Barring the US dollar Tether, all other tokens were trading with solid gains on Thursday. Avalanche rallied over 9 per cent, whereas Ethereum surged 8 per cent. BNB advanced 7 per cent, whereas Solana gained 6 per cent.
The global cryptocurrency market cap was trading at the $975.93 billion mark, surging more than 4 per cent in the last 24 hours. However, the total trading volume dropped almost 20 per cent to $69.97 billion.
Expert Take
The first phase – the Bellatrix upgrade, of the much-awaited Ethereum Merge was completed this week. The move saw some upward movement for Ethereum, said Prashant Kumar, Founder and CEO, weTrade.
“Bitcoin bounced back to above $19,000 on Thursday. September continues to be a choppy month for investors as the cryptocurrency market showcases frequent changes.”
Tech View by Giottus Crypto Platform
Tron is a blockchain that allows developers to create scalable and user-friendly applications and users to exchange cryptos. TRX is the native token of the Tron blockchain used for staking and other transactional purposes.
TRX recently surpassed AVAX to become the 15th largest crypto in the market. TRX is currently trading at $0.06, down by 4 per cent in the last seven days. After reaching a local high of $0.072 in August, TRX has been creating a series of higher lows and has been unable to move above its upper trendline resistance.
ET CONTRIBUTORS
If we look at the chart closely, the pattern appears to be a falling wedge pattern. However, TRX, led by a lack of momentum and investor interest, was pulled down further.
Led by adverse market conditions, negative indicators like a weak RSI of 37 and trade below all moving averages, TRX prospects don’t appear strong. TRX would need a strong push towards $0.061 and further towards $0.063 to mark a clear momentum shift. In case of a downfall, June lows will come into play.
Major levels
Resistance: $0.061, $0.062, $0.063
Support: $0.059, $0.058
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)
