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TRON Price Faces Rejection at $0.09 Exhausting Bullish Rally
TRON price has been in the red for three consecutive days after facing a strong rejection at the key resistance level of $0.09. At the time of writing, the digital asset was trading 1.40% lower at $0.08674. TRON’s total market cap has crashed by more than 2% over the last day to $7.7 billion, while the total volume of the asset traded increased by 42%. TRON currently ranks 10th in the crypto market after Dogecoin.
Fundamentals
TRON price has been on a decline for the past three days, breaking out of its longest bull run this year. The digital currency has been among the best-performing cryptocurrencies in recent weeks, defying general market movements. Even so, the asset seems to have exhausted its bullish rally.
Most cryptocurrencies are set to end the week slightly lower amid a dull cryptocurrency market. The global crypto market capital capitalization has been on a consistent decline this week and is currently lower at $1.09 trillion, while Bitcoin’s dominance edged lower. On the other hand, the total cryptocurrency market volume has increased by 7% over the last day.
The Crypto Fear & Greed Index, which measures the key emotions driving the cryptocurrency sector, has slightly declined to a fear level of 43, down from a fear level of 47 recorded earlier this week. This suggests a drop in risk appetite, prompting investors to be reluctant to invest in the sector.
Markets are chewing on the latest US jobs data published earlier on Friday. Data released by the US Bureau of Labor Statistics showed that job growth was stronger than expected in September. Nonfarm payrolls increased by 336,000 for the month, ahead of the Dow Jones consensus estimate of a 170,000 increase. The unemployment rate remained unchanged at 3.8% for September, marginally higher than the 3.7% consensus estimate.
Markets were worried that if the tight labor market held up then the US Federal Reserve would keep interest rates higher for longer. San Francisco Federal Reserve President Daly said on Thursday that with the US monetary policy in “restrictive territory” and the recent rise in the US Treasury yields, the central bank may not need to hike rates anymore.
TRON Price Analysis
The daily chart shows that the TRON price has been on a strong bullish trajectory over the past few weeks, before encountering a price reversal. The asset remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages. Its Relative Strength Index (RSI) has dipped to 35, suggesting an increase in selling pressure, while the Moving Average Convergence Divergence (MACD) indicator signals a sell.
Therefore, with the TRON price at a crossroads, investors need to exercise caution while choosing sides. A bullish breakout above the resistance level of $0.09 could trigger a 5% jump to this year’s high at $0.09431. On the other hand, a continued downward trend could push the price lower to the immediate support level of $0.085.
TRX Price Chart
BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.
Binance Coin Outlook
BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.
Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD) on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.
The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
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