The cryptocurrency market is once again making an upward momentum. Bitcoin (BTC) may reclaim the $84,000 mark in the coming days. TRON (TRX) also follows BTC’s trajectory. TRX is up 3.8% in the daily charts, 4.4% in the weekly charts, and 92.4% since March 2024. Despite the surge, the asset is still down by 3.9% in the 14-day charts and 5% over the previous month.
Also Read: Bitcoin Acquisitions: Strategy’s $500 Million Stock Sale Targets 100,000+ BTC—Biggest Buy Yet?
Cryptocurrencies Respond To New SEC Chair
The latest market rally could be due to Paul Atkins replacing Gry Gensler as the new SEC chair. Atkins will assume office on March 27. Many consider Gensler as being anti-crypto. The development may have led to a surge in investor confidence. TRON (TRX) may rally under such conditions.
Also Read: JFK Files: His War on Central Banks – Is Bitcoin (BTC) the Answer for CBDCs? $123,207/BTC Loading
Investors are also keeping a close eye on the upcoming FOMC meeting. Market participants may be anticipating a dovish stance from the Federal Reserve. TRX could experience a rally if the Fed decides to cut interest rates.
TRON Entering Another Bullish Leg
TRON (TRX) is down by 46% from its all-time high of $0.4313. The asset peaked in December of last year. TRX has faced substantial price dips since its December peak.
According to CoinCodex, TRX will enter a bullish phase over the coming weeks. The platform anticipates the asset to hit $0.36 on Apr. 18. TRX’s price will rally by more than 56% if it hits the $0.36 mark. CoinCodex does not expect TRX’s price to hold above $0.30. The platform anticipates a correction back to around current levels by May.
Also Read: South Korea CBDC Pilot: 100,000 Users to Test Digital Won in April
There is also a chance that TRX will not rise as predicted. Macroeconomic headwinds may present considerable challenges to the crypto market.
Credit: Source link
