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Why is Tron outperforming the broader crypto market today?

 


The cryptocurrency market has underperformed over the past 24 hours, but Tron has seen a surge over the period.


The broader crypto market has underperformed for the second straight day this week. The market has lost more than 3% of its value in the last 24 hours, and the total cryptocurrency market cap is back below $1.3 trillion.


Bitcoin remains the market leader and has lost 2.7% of its value to date. BTC is now trading at around $29,100 per coin.


Ether is again trading below the USD 2,000 resistance level after losing more than 4% of its value in the last 24 hours.


TRX, the native token of the Tron ecosystem, has performed best among the top 100 cryptocurrencies by market cap over the past 24 hours. TRX is up 1.4% so far today, outperforming the broader cryptocurrency market.


At the time of writing, TRX is trading at $0.072636. There is no obvious catalyst behind the positive performance of TRX. The Tron network's USDD stablecoin has been gaining traction over the past few days, despite the recent negative sentiment towards stablecoins.

The TRX/USDT 4 hour chart is currently neutral as Tron has been showing good performance for the last 24 hours. Technical indicators show that TRX is recovering from its recent plunge.


The MACD line is in negative territory but could soon enter neutral territory if the ongoing performance holds up. The 14-day Relative Strength Index of 53 shows that TRX is no longer in the oversold territory.


If the positive development continues, TRX could scale above the first major resistance level at $0.07478 before the end of the day. However, it would need support from the broader crypto market to clear the USD 0.080 resistance level.


With the broader market now bearish, TRX could move in a similar direction and break below the first major support level at $0.06998 in the next few hours. The second major support level at $0.06704 should limit further downside in the short-term.

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