Tanya Abrosimova
Independent Analyst
- TRX/USD is down 4% in recent 24 hours amid global cryptocurrency sell-off.
- TRON ecosystem has been attracting dApp developers.
TRON is hovering marjinally above $0.02600 handle. The coin recovered from Monday’s low at $0.02517, though the upside is still limited, TRX/USD needs to get back above $0.02700 to improve the short-term technical picture and get a chance for an extended recovery. Moreover, the critical resistance is seen at $0.0300. It has been limiting the recovery in January.
TRON is the 8th largest coin with a market value of $1.8B. It has lost 3.5% in the recent 24 hours; however, it is still one of the best-performing coins of the month. TRX/USD has gained nearly 40% since the first of January amid a slew of positive fundamental developments.
Justin Sun, the founder and the head of the project, is famous for its aggressive marketing strategy. He has been pushing the adoption of his ecosystem and managed to lure dApp developers from EOS and ETH blockchains.
His approach has been successful so far. However, TRON’s upside momentum may prove to be short-lived due to the expected bear trend on the cryptocurrency market during 2019. Also, it is worth noting, that TRX/USD is down 89% since its all-time high.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?