Bitcoin’s breach of $7k gives impetus to improving fortunes of TRX, Steem
Bitcoin, the world’s largest cryptocurrency, has once again breached the $7000-mark, with the king coin’s performance giving an incentive to all the other alts in the market as well. However, whether or not, Bitcoin will manage to sustain itself above $7k, with the crypto failing to do so the last three times.
Bitcoin [BTC]
Source: BTC/USD on TradingView
The past few days have been very fruitful for the world’s largest cryptocurrency, with Bitcoin recording a growth of over 13% over the past 10 days. With a press time price of $7536, Bitcoin was at its highest price point since the crash on 12 March. However, what would be crucial to see is whether the king coin is successfully able to sustain itself in that range this time.
The aforementioned surge also corresponded to a similar surge in the number of active entities on the Bitcoin network, with the figure having risen to a high unseen since July 2019.
The technical indicators suggested a bullish market too. While the Bollinger Bands highlighted the market’s upside volatility, the Chaikin Money Flow was well above zero and implied capital inflows into the market.
Tron [TRX]
Source: TRX/USD on TradingView
Tron, once a regular in the top-10 of the cryptocurrency charts, now languishes way down in the 16th position. Like most altcoins in the market, TRX has been slow to recover from its fall following the market crash in March. However, the past 10 days have been good for the alt, with the price having surged by 16%. The token particularly benefitted from Bitcoin’s breach of $7000 a few days ago.
This bullishness was evidenced by the indicators. While the Parabolic SAR’s dotted markers were below the price candles, the Awesome Oscillator presented a green candle, despite low positive momentum in the market.
The improving fortunes of TRX come on the back of Tron’s blockchain recently recording the highest-ever daily increase in the number of new accounts.
Steem
Source: STEEM/USD on TradingView
While a glance at STEEM’s charts would suggest that there hasn’t been a lot of movement on the charts, the token did record 9% gains over the past 10 days. This might come as a relief for many in the STEEM community as the token was underperforming in the face of competition from Hive. In fact, a few weeks ago, witnesses on Steem’s blockchain froze 8 accounts and pushed over $3.2M into limbo.
The technical indicators did, however, imply some hesitance in the market. While the MACD indicator was barely above the signal line on the charts, the Relative Strength Index was right between the oversold and overbought zones.
