Fresh Record Expected as TRX Records 20 percent Upsurge
Cryptocurrency, News

Fresh Record Expected as TRX Records 20 percent Upsurge

The cryptocurrency markets have been recording some remarkable rallies in recent times, as Bitcoin and leading altcoins broke out.?Likewise, a number of top altcoins occupying the list of top 100 cryptocurrency assets by market capitalization incurred powerful rallies, but some such as TRX and LTC have lagged behind.

However, things changed for TRX last week as it followed rallies across the market and recorded a 20 percent upsurge. A turn to indicators has confirmed the breakout, possibly signaling the beginning of TRX?s uptrend.

Hence, traders and other market participants wonder whether the cryptocurrency asset will continue to move higher and perform in line with the entire altcoin markets.

During the cryptocurrency hype bubble in 2017, numerous top altcoins were big beneficiaries, including TRX. It was shocking to everyone when the crypto asset suddenly incurred a 15,000 percent rally within a month, despite the love and hatred for TRX in the cryptocurrency space.

From its highs of over 30 cents per token, TRX declined by 90 percent or more like other altcoins when the cryptocurrency bubble burst and capital started moving out of these illiquid assets.

Following the decline, the seller market swung into action and kept it from ever retesting the high levels. It continued to fall deeply to its ultimate bottom, which is beneath a penny per TRX at the moment.

After the market crash in March, TRX was able to recover back to about 3 cents but still far from returning to its lifetime highs. However, due to the 20 percent rally recorded this week, it could be getting ready for more upside.

TRX declined to low levels due to vicious selling and worse sentiment, however, it has started doing better with some other lagging altcoins like XRP, as major positivity and profits return to the cryptocurrency market.

Based on the market indicator, Average Directional Index, the positive momentum and uptrend are extending to TRX. The indicator shows how powerful a trend is and it is currently suggesting sufficiently strong trends that will be sustainable immediately they attain a level of 20 or higher.

Nevertheless, no one knows the highs TRX will attain but it will face a barrier close to 10 cents, followed by another at its former lifetime high. Its ability to clear them could lead to a fresh record.

Featured image courtesy of Shutterstock.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.