As Crypto Market Bleeds, Tron (TRX) Remains Unfazed, Gains 3.25%

7th May 2019 will go down as one of the worst days in the second quarter of the year. The market bled all through with altcoins losing large chunks of their value. Some coins such as Binance Coin (BNB) saw up to 8% loss during this period. Bitcoin didn’t respond too much to this trend, and lost only 0.15% at press time, according to Coin market Cap. The entire top ten is in the red except Tron. TRX has seen a 3.25% increased as opposed to the state of the crypto market today. Is Tron starting the next crypto bull run? How did Tron manage to hold the forte?

TRON (TRX) Price Today – TRX / USD

Name Price24H (%)
Bitcoin (BTC)
$10,425.00
-1.03%
TRON (TRX)
$0.026991
4.52%

What Caused the Dip In Prices Today? – Tron News Today

The dip in crypto prices was caused by the news of Binance hack late yesterday. CCN reported that Binance, the foremost crypto exchange had been hacked. This was possible after the hackers managed to collect some API keys as well as two-factor authentication codes. The information gave them access to the user accounts to siphon the funds. The hackers were also reported to have used different techniques such as viruses, phishing and other attacks to finish the job.

Binance discovered that 7,000 BTC was carted away in the episode which amounts to $40 million. The CEO of Binance Chanpeng Zhao, took to Twitter to inform users of the incident and assured them that no user funds will be lost.

Binance Coin (BNB) was One Of The Hardest Hit

When the news of the hack hit the market, the first to feel it was Binance Coin. Traders reacted to the event by dumping the Coin which is the exchange’s native token. The price of BNB lost up to 9% yesterday and recorded a low of $19.89, from CoinMarketCap data.

The price of BNB is pegged at $20.30 and has seen a decline of 8.51 percent in the last 24 hours. Despite this short-term setback, BNB still remains one of the best performing coins since the year started. The price of BNB spiked by about 227% since last year and it even reached a peak of $25 last month during the bull market. Since January, its value has quadrupled.

Tron Price Prediction – Tron Price Forecast – Tron News Today – Tron BitTorrent

The price of Tron stayed in the positive zone on Wednesday, May 8, 2019. It broke the key resistance of $0.0240 and $0.0242 and has been in the green ever since. Tron price has seen more than 3% growth and is testing the $0.0249 level. It will face an immediate resistance at the $0.0280 level, and then the next level it may reach is the $0.0300.

This is impressive news for Tron as the digital currency hasn’t seen much growth in recent times despite the Tron BitTorrent deal. Analysts believe the coin will be bullish in the short term.

From the total market cap today over the four hours chart, it is clear that the overall market has risen above $180.0B. Also, the market cap surged above $188.0B level but recently corrected lower. After this, it broke another level and tested a major support at $178.0B with a connecting bullish trend line. The market is recovering above the $180b level. The next resistance it will face is the $183.5B level, after which the market cap could touch the $186.0B /$188.0B level. On the downside, there are several supports for BTC, ETH, TRX, LTC, EOS, ADA, XRP, XLM, BCH, XMR, WAN as well as other well-known altcoins.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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