As a seasoned analyst with a decade of experience in the cryptocurrency market under my belt, I must admit that the recent surge of Tron has caught my attention. The parallels between its current trajectory and the early days of Solana are striking, and it’s not hard to see why traders and investors are intrigued.
In the past few weeks, Tron has experienced a significant surge of over 20%, capturing the attention of the cryptocurrency community. Currently, Tron is standing out as one of the top-performing digital assets. Its price momentum is quite impressive, reminiscent of Solana’s early stages and the intense meme coin rallies on Ethereum and other platforms.
Currently, Tron is gaining ground as a formidable contender aiming to dethrone Ethereum as the second-largest cryptocurrency by market capitalization. This upward momentum is primarily due to an increase in profitability and widespread user adoption on its platform. A key contributor to Tron’s expansion is its affordable transaction fees, which are attracting both developers and users alike.
By steering clear of the elevated gas fees that have become synonymous with Ethereum lately, this cost-effectiveness harks back to Ethereum’s early era. Just like how Ethereum thrived during its initial phase, Tron’s ecosystem is also experiencing the advantages brought about by a surge in decentralized applications and DeFi platforms.
Despite Ethereum’s long-standing dominance as a leader in decentralized networks, Tron seems to be growing rapidly due to its ability to handle numerous transactions at affordable costs. This speed and efficiency have significantly boosted the network’s profitability, surpassing that of Ethereum. The rapid growth of Tron has sparked debate within the cryptocurrency community about whether it could potentially surpass Ethereum in terms of market capitalization and user base in the future.
Solana breaks through
Overcoming the $160 barrier, a hurdle that previously kept Solana’s price stable, represents a significant leap forward. The surge in trading activity since then suggests robust investor enthusiasm and potentially more price increases to come.
On Solana, reaching $160 was a notable barrier for price increase, surpassing which suggests that the bullish momentum is picking up speed. The swelling trading volume provides evidence, suggesting that this upward trend isn’t just a temporary surge but is backed by substantial market activity.
Multiple traders and financiers are optimistic that Solana will maintain its ascending trajectory, as such large-scale transactions often serve as a robust base for it. However, it’s crucial to keep in mind that this advancement might not be sufficient to sustain a prolonged surge. Since April 2024, Solana has been moving within a sideways trading range.
Even though surpassing $160 seems promising, it doesn’t definitively signal a clean breakout from this channel. To truly exit the sideways trading pattern and establish a sustained bullish trend, the cryptocurrency must continue to gather momentum and successfully conquer additional resistance barriers.
Shiba Inu‘s bearish state
In their recent attempt to surge, Shiba Inu has found the 50-day Exponential Moving Average a tough hurdle to overcome. This roadblock may serve as a cautionary signal suggesting a potential reversal might occur soon. As the asset is currently trading below its 50, 100, and 200-day EMAs, which are critical markers for traders to gauge market direction, the current market scenario for SHIB appears extremely bearish.
SHIB’s repeated failure to surpass its 50 Exponential Moving Average (EMA) suggests that sellers are currently in charge. Typically, the 50 EMA functions as a dynamic resistance level during bear markets. Instead of suggesting an upcoming prolonged uptrend, this persistent rejection at the 50 EMA might indicate that the recent bullish surge was merely a temporary respite from selling pressure.
Based on current market trends, since Shiba Inu (SHIB) is currently below all major moving averages (EMA), there’s a strong possibility of further price drops. If the bearish sentiment continues, SHIB could be forced to retrace back to lower resistance levels and potentially reach its recent lows once more. At this point, it appears that Shiba Inu may not have a promising future ahead.
The struggle SHIB faces in turning around its falling pattern is underscored by its repeated failures to surpass the 50 Exponential Moving Average (EMA). If it continues to fail at breaking this significant resistance point, it may lead to increased selling force and further price drops. Therefore, traders and investors should be vigilant and cautious in their actions.
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2024-08-27 03:51