Tron [TRX] breaches $0.0285 key resistance, approaches overbought region: Technical Analysis
The cryptocurrency industry has largely remained unchanged going into the new week. The total market cap of the crypto industry stands at $113 billion which is still way below the expected level of $120 billion. The leader of the pack, Bitcoin has been stable since Saturday hovering around $3450. Bitcoin is now closer to establishing its longest-running bear market. According to Alex Kruger, it is the first-time Bitcoin had entered a long period of selling sentiment in its 10-year history. At the time of print, TRX is the eighth largest cryptocurrency in terms of market cap and is trading at $0.026903, up by 3.71 percent. The total market cap of the currency stands at $1.7 billion and it has been one shining light amid all the gloom.
Tron after a week of relative underperformance has started the week on a positive note and has been the top performer among the top 10 coins in the past 24 hrs registering a growth of 3.71 percent. At the time of press, the cryptocurrency has found support at $0.0242 and is trading away above it. The coin tested the resistance a number of times and breached the key resistance at $0.0285. The price rose to the level of around $0.0293 and then it dropped back to around $0.0273 with $0.028 being a key level to monitor. The hourly RSI indicator is at 60.9484 and is fast approaching the overbought region due to intense selling pressure in the market. The MACD shows that the coin is in the bullish zone and 100 EMA line is showing an upward trend.
At the time of press, TRX is down by 4.55 percent and one TRX is equivalent to 0.00000780 BTC.
In a positive development last month, 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.
In an important development last week, Tron shared BitTorrent (BTT) airdrop timeline for it would be rewarding the Tron (TRX)holders. TRON founder, Justin Sun, shared the news of BitTorrent airdrop on Twitter stating, “On February 11th, 2019, the BitTorrent Foundation will initiate its first airdrop of BitTorrent $BTT to the TRON $TRX holders.”
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