Tron is The Only Coin in Green Among Top 50 On The Weekly Chart

  • TRX is the only coin in green over the past 7 days
  • LUNA is the biggest loser in the past 7 days
  • APE is down 40% just behind LUNA
  • All top coins are in red, apart from TRX

On the 7-day chart, Tron (TRX) is the only digital currency that is in green after days of bleeding in the coin market. The Tron co-founder, Justin Sun made this assertion via a Twitter post on May 10. According to him, the Tron network’s token has shown resilience, even in the face of an acute market downturn.

9% Gain in The Midst of Losses

Data available from Coinmarketcap confirms that TRX has made a gain of 9.07% in the past 7 days, unlike all other top coins that are in red as the coin market continues to bleed on Tuesday morning.

Bitcoin is currently trading at $31,510. This is a loss of 18.37% in a week. Ether, the internal token of the Ethereum network has lost 16.21% and trades at $2,372, while the Binance token (BNB) is down by 17.20%. BNB is currently exchanging hands at $320.

Other top coins that are in red are ripple (XRP), Solana (SOL) and Cardano (ADA), down by 15.84%, 20.71% and 14.35% respectively.

Biggest Losers Among Top 50

Among the top 50 cryptocurrencies, the biggest loser is Terra network’s LUNA, which lost 64% of its value in the past 7 days. LUNA lost a large chunk of its value in the past 24 hours, shedding 50% of its value. The implication is that LUNA has wiped out gains of the past 9 months. The next big loser is Apecoin’s APE, down by 40.17%.

Among the top 50 most capitalized coins, others that are down by 20% or more are Helium (HNT) which lost 20.11%, Fantom (FNT), down by 25.01%, AAVE, 21.89%, THORChain (RUNE), 20.30%, THETHA, 20.45% and MANA, which lost 22.34%.

Other losers that shed more than 20% among the top 50 coins are Filecoin (FIL) 20.71%, Cosmos (ATOM), 21.11%, Chainlink (LINK) 20.29%, Chronos (CRO), 20.97%, Polkadot (DOT), 21.64% and Avalanche (AVAX), 22.51%.

What Kept TRX Afloat?

Even though it is not clear why TRX has weathered the bearish trend until now. However, it is a question of time before the coin capitulates to the bearish trend of the market as evinced from the TRXUSD chart which shows that it has already broken through an ascending channel that it rode since January 25.

TRXUSD Chart

The impending reversal can also be seen from the 20-day and 50-day moving averages on Tradingview. The RSI has a value of 50 and accentuates that even with the pump, not even TRX can ride the bull alone.

 

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.