Tron Prices in a Higher Low While Outperforming Market Leader Bitcoin

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Tron, the smart contract platform which is a key competitor to Ethereum, has outperformed the market leader Bitcoin over the past month. This week wrapped up with extremely bearish movements in the market overall, and Tron also outperformed during this time. While most cryptocurrencies continued their declines to form new 2018 lows, Tron formed a higher low setting up more bullish than other major cryptocurrencies.

Over the past month, Tron has managed to outperform Bitcoin. While Bitcoin lost 45% of its value, Tron lost 41%. Some of the key drivers to this outperformance may be BitTorrent Pro beginning to accept payments in Tron and Tron upgrading their protocol to version 3.2.

Tron versus Bitcoin performance over the past month – Source: Coinlib.io

While the markets were undergoing extremely bearish movements on Friday with most forming 2018 lows, Tron formed a higher low. The intraday low for Friday was around $0.012, but Tron managed to close the day at a price of approximately $0.0135. The 2018 low for Tron which was formed two weeks ago was priced around $0.011.

Higher lows are typically the sign for a start of an uptrend, but traders should remain cautious given the current bearish market conditions. The higher low could simply mean that Tron is setting up to outperform some of the other major cryptocurrencies but could easily continue on the downtrend which has been taking place for most of 2018.

Tron Daily Chart – Source: TradingView.com

Key Takeaways:

  • Tron outperforms market leader Bitcoin over the past month.
  • Tron forms a higher low during Fridays bearish market conditions potentially setting it up to outperform other major cryptocurrencies.
  • Higher lows typically signal the start of an uptrend, but it is unlikely that Tron will appreciate significantly from here given the bearish movements the rest of major cryptocurrencies have been undergoing.

 

Tron Prices in a Higher Low While Outperforming Market Leader Bitcoin was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.