The Tron (TRX) market stepped into light on Wednesday as investors’ confident in the cryptocurrency returned.
The world’s twelfth biggest blockchain asset posted two consecutively sessions in green until Thursday. Ahead of the close, the TRX/BTC exchange rate had established 247 sats as its intraday peak, up 14.88 percent from its local swing low, shows CoinStats’ cryptocurrency portfolio management app.
The upsurge appeared in the wake of an interim market-wide bullish sentiment. Each coin expressed the desire to recover as bitcoin, the locomotive of all, itself underwent a crash and subsequent recovery. All eyes were on the outcome of Facebook Libra hearing on the Capitol Hill. And surprisingly, some members of the US Congress praised bitcoin for being better than Libra.
The idiosyncratic factors that may have pushed the Tron price up include founder Justin Sun’s lunch plans next week with Warren Buffett, a legendary investor. Atop that, a 30 million USDT incentive plan and the listing of the BTT/TRX pair on Huobi could also be maintaining the interim bull bias.
Tron Still Bearish
The latest upside push should not be the reason to party, at least according to the cryptocurrency’s long-term marker bias.
The weekly chart above shows the TRX/BTC instrument in a steady downtrend. The last week’s candle closed below an important support level of 259 sats. Now, the pair is looking to extend its downside momentum while targeting 183 sats for a potential pullback action.
Even if Tron corrects to the upside exponentially, it would still face stronger resistance at 330 sats. Given the fundamentals, bitcoin and litecoin expects to steal the maximum limelight, leaving Tron far behind in the race.
So buckle up, Tron could be in for another bearish ride.
Think the cryptocurrency will go up? Share your thoughts below and get featured in our next Tron piece.