Monat: Oktober 2022

• Tron has gained 3% in the past day as the crypto market opens lower.

• The network’s surging transactions are partly the cause of the uptick.

• The token, however, remains vulnerable to the overall market sentiment.

TRON TRX/USD is up 3% in the past 24 hours and 4% in the past week. The token is trading for $0.064, the highest gain among the top 15 cryptos. Could it be readying for better gains when crypto hits full recovery?

Several factors are putting the smart contract platform on the winning side. One of them is the surge in transaction volumes. According to data from Tronscan, Tron’s transactions surpassed 4 billion on October 10.

Besides, its total value locked (TVL) is up 2% in the past day at $5.71 billion. Similarly, the number of accounts opened on the dApps network is rising. The figure has reached 115 million in the past two months.

Part of the positive sentiment is the rising developer interest. The same could be due to the network transaction fee reduction. Since then, Tron has seen steady scalability.

Last on the fundamentals is Justin Sun’s rumoured acquisition of Huobi Global. The entrepreneur is alleged to be the actual buyer of the crypto exchange. It is also believed that the purchase was closed with the help of FTX founder Sam Bankman-Fried.

TRON moves on an uptrend after finding support at $0.05

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Source: TradingView

Technically, TRX is on an uptrend. From the daily chart above, the Fibonacci retracement levels are $0.0062 (23.6%), $0.063(38.2%), $0.064(50%), and $0.066(61.8%). The swing high is at $0.07, while $0.059 is the swing low. Further, despite the fact that the RSI is at 64, there is adequate space for more upside.

Concluding thoughts

TRON is trending on a clear upside. Based on the Fibonacci retracement levels, $0.066 is the next level to watch for a possible retracement.

The current uptrend is a potential bullish reversal sign. However, much as Tron has strong fundamentals, the overall crypto sentiment is a significant factor.

The post Tron continues to push higher. Are these bullish reversal signs? appeared first on CoinJournal.

LUNC, the native token of the Terra Classic network, is up by nearly 5% in the last 24 hours and is outperforming some of the other leading cryptocurrencies.

LUNC, the native token of the Terra Classic network, is the best performer amongst the top 50 cryptocurrencies by market cap so far today. Terra Classic is the revamped project of the now-defunct Terra. 

The coin has added nearly 5% to its value in the last 24 hours, outperforming the other major cryptocurrencies like Bitcoin and Ether.

There is no apparent catalyst behind this latest positive performance, as LUNC is recovering from a bearish run it suffered last week. In the last seven days, LUNC has lost more than 7% of its value.

LUNC’s positive performance comes as the broader cryptocurrency market struggles. The total crypto market cap has dropped below $950 billion after the market lost around 1% of its value so far today. 

Bitcoin, the world’s number one cryptocurrency, continues to trade below $20k and is down by less than 1% so far today. Meanwhile, Ether continues to trade above $1,300, despite losing less than 1% of its value in the last 24 hours.

Key levels to watch

The LUNC/USDT 4-hour chart has turned positive, as Terra Classic has been performing well over the last 24 hours. The technical indicators show that LUNC is recovering from last week’s losses.

LUNC/USDT Chart By TradingView

The MACD line has crossed into the positive zone, indicating bullish momentum. The 14-day relative strength of 54 shows that LUNC is now out of the oversold region after performing poorly last week.

At press time, LUNC is trading at $0.0003456 per coin. If the positive trend continues, LUNC could surge past the first major resistance level at $0.0004338 before the end of the day.

However, LUNC would need the support of the broader crypto market to move past the second major resistance level at $0.00052247 in the near term.

Where to buy now

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

The post Why is Terra Classic’s LUNC outperforming the other top 50 cryptocurrencies today? appeared first on CoinJournal.