The crypto market opened the year with a strong position. As many assets recorded their respective highest trading values, the cumulative market capitalization of the crypto market quickly jumped above $825 billion.
Despite the early quantum leap, the journey into the year is not playing out how many investors had envisioned it.
177 days into the year and the value of the crypto market holds just about 30% ($253 billion USD) of the value is recorded at the start of the year.
TRON (TRX), IOTA (MIOTA), Cardano (ADA), and Bitcoin Cash (BCH) all rallied behind Bitcoin yesterday as it climbed above $6,000, however, opening today, the bears have leveled out the gains recorded by most assets yesterday.
The bearish trend has prevented TRON (TRX) from leading a bullish outbreak as many expected TRON to do as it undergoes a major restructuring.
Like most other assets TRX showed promise yesterday, trading in a very open range, TRX closed with a value of $0.0423.
The bears have bottomed out the growth of TRX in the last 24 hours with a decline of 3.55%, as a result,
TRX is now trading at $0.0409. Regardless of the downtrend line which has persisted, TRON’s progress on the RSI charts over the last few days is positive.
IOTA (MIOTA) has recorded substantial growth in the last couple of days.
After falling momentarily to as low as $0.89 on June 24, IOTA rallied support and broke above the $1 support range, reaching a high of $1.05 yesterday.
IOTA opened for trade today with a trade value of $1.02.
Support levels have been low for IOTA today, visible in its reduced daily trade – exchange volume, and an overall drop in value.
Despite declining by 1.62% over the last 24 hours, IOTA still stands close to the $1 support range. As at the time of this writing, IOTA has a trade value of $0.993.
After the downtrend line saw ADA trade as low as $0.128, ADA quickly joined the bulls yesterday and ADA reached a high of $0.138.
The bulls are having a difficult time fighting the effects of the bears. Over the last 24 hours, Cardano is down by a fraction 1.50% and the coin now has a trade value of $0.132.
The current value of Cardano (ADA) sits very close to a dangerous support level of $0.13. Based on predictions, if Cardano breaks below this support level, the coin can dink to as low as $0.08.
Bitcoin Cash (BCH)
As a result of the brief hike yesterday, Bitcoin Cash (BCH) opened for trade today with a better trade value ($754.29) than it did yesterday ($748.63).
However, the bearish trend has caught up with BCH, a subsequent price declination of 1.55% now gives the asset a trade value of $744.25.
The daily trade – exchange volume of Bitcoin Cash is relatively low compared to the volume it recorded yesterday and the day before which is not the safest place to be at the moment.
If BCH fails to rally support and breaks below $730, the low demand could see the coin drop below $700 in the coming days.