The cryptocurrency market seems to be back on track with a lot of greenish signs. This could be attributed to the investments made by the big financial institutions. Countries are regulating their banks’ involvement with cryptocurrencies and the big shots are of the opinion that these countries like China and India will lose and other countries like Japan and Singapore will gain. Many cryptocurrency related firms like exchanges are flocking towards Japan which is a country that is open to cryptocurrencies. The total coin market capital at 1:51 PM UTC was $270.309 which increased from the amount earlier today.
The sentiment analysis segment is carefully structured after scrutinizing various comments and sentiments gathered from around the world. Each sentiment analysis is made after interviewing a group of investors, miners, journalists, skeptics, and influencers and it includes their valuable comments on the present market trends. This analysis is focused on the cryptocurrency, TRON [TRX], which has moved up to the 12th spot in the rankings from the 13th spot.
At 2:00 PM UTC, TRON was seen to be trading at a price of $0.0370 and a market capital of $2.438 billion. TRON has been moving up and down in the rankings for quite a long time now. It had managed to reach the 10th spot but could not retain it for long. The coin appears to be stable and has been trading above the strong support level of $0.035. The lack of volatility may also be a cause for the coin not breaking out of this price level. The bulls and the bears are apparently not actively engaging with the coin.
Alex Watson, an altcoin miner from Brisbane says:
“This stable trend will continue for TRON and some other developments should be implemented to have a bullish trend to kick in. Currently there is a selling pressure for the coin but there are enough number of good buyers to keep the coin going. My personal advice for you folks is to HODL till major trends arise”
Eric Johnson, a TRON investor from Queenstown says:
“This trend will continue till the second week of June and from there the coin has a bullflag formation which will take it further up. A resistance is formed at $0.043 and if the coin reaches this level, it will surely go up to the $0.095 mark.”
Sam Simmons, an Economics student at University of Chicago says:
“There was a double bottom alert for TRON a few days ago. Even though there was a big dip in the price, the coin did not hit the bottom. This resulted in the stability experienced by the coin at the present moment. A major bullish trend in the short-term cannot be expected but in the long-term, there are signs of a bullish trend.”
To conclude, 66% of TRON respondents are satisfied with the coin’s current trend and are hoping for a bullish breakout. Most of them are of the opinion that the launch of Test Net and other developments by the TRON team are the reasons why the coin attained stability. Another 34% of TRON respondents, however, does not believe in TRON and they say that the coin will lose the stability because of its long-held inability to breakout.
Source: Read Full Article