On the current market cap standings for digital assets according to data given by Coin market cap, Tron has been overtaken by Stellar as of June 4. The digital asset’s market cap lost the number 11 position to Stellar. It is currently under Stellar by a distance of $16 million. Currently, the Tron protocol holds a $2.576 billion in overall market cap. While Stellar, the coin ahead of Tron holds a $2.592 billion market capitalization.
Despite Losing its Position to Stellar, Tron Stills Has the Advantage
Both cryptos have been moving neck to neck. We expect any slight move from either of the protocols could turntables. Cardano, one the other hand, is also entering the fold quickly as its market capitalization sits at $147 million just behind Tron’s current position.
However, of the two coins, Tron holds the advantage because it had been on a strong bull run previously. The price of Tron surged by 15% over the last 7 trade days. It also had seen a further increase in price of 62% in the last 30 days. In comparison, the price of Stellar has only managed to rise by an average of 35% in the last 30 days.
Let us critically consider the TRX/USD trading highlights and bring out some potential support and resistance price positions moving forward.
Tron Price Prediction: The Price of Tron Gained 65% Since May to Date – Tron Price Forecast
Analyzing the TRX/USD daily chart above, we can see that Tron managed to surge by a total of 65% from high to low in May 2019, and has continued to travel further higher in June 2019. As June 2019 started to trade, we can see that Tron managed to peak higher into resistance provided by a long-term bearish .382 Fibonacci Retracement level (drawn in red), priced at $0.039. The market has since fallen and is now trading at support around the $0.036 level.
The resistance position between the $0.039 and $0.04 marks is going to be significant moving forward.
If the buyers of the crypto can hold the coin’s current support at the $0.036 area and take the market higher, we can expect an immediate significant resistance to $0.039 or $0.04. The resistance at $0.040 will be further strengthened by the medium-term 1.618 Fibonacci Extension.
In the event that the bulls continue to trade above $0.04, we can expect to see further higher resistance positions at $0.04153, $0.04363, and $0.046, plus $0.04798.
Stellar Lumens Price Prediction: What Will Happen if Sellers Take Back Control?
Alternatively to the above forecast, if sellers continue to stay under $0.036, they should expect further support at $0.03390, $0.032, $0.03099, and $0.030, as well as at $0.02940, and $0.02752 respectively.
Tron may have lost its number 10 position to the Stellar protocol recently, but both two projects are still moving neck by neck in the rankings. Furthermore, the Tron project has the advantage of the two coins after it enjoyed a stronger bull run relative to Stellar.
In the event that the bulls can hold $0.036 and continue above the $0.04 point, we can expect to see the market cap of Tron reclaiming number 10 position among the top cryptos in coming weeks.
Can Stellar rise further to the top 5? Cryptocurrencies are volatile, so you cannot predict for sure. However, the coin does have prospects and could soar even higher.