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THETA, PancakeSwap, Tron Price Analysis: 04 May



Source: Pixabay

THETA traded below all three moving averages and the bulls needed to combat bearish sentiment before a rise above $12. PancakeSwap found support at its 50-SMA and a further dip could be cushioned at $34. Lastly, Tron could see some sideways movement before rising above $0.136.


Source: THETA/USD, TradingView

Losses in the THETA market were kept at bay at $10.6-support, but the candlesticks were below 50-SMA, 100-SMA and 200-SMA on the 4-hour timeframe. In such a scenario, the bulls faced an uphill task to retake the region above $12. On the charts, a breakout above 200-SMA was denied by the bears and the price moved back within a horizontal channel.

A bearish crossover in MACD added weight to an unfavorable outcome, and a move below the lower trendline could see THETA head towards the $10-mark. Conversely, a rise above $13 would see a positive crossover between the 20-SMA and 200-SMA, and this would likely spur some buying in the market. Meanwhile, Stochastic RSI traded in an area of reversal and $10.6-support could be maintained by the bulls.

PancakeSwap [CAKE]

Source: CAKE/USD, TradingView

Buyers lapped up PancakeSwap around the $22-mark and drove the price all the way towards a new all-time high at $44. After a pullback, buyers once again stepped in at $37 but were unable to push CAKE to a fresher ATH. At the time of writing, CAKE hovered around the $40-mark and was supported by the 50-SMA (blue) on the 4-hour timeframe. RSI showed choppy movement and traded back and forth around the neutral zone.

Awesome Oscillator threatened to fall below the half-line, but this could be countered swiftly by the bulls considering the most recent rally. In the event of a breakdown below $37, another support area lay at $34, but this was yet to establish itself as a reliable defensive line.

Tron [TRX]

Source: TRX/USD, TradingView

Tron was rejected at $0.136 but found support at $0.123. Even considering losses made over the last 24 hours, the expectation was for a bullish breakout above $0.136 in the coming days. The on-chain metrics reflected a fairly balanced market and some sideways movement could take place before the northbound push.

RSI pointed north from neutral-50, while MACD line moved slightly below the Signal line. Meanwhile, $0.123 must be observed as a move below this point could lead to further losses towards $0.101.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.

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Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.