Weekends are usually dull or bearish in the cryptocurrency market. Not this weekend, though.
Bitcoin’s rise has infused the market with such a significant momentum that, even on the weekend, we’re seeing most of the tokens trading in green numbers and gaining value very quickly.
Almost all the coins in the top 50 by market capitalization have gone up in the last 24 hours with only three exceptions which are USD Coin, TrueUSD and Paxos.
There’s an ironic element here as two out of those three losing assets are stablecoins which are supposed to be firm, let along go down when everybody else is rising. On the other hand, it shows they’re immune to the market’s trends which are supposed a stablecoin’s hallmark as well.
Bitcoin is trading at $6927 as we write this, so it’s been going up, and it seems ready to test the 7k level very soon. And that’s not all. Most technical indicators are still deep green, so the market sentiment is of strong buy which means that the mother of all cryptocurrencies is very likely to keep gaining value.
Tron in the current market
Tron has also been going up, which is excellent news for TRX holders who had not had such joy since last January. Tronix remains 11th by market capitalization (USD 1,709 billion), and it’s trading at USD 0.025773 as we write this. It’s gained 9.75% over the last 24 hours and, maybe, more importantly, 9.75% in the previous week.
There’s every reason to be bullish on Tronix this weekend. The least favorable technical analysis is the weekly one which is neutral. But every other one is on strong buy. In the hourly technical analysis, the price is already above the third resistance level which means it’s broken out upwards.
The monthly analysis (which is the one that holds more influence) has the current price over the pivot point and a first resistance level at 0.029368. If the TRX price finds a way to go over 0.29, then it could seriously explode and reaching 0.038 would not be out of the question.
The current crypto bonanza is driven by Bitcoin, of course. But that’s precisely how it was back in 2017 and, even more, most of the times that crypto rises it all starts with Bitcoin.
That’s not to say that Tron’s price increase owes everything to Bitcoin. Tron is a blockchain project with excellent fundamentals and an obvious purpose (to decentralize the web). It’s also the most active decentralized applications platform in the world, and it’s about to merge the BitTorrent network (the world’s most extensive decentralized system) into its blockchain network.
So Tron’s rise makes sense in the current context. The strength it has as a project, however, makes it a better investment option because it’s more likely for Tron to remain a valuable asset after the current hype ends –and make no mistake, the current wave of generalized green numbers is welcome, but nothing lasts forever, even less so in crypto.
So the weekend looks great. There’s plenty of excellent opportunities for investors of all sizes. Enjoy the moment, enjoy the Tron’s network’s exciting decentralized applications, and stay green!
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.