Friday, December 9, 2022

TRX is up by more than 4% today

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The cryptocurrency market has lost nearly 4% of its value in the last 24 hours.

The broader cryptocurrency market has shed the profits it recorded over the weekend. The total cryptocurrency market cap stands at around $1.255 trillion, down from the $1.3 trillion recorded yesterday.

Bitcoin is trading below the $30k resistance level again after losing 3.9% of its value in the last 24 hours. Ether is down by 5% so far today and currently trades at $1,963 per coin.

However, TRX, the native token of the Terra ecosystem, is currently trading in the green. TRX is up by more than 4% over the last 24 hours, making it the best performer amongst the top 20 cryptocurrencies by market cap.

At press time, TRX is the only cryptocurrency amongst the top 20 trading in the green zone. 

The catalyst behind TRX’s ongoing positive performance is the announcement that Fireblocks now supports TRX and TRC20-based tokens. 

Fireblocks is an enterprise-grade platform known for delivering a secure infrastructure for moving, storing, and issuing digital assets. It provides services to institutional investors. 

THE Tron team said Fireblocks had added support for TRX and all TRC20-based tokens of the TRON DAO blockchain on its digital asset platform.

Key levels to watch

The TRX/USDT 4-hour chart is bullish at the moment, thanks to Tron’s ongoing positive performance. TRX is currently one of the best performers in the market over the last seven days.

The MACD line is within the positive zone, indicating bullish momentum. The 14-day relative strength index of 64 shows that TRX could enter the overbought region if the positive momentum is maintained.

At press time, TRX is trading at $0.08082 per coin. If the rally continues, TRX could surge past the first major resistance level at $0.08272 before the end of the day.

In the event of an extended rally, TRX could move past $0.0852 for the second time this month. 

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