For a little while, it seemed like the crypto bears would go away and hibernate as Bitcoin (BTC) went back up to $4000 and its capitalization reached $130 billion last week. But that was just for a little while as the weekend saw the mother of all coins drop under $3,500.
So the trend is still bearish but even in this nearly catastrophic market, some cryptocurrencies are finding ways to outperform other assets and swim against the current. XRP has been a good example. But so is Tronix (TRX) now.
As we write this article, Tron is trading in green numbers (0.93%) which means it’s the best performing coin right now since everyone stands in red (including Tether) currently. The bears have been hugging Cardano’s Ada and Monero’s XMR quite hard, so Tron has overtaken the 10th spot by market capitalization. The achievement prompted Justin Sun, the project’s CEO and founder to express his joy via Twitter, as usual:
Tron has been reporting great news all year long, and the project has consistently met with every milestone in time. So it’s not such a big surprise to see it gain an advantage over other coins.
The new development will be the Tron Arcade. It will be a blockchain gaming fund meant to enable developers. Tron will spend $100 million during the next three years to incentivize the community’s game developers.
This month, the Tron foundation launched another initiative to quicken the dApp developing environment. It will spend a million dollars to inject some momentum into the app developing community.
Next month, the niTROn summit will be held in San Francisco, and it will feature many interesting guest speakers such as Kobe Bryant, the NBA legend, Sam Harrison, Managing Partner at Blockchain, Taehoon Kim, CEO of nWay, and Brian Wong, CEO of Kiip.
The Tonix/USD pair
The current support level is $0.0135, which the asset last visited about two weeks ago. Resistance is at $0.0152, and it’s moving steadily (with some fluctuations) in that direction. Moderate upward trends have been appearing over the last few hours, but it’s doubtful that it will go into a strong bullish zone any time soon.
Tron is becoming attractive to many investors as the whole market remains very bearish. So it’s gaining steadily as shown by the fact it’s now in the top ten. The RSI increased to 54.9, after being as low as 31.05. TRX’s trading range today is 0.013236 – 0.013634. It’s spent more time so far nearer to the higher level.
The Tron/BTC pair
Bitcoin remains very influential over Tron’s price because most exchanges in the world offer the coin paired against BTC and not against the Dollar or other fiat currencies.
The current Tron price is of 0.00000373 BTC. More importantly, despite Tron’s fluctuations against the dollar, it’s been gaining ground against Bitcoin most of the time for the last week.
Image courtesy of Pixabay.