Altcoin
Should you bet on Tron instead of BTC, ETH, XRP, LINK
The Justin Sun cryptocurrency has made significant improvements. And, has become the talk of the crypto space, yet again.
It was because of the last week’s strong performance that TRX was successful in giving a tough fight to the bears. But that didn’t last long since the alt succumbed to the selling pressure later. Even so, traders are betting on it.
Tron transforms into a better investment
In comparison to the likes of Bitcoin, Ethereum, Ripple, and Chainlink, Tron fared better on the price front.
Usually, the return of investment (ROI) on an asset determines whether or not one should be spending their time and money on it. And, Tron has somewhat outperformed all the major cryptocurrencies in that regard.
With a minuscule ROI of 17.04%, TRX leads the likes of Bitcoin, Ethereum, Ripple, and Chainlink whose ROI stood at -33%, – 20%, -46%, -57%, respectively.
Tron return on investment | Source: Coinmetrics – AMBCrypto
This is despite the fact that, on 25 July, TRX was on the verge of failing its second attempt at recovery due to the broader market cues.
Changing hands at $0.065, on 25 July, TRX neared the year-long 23.6% Fibonacci level, which it had successfully breached and tested as support back in May.
The altcoin had also tested the 38.2% Fibonacci level as resistance but could not manage to close above it.
Tron price action | Source: TradingView – AMBCrypto
Regardless, the altcoin is observing a lot of support coming from its investors, who are crucial to the cryptocurrency to ensure a profitable recovery.
Even when the market was sinking last month, TRX holders kept their activities up, resulting in the presence of almost three million TRX users in a single day.
At the time of writing, the declining volatility acted as a buffer for the plummeting price action, which makes TRX immune to any significant crash.
That is as long as the broader market does not go down with the upcoming 75 basis point hike by the FED next week.
Tron volatility | Source: Coinmetrics – AMBCrypto
