Crypto news regarding the current performance of Tron (TRX), Solana (SOL) and Polkadot (DOT).
Focus on the crypto assets Tron (TRX), Solana (SOL) and Polkadot (DOT)
What is happening in the cryptocurrency market? How are the coins reacting to the collapse of Silicon Valley Bank? Below are all the answers.
Is Tron (TRX) in danger of a decline or is it bullish? The crypto compared with Polkadot and Solana
As it turns out, the price of TRON (TRX) is strengthening because it has crossed the moving average lines. In the previous price action, the cryptocurrency asset rose to a high of $0.068, but has pulled back.
Today, Tron is trading at $0.067 at the time of writing. However, the bullish momentum failed to break through resistance at $0.070. The altcoin is now moving above the moving average lines, but risks a drop below them.
On the upside, buyers have failed to break through resistance at $15 since February. If bullish buyers fail to break through resistance at $0.070, the altcoin will fall to a low of $0.060. On the other hand, Tron will decline and move between the levels of $0.065 and $0.070.
Tron (TRX) is recovering as it reaches the bullish trend zone at level 53 of the Relative Strength Index for the 14-period: the altcoin is able to rise into the bullish trend zone.
Currently, the altcoin will rise if the price remains above the moving average lines. On the other hand, Tron could be heading for a decline: the cryptocurrency is in a bearish momentum below the 80 mark of the daily stochastic.
In any case, the current bullish momentum has weakened after rejecting the high at $0.068. TRON is retreating and continues to consolidate above support at $0.065, but is hovering below the high at $0.070. Selling pressure will return if the price falls below the current support at $0.065.
Polkadot price analysis and prediction (DOT)
The roller coaster continues: Polkadot extends the decline toward the $5 price zone following the recent sell-off. In fact, it shows no signs of meaningful recovery as the price suffers more losses.
Much has happened in the blockchain sector in recent days, whereas Avalanche remains bearish. The ongoing meltdown has continued to have a ripple effect on DOT‘s price as well.
The issue is that the selling pressure is increasing day by day due to heavy supply. While the price of Polkadot has fallen 13% in the last week, it has recovered 1.4% in the last few hours.
This recovery is not strong enough, but there is likely to be more action if buyers react to the current weekly low price of $5.5. Failure to recover higher may lead to another drawdown, which is capable of causing a devastating drop below the $5 price level, a factor that could cause severe pain.
With the current market condition, holders are much more likely to give up if DOT continues to show signs of weakness. On the other hand, futures traders will be more persuaded to add more positions to their shorts with the selling opportunity provided.
The 4-hour chart shows that the price is overstretched, although it may soon reach an extremely oversold level if the volume of selling continues to flood the market. For now, it is quietly trading at around $5.7.
However, the downward slope reveals a continued increase in supply with no signs of reversal. The recurrent sell-off shows that the bears have gained strong dominance.
Buying in this case will result in a loss for spot traders. Meanwhile, futures traders will look for short positions. Support levels to watch for take-profit are $5.3 and $4.72 on a swing trade.
If Polkadot offers a buying opportunity above the current weekly low, the key resistance level to keep in mind is $6. In addition, higher resistance levels are at $6.4 and $6.87 in order to advance.
Formfunction, Solana’s NFT marketplace, closes due to collapse
Formfunction, a Solana (SOL)-based non-fungible token (NFT) marketplace, has announced that it is shutting down after only 13 months of operation due to the collapse of Solana’s NFT prices and trading volumes.
On 15 March, Formfunction announced that it will close on 29 March, stating that it cannot continue to operate after much discussion and careful consideration. In fact, it reads the following:
“We have some sad news to share today: Formfunction will be closing on Wednesday March 29th. This was an extremely difficult decision; however, after much discussion and careful consideration, we have come to the conclusion that we cannot continue to use Formfunction.”
The exact reason for closing the platform was not disclosed in the announcement. In any case, Formfunction’s community and marketing manager, known by the pseudonym “Magellan,” tweeted the following on 15 March:
It is with deep sadness to say that @formfunction is being sunset and closed down as the cofounders and team pivot to a new direction, likely outside of the crypto & SOL space.
A thread with a personal statement & reflections 1/n
— Magellan◎
(@CryptoMagellan) March 15, 2023
The market shutdown comes after its launch just over a year ago on 3 February 2022, which according to Magellan in that period achieved sales of $5 million despite a brutal bear market.
Shortly after its launch, the platform also raised a $4.7 million seed round in March 2022 led by venture capital firm (VC) Variant Fund and contributions from other VC firms Solana Ventures, Canonical Crypto, Pear VC, Palm Tree Crew Crypto, and OpenSea Ventures.
Since the launch of Formfunctions, the broader Solana NFT space has collapsed in terms of volume and minimum prices along with a drop in the price of SOL. Information from the Solana NFT data aggregator ‘SolanaFloor’ shows that its index of “blue chip” NFTs on the blockchain has seen a price drop of 75% in dollars since the beginning of February 2022.
