Tron [TRX] rides on bullish momentum as the market turns green
The cryptocurrency industry has witnessed a sharp reversal in fortunes with the turn of the week as the bulls have made their presence felt and the market has turned into a sea of green. Currently, most of the coins are trading in the green which is a welcome relief for the crypto market which has been sluggish and trading sideways for quite some time. The leader of the pack, Bitcoin which seemed to be a bit flat during last week hovering around the $3650 mark has also found new legs and has passed the $3700 barrier. Currently, the coin is trading at $3749.48 which is up by 2.46 percent in the past 24 hrs and the total market cap of the coin is in the vicinity of $65.8 billion. It is expected that the coin may face resistance around the $3800 mark. The current surge is being led by Ethereum [ETH] which has marched ahead and is currently trading at $138.82, up by nearly 10 percent in the last 24 hrs. Tron [TRX] is currently the eighth largest coin in terms of market cap and is trading at $0.024119, up by a marginal 0.72 percent. The total market cap of the coin stands at $1.6 billion and the coin is in the bullish zone in the short term outlook.
At the time of print, the digital asset has found support at $0.0237 and is trading well above it. The coin was in a consolidation phase for the better part of last week and currently, the key resistance level for the coin stands at $0.0255. The hourly RSI indicator for the coin is 59.0197 which suggests that the coin is fast approaching the overbought zone. If we take a closer look at the chart we’ll find that the currency is range-bound and is trading between $0.02362 and $0.0246 levels. The MACD shows that the coin is in the bullish zone and the 100 EMA line suggests an upward trend. The bulls are back in business after the breakout at $0.02407 and there are chances that they might push the price towards the $0.02500 level.
At the time of print, the coin is down by 1.99 percent and one TRX is equivalent to 0.00000643 BTC.
- According to a report last week, Ethereum, the pioneer of the dApp movement is facing stiff competition from EOS and Tron. Statistics from DappRadar suggests that only three of the top 50 dApps are running on the Ethereum blockchain. If we take into account top 50 dApps, we will find that 20 dApps run on the Tron blockchain, whereas 26 dApps run on the EOS blockchain.
- Earlier this month, 0xGames entered into a partnership with Tron to launch games on the Tron blockchain. The Cyprus-based game development company is the latest addition to the Tron Arcade, the gaming investment fund which is planning to build a gaming ecosystem.
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