Tron (TRX) Speeds Above $0.1200 As Cryptos Rebound
The cryptosphere is alive and well today, with a majority of the asset class posting solid gains. Among the leaders are the altcoins, featuring strong performances from Tron TRX (+9.28%), Ripple XRP (+4.31%), and Polkadot DOT (+4.07%). In addition, industry leader Bitcoin BTC (+2.71%) has eclipsed the $57,250 level.
Another day, another story about mainstream Bitcoin adoption. In a news item from earlier today, sources reported that mega-bank BNY Mellon has agreed to be the service provider for a BTC ETF. The fund, proposed by First Trust Advisors and Skybridge Capital, is vying to become the first BTC ETF listed for trade. In the past month, other major Wall Street players such as VanEck, Valkyrie, and WisdomTree have filed for U.S. Securities and Exchange Commission (SEC) approval for their own BTC ETFs. As of now, none have been greenlit.
As we roll into Q2 2021, it is apparent that cryptocurrencies are going mainstream in a big way. SEC approval of a BTC ETF is possible this year, and it looks like the SEC’s claims against Ripple may be dismissed or withdrawn. At this point, positive sentiment is growing and dragging altcoins like Tron higher.
Tron (TRX) Rallies Above $0.1200
In a Live Market Update from Tuesday, I issued a buy recommendation for Tron (TRX/USD) from $0.1080. Thus far, the trade has performed well, gaining 12.9%. Although the profit target hasn’t yet been reached, locking in profits now isn’t too bad of an idea.
Overview: For Tron, as well as for most cryptos, a bullish bias is advised. Losses from last weekend’s flash crash have been largely pared; given the positivity on Wall Street toward the cryptocurrency asset class, there is no fundamental reason to doubt the current bullish trend. As of now, it’s long-or-nothing for cryptos.
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