Total market analysis
The market is in a state of fear, as depicted by the graph below:
The crypto fear and greed index measures five sources of information and feeds it to its algorithm that spouts out a value like the one above. Sources are volatiliy, social media, market momentum and volume, dominance and trends.
According to the total market cap data from Tradingview, crypto market is stuck at this support zone around $205 billion.
All eyes are on this defending level, if it cracks, we are off to lose another nice chunk of the market, at least couple of dozens of billions since the next visible support is around $160 billion.
Tron Sentiment hitting new lows
According to the data by Omenics.com TRX has experienced a nosedive when it comes to the signals around it. The image above shows news, technical and overall sentiment around Tron and as it is easy to conclude: Tron is heading south on each one of those.
As per messari.io data, TRX is down 8% on BTC for the week, it has a trading volume that is 20x inflated from the actual volume (around $5 million per day) and is generally slumping when it comes to the blockchain usability data.
The charts are not prettier either. TRX is standing on a confluence point of three moving averages and a drop below would see us in a territory where TRX hasn’t been for a long time, since the crazy bull days of December 2017.
A move up would see TRX testing the Fib786 at 205 satoshis which is the first resistance level for Tron. However, a significant move up is not likely unless we see a wide market move.