TRON overtakes Cardano and Monero to break into top-10: TRON [TRX] Technical Analysis
The cryptocurrency markets looked to be back in full-swing when Bitcoin [BTC] edged above $4,000 and the market cap pushed to $130 billion, but it was short-lived. Major coins fell back to November like lows at the beginning of the week with the top crypto now down to under $3,900 and the market cap a dismal $123 billion. Despite the bearish trends, some coins are rising against the tide while competitors falter. TRON [TRX] is one among them.
TRON is the only coin trading in green among the top-10, with a mild but, relative to the market, respectable increase. With the bears mounting on Cardano [ADA] and Monero [XMR], TRON has surged past them to take the 10th spot on the global coin ladder to which the founder of TRON, Justin Sun, exclaimed:
— Justin Sun (@justinsuntron) December 5, 2018
With a slew of major developments, TRON’s resistance is no surprise. At the end of November, TRON announced plans to develop a blockchain gaming fund, called TRON Arcade which would “empower developers” and will receive over $100 million investment in the next three years.
In December, the TRON foundation launched a $1 million DApp developing accelerator program on the TRON protocol. Furthermore, TRON is all set to host its major niTROn summit in January 2019, which will have guest speakers like Taehoon Kim, CEO of nWay, Sam Harrison, Managing Partner at Blockchain, Brian Wong, CEO of Kiip and Kobe Bryant, the NBA legend.
The key support level of the coin stands at $0.0138, which the coin last dipped below on December 4. The key resistance level of the coin is $0.0152, which the coin is steadily moving towards. The coin is looking to break into a bullish zone since 0400 UTC on 6 December, while the 100 EMA line shows that the coin is in an uptrend.
Given the bearish conditions in the rest of the market, investors are moving to TRON as the steady gainer in the top-10 due to its recent developments. Hence the RSI has stabilized at 54.94 after a low of 31.05 earlier this week. The trading range exhibited by the coin is $0.0136-$0.0146, with the coin hovering closer to the higher extreme. At press time, the coin has edged up against the U.S. dollar by 0.15% and is currently priced at $0.0143.
The virtual currency has edged up against a mildly falling Bitcoin [BTC] by 1.14% and currently, one TRX is equivalent to 0.00000373 BTC.
Post the weekend, TRON’s market cap rose by 11.44% to reach $1.01 billion in a matter of 10 hours. Following the Tuesday increase, the market cap dropped to $933.4 million, added another $30 million in the next two days before settling at $914.5 million prior to the recent upswing. At 0500 UTC on December 6, the market cap rose from the aforementioned point by 4.95% to reach $958.9 million. At press time, the market cap has since dipped mildly and is valued at $950.7 million.
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