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The cryptocurrency market has underperformed over the past 24 hours, but Tron experienced an increase during this period.
The broader crypto market has underperformed for the second day in a row this week. The market has lost more than 3% of its value in the last 24 hours, and the total cryptocurrency market capitalization is again below $1.3 trillion.
Bitcoin remains the market leader and has lost 2.7% of its value to date. BTC is now trading at around $29,100 per coin.
Ether is again trading below the $2,000 resistance mark after losing more than 4% of its value in the last 24 hours.
TRX, the native token of the Tron ecosystem, has performed best among the top 100 cryptocurrencies by market capitalization over the past 24 hours. TRX has risen by 1.4% so far today, outperforming the broader cryptocurrency market.
At the time of writing, TRX is trading at $0.072636. There is no obvious catalyst behind the positive performance of TRX. The Tron network’s USDD stablecoin has gained traction in recent days despite the recent negative sentiment towards stablecoins.
Important levels at a glance
The TRX/USDT 4-hour chart is currently neutral, as Tron has recorded a good performance in the last 24 hours. Technical indicators show that TRX is recovering from its recent slump.
The MACD line is in negative territory, but may soon enter the neutral territory if the sustained performance continues. The 14-day relative strength index of 53 shows that TRX is no longer in the oversold area.
If the positive trend continues, TRX could rise above the first major resistance mark at $ 0.07478 before the end of the day. However, it would need the support of the broader crypto market to overcome the $0.080 resistance mark.
With the broader market now in decline, TRX could move in a similar direction and fall below the first major support level at $0.06998 in the next few hours. The second major support level at $ 0.06704 should limit further downward movement in the short term.
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