The total market capitalization of cryptocurrencies has dived to about $266 billion from above $300 billion on July 27. Such price swings are a common phenomenon on the cryptocurrency market. However, investment bank UBS believes that instability is a major hindrance to Bitcoin being considered as money.
Robert Sluymer, head of technical strategy at Fundstrat said to CNBC that if Bitcoin fails to hold the $7,400 mark, a deeper correction to the $6,000 range is possible.
So far, so good and our Tron (TRX) trade plan is firm as it gets. First, not only are our sells active but with every lower low, our first target at 2.5 cents is likely to be hit.
Remember, this is coming at the back of Justin Sun’s bullish statements saying their VM would compete with that of Ethereum’s in days to come. Nonetheless, bearish events of last week poured cold water on this.
Should there be a confirmation of those TRX sellers this week, then Tron (TRX) might exceed our bearish projection and dip to 2 cents.
If this support also cracks, the next stop is the long-term support of $0.022806. We expect this level to hold.
Any recovery will now face resistance at the $0.03275. We shall wait for the TRX/USD pair to stop falling and form a buy setup before recommending a trade on it.