap of $4.65 billion. The TRX/USD pair is trading at $0.067 after an 8% surge in the last 24 hours. TRON has been one of the top performers in the last 24 hours, as it has surged by 8%.
With the wider market now bearish. TRX is expected to fall below the first significant support level at $0.06998 in the coming hours. In the short run, the second major support level at $0.06704 should limit further declines.
While it is difficult to say definitively why TRON is doing well presently. There are a few possible reasons for TRON’s outperformance today.
First, the TRON Foundation announces yesterday that it has acquired decentralized crypto exchange Poloniex. The acquisition is expected to help TRON expand its reach in the cryptocurrency industry.
Second, TRON founder Justin Sun has been increasingly active on social media recently. And this may be helping to generate interest in the TRON project.
Finally, TRON’s mainnet launch is scheduled for May 31st, and this may be contributing to positive sentiment about the project.
Whatever the reasons for TRON’s recent success, it is clear that the project has lots of momentum at the moment. It will be interesting to see how TRON performs in the months ahead.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
