Tron’s TRX coin has surged up 0.68 percent against the dollar in the last 24 hours, according to CoinStats’ cryptocurrency portfolio tracker.
The TRX-to-dollar exchange rate on Monday established an intraday high of $0.033, bringing its 7-day gains to 5.26 percent. The move helped the cryptocurrency’s market capitalization balloon from $2.11 billion to $2.18 billion. At its highest, the TRX coin’s market valuation was 16.75 billion.
TRX is performing weaker than most of the leading cryptocurrencies in terms of year-to-date gains. As of 1230 GMT, the TRX/USD was up by 76.97 percent, performing better than the S&P 500 Index, which was mere 0.0055 percent within the same timeframe. But the cryptocurrency market’s limelight belongs to Binance Coin (BNB), which rose by 690 percent, and Litecoin, which jumped by 350 percent.
At the same time, bitcoin’s buying sentiment furthered during the second quarter of this year, bringing its net 2019 rebound to above 150 percent – still better than Tron.
In retrospective, bitcoin is performing better than most of the cryptocurrencies, including Tron. The TRX-to-bitcoin exchange rate has dropped by more than 57 percent from its 2019 high. The pair is in a clear downtrend so far, which means it would provide ample amount of buying opportunities in the coming days.
A TRX Reversal Incoming
GalaxyBTC, a famous cryptocurrency analyst, located bullish areas in the TRX coin market in his March 12 update. The trader noted that TRX is looking to retest a buying area defined by 304 and 337 satoshis. The move would result in a double bottom formation, a traditionally bullish indicator.
The TRX/BTC instrument could be eyeing 594-628 satoshi area as its next upside target, noted GalaxyBTC.
Tron Foundation’s founder Justin Sun will be meeting billionaire investor Warren Buffet for a charity dinner late July 2019. Such a TRX coin news could further propel the asset’s underlying bullish sentiment – at least in the near-term.