27 May 2021 | ZebPay Trade-Desk
As always, you pick the coin and we cover it. This week, for our Altcoin Thursday, we have TRON (TRX) in store for you all!
TRON has created an environment for itself where content creators can connect with their audiences directly. Centralized platforms are eliminated, such as streaming services, app stores, or music sites. This means, creators won’t lose as much commission to middlemen, which results in cheaper services for consumers. As the entertainment sector grows and becomes highly digitized, TRON has a head start in implementing blockchain technology in this sector.
Tron (TRX) has a market capitalization and rank of $8.2bn (24). As we can see from the chart above, TRX has been on a downtrend over the past three weeks, and the prices have plunged almost 70% from their peak and made a low of $0.55. On the technical front, The asset has made a ‘Bullish piercing’ pattern (Trend Reversal Pattern) at the support level and has started to move upwards making ‘Higher Top Higher Bottom’ formation. For TRX to go further up, it needs to break and sustain above the resistance level of $0.096 whereas $0.069 should act as a crucial support level. The asset currently trades at $ 0.0782.
This concludes on Altcoin synopsis for this week. Don’t forget to keep an eye out for our new poll, and let us know which coin you would like us to cover next week!
Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.