• Cryptocurrencies remained on edge in the first week of 2023 with Bitcoin, Ethereum and the total market cap of all cryptocurrencies below $17,000, $1,200 and $900 billion respectively.
• Tron, VIDT, and Huobi Token are trending coins and are likely to dive during the weekend due to the hawkish Fed minutes leading to more concerns about the industry.
• TRX price crashed hard as concerns of its exposure to Huobi continued. The outlook of TRX during the weekend is bearish, with the next key support level to watch being at $0.04.
The cryptocurrency industry has been on edge in the first week of the year. Bitcoin, Ethereum, and the total market cap of all cryptocurrencies have all remained below $17,000, $1,200, and $900 billion respectively. This has led to concerns amongst traders and investors in the industry.
Tron, VIDT, and Huobi Token are three of the top trending coins in the industry. Tron is a second-generation blockchain project that was started by Justin Sun. It is a blockchain operating system that handles billions of transactions on a daily basis and is associated with other blockchain projects like Sun, JustLend, and JustStables. TRX price has crashed hard due to concerns of its exposure to Huobi, with worries that the exchange could go out of business. As a result, Tron has dropped to the lowest level since November 23, and has moved below all moving averages while oscillators like the MACD and the Relative Strength Index (RSI) have drifted downwards. Therefore, the outlook of TRX during the weekend is bearish, with the next key support level to watch being at $0.04.
VIDT is a blockchain-based platform that is powered by its VIDT token. It is a smart contract platform that is used to securely store and transfer digital assets. VIDT has seen a slight increase in its price over the past few days, but it is unclear if the momentum will sustain in the face of the hawkish Fed minutes. Therefore, traders should be cautious when trading the token during the weekend.
Huobi Token is the native token of the Huobi Global exchange. HT has seen a significant increase in its price since the start of 2021, but has recently been pulled back due to concerns of the exchange going out of business. Therefore, traders should be aware of the risks associated with trading HT during the weekend.
Overall, the cryptocurrency industry remains on edge in the first week of the year, with Tron, VIDT, and Huobi Token likely to dive during the weekend due to the hawkish Fed minutes leading to more concerns about the industry. Therefore, traders should exercise caution when trading these tokens during the weekend.