The last few months have been particularly successful for the burgeoning cryptocurrency Tron (TRX), which is fast establishing itself as one of the key players in the marketplace.
In October, for example, it gained worldwide exposure by attaining five new fiat pairs after being listed on the Indacoin exchange, including the U.S. Dollar (USD), the Euro (EUR) and the Great British Pound (GBP). At the same time, it bolstered its chances of being consolidated in the top 10 list of Coinmarketcap, fulfilling the expectations laid out at its inception.
The recent performance against the USD has been a little disappointing, however, while volatility that underpins the crypto market continues to hold sway. We’ll explore this in further detail below and ask what’s next for the TRX/USD.
Just four weeks ago, TRX was rising on the crest of a wave, following the announcement that it would be paired with five major fiat currencies. At this time, the cryptocurrencies’ volume showcased a significant rally, improving from $50 million in September to a monthly record of 180 million daily trades.
This was particularly impressive when compared to similar altcoins, which saw average increases of between 20% and 30% during the same period.
While the crypto’s price remained steady at this time and only increased incrementally by 10% in October, however, most experts predicted that TRX was on the cusp of a major bull run that could propel it to the forefront of the market.
This optimism has dampened throughout November, however, with the cryptocurrency caught in a bear attack that has engulfed other altcoins in the market.
With more established altcoins like Bitcoin (BTC) and Ethereum (ETH) also experiencing turbulent price shifts and continuing to decline throughout November, it’s little wonder that TRX has lost traction against the USD during the same period.
Support held at around $0.0716 at the beginning of the week, while the already low level of resistance was maintained at $0.0298. Overall, the price downtrend sent values tumbling from $0.0217 to $0.0194, with further declines forecast as the crypto market endures one of its sustained periods of volatility.
Ultimately, the crypto market is not the only financial entity to hit the skids recently, with stocks and commodities also bearish against the backdrop of a strained global economy and continued uncertainty.
However, the innately volatile nature of cryptocurrency means that this market will be the hardest hit in the short-term, with traders under pressure to sell rather than invest in assets. Given this, and the fact that relatively stable assets such as fiat currency are likely to see far greater demand in the near-term, the TRX/USD pairing is likely to decline further into 2019.
If you are interested in even more business-related articles and information from us here at Bit Rebels then we have a lot to choose from.
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