• Cryptocurrencies remained on edge in the first week of 2023.
• Tron, VIDT, and Huobi Token will likely dive during the weekend.
• TRX price crashed hard as concerns of its exposure to Huobi continued.
The start of the new year has been a rollercoaster for the cryptocurrency market. After a bullish run in late 2020 and early 2021, the market has been in consolidation phase. Bitcoin attempted a break-up of the $17,000 level but was unable to sustain the gains and is now trading around $16,400. Ethereum is stuck at $1,200, while the total market capitalization of all cryptocurrencies remains below $900 billion.
The key sentiment in the market is uncertainty, as investors are wary of the growing hawkish stance of the US Federal Reserve. This has caused investors to take a more cautious approach to cryptocurrencies, leading to sideways trading.
This has also had an effect on certain coins, with Tron (TRX), Huobi Token (HT), and VIDT all seeing their prices dip during the week. TRX has been particularly hard hit, with the coin dropping to its lowest level since November 23rd. This is due to concerns of its exposure to Huobi, with investors worried that the exchange could go out of business. This has caused the TRX price to dip below all its moving averages, while oscillators like the MACD and the Relative Strength Index (RSI) have also drifted downwards. This suggests that the outlook for TRX during the weekend is bearish, with the next key support level to watch being at $0.04.
HT has also seen its price drop, but not as steeply as TRX. This is due to the fact that HT is a much more stable coin, and is likely to remain so. Nevertheless, the coin is still susceptible to the overall crypto market sentiment and could see a drop if the market continues to be bearish.
VIDT has also been hit hard by the market downturn, with the coin dropping by nearly 10% over the course of the week. The coin is still relatively new, and has yet to prove itself in the market. As such, it is vulnerable to any market downturns and could see further losses if the market continues to be bearish.
The coming weekend could be a decisive one for the cryptocurrency market. If the market remains bearish, then Tron, Huobi Token, and VIDT could all see further losses. On the other hand, if the market manages to remain stable or even rebound, then these coins could also see gains. As such, it is important to keep an eye on the market and be prepared for any sudden changes.