The cryptocurrency market’s bullish performance over the past two weeks came to an abrupt halt on Thursday when prices dipped in rapid succession. Currencies that enjoyed a winning streak suddenly saw their market caps and volumes fall as the market corrected itself at the close of the first week of September.
Out of the best performing cryptocurrencies, only Tron seemed to maintain its standard as the Justin Sun founded cryptocurrency maintained its bullish regime. At the time of writing, Tron was still climbing on the charts with no signs of abating.
By Friday, Tron had climbed into the top 10 cryptocurrency club and occupied the 9th position. At press time, Tron was trading for $0.042 with a total market cap of $3.067 billion. After a 15 percent price increase over the past day, the 24-hour market volume had climbed to $7.015 billion. The most remarkable aspect of the Tron surge was the weekly surge of 81 percent during a time when all its compatriots were bleeding red.
Tron’s technical analysis also pointed to a prolonged green run as all the indicators sided with the bull. The Relative Strength Index had broken the overbought threshold as more people entered the Tron ecosystem. The marker near the top of the graph indicated that Tron’s buying pressure was much more than its selling pressure. Meanwhile, the Chaikin Money Flow indicator witnessed a small dip towards the zero line. This may be due to the reduction in the capital coming into the Tron market.
On the opposite end of the price, spectrum lay Cardano, the token created by the IOHK Foundation to aid in day to day use cases. At the time of writing, ADA was trading for $0.096 with a total market cap of $2.488 billion. The 15 percent daily dip had also lowered the 24-hour market volume to $548.65 million.
While Tron’s RSI was above the overbought zone, Cardano’s RSI rested right at the oversold zone. This was a clear indication that traders were selling their ADA tokens to move to other cryptocurrencies that were climbing on the charts. ADA’s CMF also took the bear’s side as the graph fell below the zero line for the first time since mid-March. This fall was in conjunction with the recent bear crash that slaughtered any increases achieved since August.