Tron Market Analysis — May 21

Tron Market Analysis — May 21

The past few days have been nothing short of erratic for Tron (TRX) and the rest of the cryptocurrency market. This week’s market crash got triggered by the Chinese government’s anti-crypto stance reiteration coupled with the bearish undertone from last week’s Tesla announcement.

The bearish market condition worsened on Wednesday following overleveraged trading positions.

That said, the crypto market selloff appears to remain unabated. At press time, the total cryptocurrency market valuation is down by 7.46%, while TRX trades at -10% on the day. Over seven days, the twenty-third-largest cryptocurrency is down by -39%.

Meanwhile, Bitcoin also traded without any bullish luck, as the benchmark cryptocurrency resumed a descent to the $36k mark today and bottomed at $30k on Wednesday’s crash.

Other large-cap cryptos suffered significant losses as well, with Ethereum and Binance Coin slumping to multi-week lows on Wednesday at $1,850 and $230, respectively.

At press time, Ethereum, Binance Coin, Cardano, Ripple, Dogecoin, Polkadot, and Internet Computer all have double-digit declines with -10%, -14%, -13%, -12%, -11%, -18%, and -13%, respectively.

That said, mid-and-low-cap cryptocurrencies are not faring any better either.

Conclusively, the cumulative market cap of the cryptocurrency market stands at $1.61 trillion, after bottoming at $1.45 trillion on Wednesday.

Key Tron Levels to Watch — May 21

After consolidating below the $0.0900 resistance for most of today, Tron has fallen below the $0.0800 line as bears remain relentless. The cryptocurrency is currently trading along a descending channel towards the $0.0700 low.

TRXUSD – Hourly Chart

Given that the path of least resistance is downward, we should expect additional declines in the price of TRX over the coming hours.

That said, a fall to the $0.0700 support would help Tron rebound sharply to the $0.1000 level.

Meanwhile, our resistance levels are $0.09000, $0.1000, and $0.1100, and our support levels are $0.0700, $0.0600, and $0.0566.

Total Market Capitalization: $1.54 trillion

Tron Market Capitalization: $5.4 billion

Tron Dominance: 0.35%

Market Rank: #21

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.