TRON [TRX] heads down south as bears wipe away nearly $6 billion: Technical Analysis
This new week has been not that good for the cryptocurrency industry as it has seen bears make a massive move and wipe away nearly $6 billion. All the major coins have been at the receiving trend of this meltdown. Led by the leader of the pack, Bitcoin which has dropped to a New Year low of $3350, and is currently trading at $3462, down by nearly 4 percent, the current trend paints a very gloomy picture for the near future. Ethereum is down by 8.18 percent and is trading at $106 at the time of press. While the coins have taken a tumble, TRX is still a top performing coin and it has replaced XLM as the 8th most valuable coin. At the time of print, TRX is trading at $0.027569, down by nearly 7 percent. The total crypto market stands at $113 billion which is $7 billion below the psychological barrier of $120 billion and speaks about the general direction in which the coin is moving. Currently, the total market cap of TRX stands at $1.83 TRX, whereas, LTC’s market cap is at $1.86 billion and there is every chance that TRX can overtake LTC in the near future.
At the time of print, TRX is trading above the support level which is $0.0242. The cryptocurrency is in the bearish trend in the medium term outlook and the coin tested the $0.0300 level yesterday. The coin went further up to $0.03122 in the supply area before the bearish trend set in and it retraced. At the time of print, the key resistance is at 0.0268 and the coin tested it yesterday. The double top formation reveals bears’ dominance. The break of the key supply area and subsequent retest indicates the continuation of the downward trend. The hourly RSI indicator stands at 36.3693 and it suggests that the coin is facing increased seller pressure in the market. The MACD shows that the coin is in the bearish zone and it also shows a downward trend.
At the time of press, TRX is down by 3.90 percent and one TRX is equivalent to 0.00000796 BTC.
In an important development last week, 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. “Binance stablecoin withdrawal fees, which usually range from US$0.80 to $1.50 are the lowest when it comes to the crypto exchange industry,” added the company.
In another development last week, TRON shared the timeline for the BitTorrent (BTT) airdrop. This came soon after their successful niTron Summit 2019. TRON founder, Justin Sun, took to Twitter to share this news. He said, “On February 11th, 2019, the BitTorrent Foundation will initiate its first airdrop of BitTorrent $BTT to the TRON $TRX holders.”
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