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Tron [TRX] Top Performer Among the Top 20 Cryptocurrencies Today

November 28, 2018 18:37
Tron-Cryptocurrency-Coin-Price-Set-to-Break-the-Trendline-696x449

Markets have been undergoing a recovery over the past two days. The recovery was slow yesterday but picked up today with man major cryptocurrencies recording double-digit gains over the past 24 hours. The recovery has resulted in the market leader Bitcoin returning back above $4000 after appreciating 13% over the past 24 hours.

One of Ethereum’s main competitors, Tron, has been the best performer among major cryptocurrencies over the past 24 hours and a top performer the past 7 days. Tron has increased 27% over the past 24 hours. The increase is taking place on large volume showing real strength driving it.

There could be a number of reasons behind the outperformance we are seeing in Tron. Tron made an acquisition of BitTorrent Inc. earlier this year, and BitTorrent Pro has now begun accepting payments in Tron. The most recent upgrade to Tron has also been released which may be factoring into the increase.

Momentum has shifted to the buyers now with both the RSI and MACD increasing. If the price can continue to increase, the MACD would be expected to cross its signal line to the upside, a bullish signal. Resistance would be expected to come into play at $0.02 which is also where the daily 50 EMA is also trading. Price is currently trading around $0.15.

Key Takeaways:

  • Tron best performer over the past 24 hours in the top 20 cryptocurrencies by market cap.
  • Price has increased 27% over the past 24 hours with momentum shifting towards the buyers. Both the daily MACD and RSI increase with the MACD looking set to cross its signal line to the upside.
  • Large amounts of volume driving the increase. Resistance expected to come into play around $0.02 if the price can continue to increase.