Tron follows Bitcoin’s lead as Monero, Dash don’t get memo
Usually, high correlations and market dominance would suggest that the larger crypto-market will follow the price movement of Bitcoin, the world’s largest cryptocurrency. However, that hasn’t been the case lately. While some alts such as Tron have registered some gains of their own over the past few days, others like Monero and Dash weren’t so lucky.
TRX, the cryptocurrency native to the decentralized blockchain-based platform run by Justin Sun, hasn’t had the best of the last few months. While TRX was once one of the mainstays of the cryptocurrency market’s top-10, it is now languishing at 14th, overtaken by the likes of Tezos, Cardano, and Chainlink. The last few days, however, have been decent with respect to price performance for TRX, with the crypto having recorded growth of over 5% over the past week.
At the time of writing, TRX was being traded at $0.015. Contrary to the price performance, however, the market indicators gave a mixed message. The widening mouth of the Bollinger Bands highlighted the incoming volatility in the market, while the Chaikin Money Flow falling below zero suggested negative capital inflows.
Tron was in the news recently after its latest stablecoin, JST, was sold out in less than 5 minutes.
Contrary to Tron’s performance over the last few days, the price movement of Monero over the past weeks did not share the king coin’s bullishness. What is more interesting is that right before the aforementioned drop, Monero was close to regaining all its losses post the crash last month. However, at the time of writing, XMR was being traded at $58.98, having recorded a drop of over 10% in the last week.
The fall in Monero’s price was confirmed and backed by its technical indicators. While the Parabolic SAR’s dotted markers were observed to be above XMR’s price candles, the Relative Strength Index pictured a dramatic collapse towards the oversold zone.
Monero was in the news recently after a Slovakian cybersecurity firm revealed some success in tackling a previously-undetected Monero-mining botnet. This, for many, was good news since it broke a few days after a report claimed that hackers were switching to Monero to make tracking difficult for law enforcement agencies.
Dash, one of the market’s top privacy coins, was ranked 20th on CoinMarketCap, at the time of writing. And while its recovery since Black Thursday has largely been commendable, it was adversely affected by the over 5% drop in Dash’s value over the past 7 days. Dash, while priced at $78.29 at press time, seems to be losing ground to other privacy coins such as Monero, with XMR having surged ahead of it on the rankings.
The drop in price was confirmed by the MACD indicator, with the MACD line hovering over the Signal line. Further, the Awesome Oscillator pictured a lack of momentum in the DASH market.
Dash was in the news recently after it expanded its footprint from South America to South Africa following a partnership with AnkerPay, an ATM and PoS provider.