Crypto market colored in red, but TRON is on green territory

The crypto market has seen heavy losses on Tuesday. The total capitalization of all digital assets in circulation fell to $ 251 billion from 256 billion registered at that time on Tuesday. The average daily volume of trade increased to 82 billion dollars.

The cryptocurrency market tried to recover during the Asian hours on Wednesday, but Bitcoin and most of the top-20 Altcoins are still on the red territory, losing from 1% to 9%. The BTC/USD sellers were in full control on Tuesday as the price dropped from $ 8,102 to $ 7,500. But, actually Tezos and Ethereum Classic were the two biggest losers.

On this negative background, maybe you would ask if there some digital currencies that made a profit? Oh, yes, and what kind of profit only. Here are the most profitable cryptocurrencies:

Is Bitcoin SV targeting $ 300?

After the fork in November 2018, Bitcoin SV and Bitcoin Cash ABC was born on the market. Since then, Bitcoin SV has been gradually decreasing. From May 21, however, the upside movement began and the price reached its highest value of $ 252.06 on May 30. In the last 7 days, the cryptocurrency has achieved an enormous 81.88% growth. Then the price started a slight decrease and settled in the area of ​​$ 226.0 at the time of my writing.

If BSV follows Eliot’s Wave Model, we already have three waves built. Now, after a slight decrease to $ 180 (wave 4), the 5th last bullish wave should soon begin. If this happens, the Bitcoin SV is likely to test the region around $ 300.

TRON is the second best-performing Altcoin from top-20

TRON (the 11th largest digital asset with a current market capitalization of $ 2.3 billion) has become an undisputable growth leader for the day. TRX has gained over 5% over the past 24 hours, opposing the general bearish sentiment of the crypto market.

Maybe behind this upside momentum is the news that TRON Foundation’s CEO Justin Sun won a lunch with Warren Buffett, the guru of the financial markets and an outspoken critic of cryptocurrencies. Perhaps he will use this chance to promote digital assets.

Clearly technical, TRX/USD found support at the psychological level of $ 0.0315, where the 100-day SMA of the 4-hour chart is located. A sustainable move below this zone should open the doors to the next goal of the bears in the $ 0.0284 area (SMA 200 at 4 hours) followed by $ 0.0272 (SMA 50 on the daily chart).

On the upside, a clear break above $ 0.0360 (yesterday high) will be needed to resume the growth. Once it is cleared, the probability of raising the bullish momentum is high, with the next bull’s focus going to the area of ​​$ 0.04. This area was rejected during the initial breakthrough attempt on June 2.

Author: Silviya Velcheva

* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: