Tron [TRX] breaches $0.0274 key resistance, approaches overbought territory
Well, the lethargic trend that has been driving the cryptocurrency market for a week or so seems to have come to an end and things have taken a turn for the better with most of the coin registering moderate to significant gains. The volatility that is generally associated with the crypto market is back at work and a pump of nearly $10 billion saw the market zoom past the psychological barrier of $120 billion and at the time of print, the total market cap of the crypto market stands at $121.8 billion. Bitcoin led the charge yesterday which saw it break the week-long resistance at $3500 and it also touched $3700 before pulling back a little. Currently, most of the top 20 coins are trading in the green with Litecoin leading the pack. Litecoin is up by nearly 18 percent and is trading at $44.53. Another currency that is trading in the green is Tron. At the time of print, TRX is up by nearly 4.24 percent and is changing hands at $0.027286. the total market cap of the coin stands at $1.8 billion. TRX has been one of the top performing altcoins for the past few months and the total market cap of the coin stands at $1.8 billion.
At the time of print, the digital asset is bullish and has found support at $0.0261. The key resistance for the coin stands at $0.0274 and TRX has manged to breach the resistance at this level. At the time of print, the coin is trading above the $0.0274 key resistance level at $0.0276 and in the past 24 hrs the coin has shown a trading volume of $233,361,198. The hourly RSI indicator stands at 64.55 and the coin is fast approaching the overbought territory. The MACD shows that coin is in the bullish zone and the 100 EMA line shows an upward trend.
At the print, TRX is down by nearly 2 percent and one TRX is equivalent to 0.00000743 BTC.
In an interesting development last month, ChaChing Wallet’s CEO, Thomas Schulz, informed the community that an “SEC insider” advised to stay away Tron. Schulz leaked the information to the public by stating, “Just heard from a SEC insider. Literally, his first comment was: Stay away from Tron.” However, he did not provide context but added, “I’m not kidding” to his tweet.
In another development, Binance launched stablecoin markets for Litecoin [LTC] and Tron [TRX]. The crypto exchange announced that it will open trading for LTC/TUSD, LTC/PAX, LTC/USDC, TRX/PAX and TRX/USDC.
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