Analysts are expecting a drop for the 2 high-volume altcoins on Binance, despite all the positive developments.
Altcoin analysts say TRX is cooling off despite increased network activity
In the hands of the bears, TRX is slowly falling towards the critical support level of $0.049. This level was the main support zone for TRX since March 2021. Despite trading at $0.059, the price of TRX is still not that low. However, the pressure of the 17-month downtrend is pushing the price towards this level. The trendline below TRX price extending to the $0.16 peak may now remain in place as TRX has consistently dropped in line with the downtrend.
TRX, which has fallen 16% in a month, continues on this path as the indicators highlight the bearish trend. Additionally, the absence of apparent buying pressure on the RSI is also a big reason why TRX price has not observed any rebound. However, Tron has been performing outstandingly, noting some key developments this week in particular.
Tron will visit new countries
Regardless of price action, TRX recorded increased investor participation this week, which led to the addition of 35.21 million transactions to the network. As a result, the total transactions on the network exceeded 3.9 billion. Thus, it brought Tron closer to another milestone. Also, Tron wants to expand to other parts of the world, starting with South Korea. Founder Justin Sun stated in an interview on September 23 that Tron plans to open an office in South Korea and increase contact with Korean developers in the first half of next year:
We believe that Korea is one of the largest Blockchain markets in the world. Population is important in the blockchain market, but passion for the industry is more important. In this sense, South Korea took advantage of the opportunity.
MATIC price is ready to show its hand
MATIC price has been hovering between the $0.721 and $1,055 barriers for over three months. However, in the last ten days, it has been hovering in the lowlands. Therefore, it seems to show signs of breaking. Supporting the MATIC price and bearish outlook is the low-volume node gap of $0.721 to $0.598 represented by the volume data. This gap is an imbalance that will be filled quickly upon the break of the $0.721 level. Traders can expect MATIC price to drop by about 20% from its current position and form a base around 0.598 dalar resistance.
Whatever the imbalances, investors should be mindful of the price of Bitcoin, which determines the directional bias of the crypto markets, including altcoins like Polygon. If the major crypto decides to rise, the MATIC price will do the same. Under these circumstances, if MATIC price changes the midpoint of the range at $0.888, it will invalidate the bearish thesis. Thus, marginal buyers will step in and push Polygon to retest the higher range at $1,055. However, this move would constitute a rise of 42% from the current position and 18% from the said midpoint.
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