The Tron (TRX) price on Friday appeared undermined by the bitcoin’s supersonic market rally.
The TRX/USD exchange rate today established an intraday peak of 0.0333 as of 1140 GMT. The upside appeared in the wake of a market-wide bullish sentiment, in which every top digital asset returned impressive intraday profits.
The sum of all of the Friday’s bullish bias was the Federal Reserve. The US central bank announced yesterday that it was going to slash the interest rates by 0.25 percent. The news presented a bearish case for the US dollar, which in turn led to an impressive price boom in both the US equities and spot gold markets. Bitcoin, which has earned the status of a controversial hedge, too got caught up in the upside ride, taking altcoins along with it.
Tron didn’t benefit much from the cryptocurrency market’s bullish sentiment. The digital asset notably appeared weaker against bitcoin, with the pair TRX/BTC noting a 2.47 percent drop in the past 24 hours, as shown in the CoinStats’ chart above
What’s Next for Tron?
Tron seems to have been lacking the fundamentals a digital asset requires to uphold its bullish sentiment. Of course, bitcoin is now more likely to remain the eye-candy of institutional investors, leaving little room for other coins to flourish. Tron could, therefore, see a drop in the medium-term.
At the same time, some analysts believe Tron’s ongoing choppy moves are, in fact, a signal to a broader bullish bias. Mento on Twitter writes:
“The count where we are is very tricky, once you dive into it it’s a mess of mixed signals. If this indeed is a start of a mega bullish formation, here’s how I see it playing it.”
We sure hope it is, especially ahead of Tron’s founder Justin Sun’s much-publicized lunch with the legendary investor Warren Buffett.