Earlier today, a majority of the coins dipped their toes in the bear’s pool, days after shifting to the bull’s side. Top coins such as Litecoin [LTC], Ethereum [ETH], Bitcoin Cash [BCH] and Tron [TRX] were the most affected, with some recording a loss of over 7% over the past 24 hours.
The one-day chart for the cryptocurrency demonstrated a downtrend from $247.76 to $180.74. The uptrends for the coin were recorded from $82.92 to $103.22, and further from $140.91 to $175.78.
The immediate resistance for the coin was set at $180.85 and strong resistance was at $218.76. While the coin’s immediate support was seen at $125.09, strong support was at $82.78.
Bollinger Bands indicated a highly volatile market for the cryptocurrency as the bands were diverging from each other.
MACD continued to show its support to the bull’s reign as the moving average placed itself over the signal line after a crossover.
Parabolic SAR was also on the same boat as the dotted markers had aligned below the candlesticks.
The downtrend for Tron in the one-day chart was outlined from $0.0390 to $0.0307. The uptrends for the coin were pictured from $0.0119 to $0.0129, and from $0.0129 to $0.0226.
The coin’s immediate resistance was placed at $0.0307 and the strong resistance was seen at $0.0391. The immediate support layer for the coin was pictured at $0.0214 and strong support was at $0.0118.
Chaikin Money Flow showed that the money was flowing into the market, indicating a bullish market. However, it was closing in on the zero mark, indicating the possibility of a trend reversal.
Klinger Oscillator showed the reading line over the signal line, a bullish sign. However, the lines were on the verge of a crossover, indicating a trend reversal.
Awesome Oscillator had already switched to the bear’s lane as the indicator pictured red bars instead of green.
On one hand, Ethereum showed that all the indicators were still in favor of the bull, despite today’s fall. On the other hand, Tron seemed to be in two minds as a majority of the indicators showed a bullish market, while also suggesting a possible bearish shift.
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TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?
A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.
Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.
The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.
Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.
TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.
XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.
Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,
Hopefully the bull this time will be a steady and solid one, not a violent delight leading to a violent end
— Dovey Wan 🗝 🦖 (@DoveyWan) June 18, 2019
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