Why is Tron outperforming the broader crypto market today?

Why is Tron outperforming the broader crypto market today?
фото показано с : coinjournal.net

2022-5-19 13:24

The cryptocurrency market has been underperforming in the last 24 hours, but Tron has performed positively during that period.

The broader crypto market has underperformed for the second-consecutive day this week. The market has lost more than 3% of its value in the last 24 hours, and the total cryptocurrency market cap stands below $1.3 trillion again.

Bitcoin remains the market leader and has lost 2.7% of its value so far today. BTC is now trading at around $29,100 per coin. 

Ether is trading below the $2,000 resistance level once again after losing more than 4% of its value in the last 24 hours.

TRX, the native token of the Tron ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap in the last 24 hours. TRX is up by 1.4% so far today, outperforming the broader cryptocurrency market in the process.

At press time, TRX is trading at $0.072636. There is no obvious catalyst behind TRX’s positive performance. The Tron network’s USDD stablecoin has been gaining traction in recent days despite the recent negative sentiment towards stablecoins.

Key levels to watch

The TRX/USDT 4-hour chart is currently neutral as Tron has been performing well over the past 24 hours. Technical indicators show that TRX is recovering from its recent slump.

The MACD line is within the negative zone but could soon enter the neutral territory if the ongoing performance is maintained. The 14-day relative strength index of 53 shows that TRX is no longer in the oversold region.

If the positive performance continues, TRX could surge past the first major resistance level at $0.07478 before the end of the day. However, it would need the support of the broader crypto market to make a move past the $0.080 resistance level.

With the broader market now bearish, TRX could move in a similar direction and slip below the first major support level at $0.06998 over the next few hours. The second major support level at $0.06704 should cap further downward movement in the short term. 

The post Why is Tron outperforming the broader crypto market today? appeared first on Coin Journal.

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Источник: coinjournal.net

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