Sundays are usually tricky for the crypto-market. History has show that whatever direction is set in the markets late on Sunday, might be the tone of the entire coming week. Last Sunday saw the total market capitalization that stood at $390 Billion, start declining into Monday and resulted in us seeing the lowest market levels this month on Thursday when it reached $324 Billion. That figure is now at $327 Billion and down 17% in a week.
Bitcoin (BTC) is considerably weak and trading at $7,345. This value is 13.5% lower than last Sunday’s. When we look at TRX, the token was valued at around $0.074 last Sunday and is currently trading at $0.0724. The token has oscillated between $0.0835 and $0.068 in the past week.
The reason for this resilience by TRX is attributed to the MainNet Launch that is now 3 days, 15 hours and 12 minutes away. With Bitcoin (BTC) showing signs of further decline, it is safe to conclude that there are only 2 options for TRX. The first one being a further increase in value leading up to Thursday. A second is the token exhibiting sideways movement in the coming week.
Also to note, is the beehive of activity with respect to the TRX and as we enter June. Ethereum World News had highlighted the events that will kick off on the 31st of May and end with the Super Representative elections on the 26th of June. This means that a lot will be happening in the next four weeks or so, to warrant corresponding upward market action for TRX.
Justin Sun has also upped the game in terms of having partnered with vSport ahead of the FIFA World Cup that starts on the 14th of next month. There has also been news of Justin, through the Tron Foundation, wanting to buy BitTorrent.Inc. All these events are factors to consider as we walk into June in a few days.
In a nutshell, the entire market is in a bearish trend. TRX has a few events lined up that will surely help the token, and later coin, to stay afloat as the rest of the crypto-market takes a hit from the current trend. Some analysts have even considered TRX to be gearing up for an uptrend in the coming days.
Disclaimer: This article is not meant to give financial advice. The opinion herein should be taken as is. Please carry out your own investment research before investing in any of the numerous cryptocurrencies available. Thank you.
[Photo source, financegab.com]