Connect with us

Analysis

Tron, Augur, Cosmos Price Analysis: 09 February

Published

on

Source: Pixabay

Tron [TRX] surged to levels last seen in June 2018, with the crypto projected to maintain its trajectory over the next few trading sessions. REP overturned the $24-resistance level, but it was uncertain whether the bulls could hold on to the price level. Finally, ATOM formed a bearish crossover on the MACD and was predicted to fall close to the support level at $12.3.

Tron [TRX]

Source: TRX/USD, TradingView

Tron rose by over 17% in the last 24 hours and was trading at $0.044, at press time, its highest level in over two and a half years. Trading volumes rose north of $4 billion while buying activity spiked as well. The on-chain metrics backed the possibility of an extended bull run as the MACD line moved well above the Signal line, while the On Balance Volume was at its highest point in over one and a half years.

The next challenge for the market’s bulls seemed to be around the $0.05-resistance, but considering the recent bullish momentum, a rise above the aforementioned level was certainly a possibility. If a selloff takes place at this price level, the support levels at $0.041 and $0.036 could come into the spotlight.

Augur [REP]

Source: REP/USD, TradingView

Even though Augur flipped the resistance at $24, some weakness was noted in its price at the time of writing. The Chaikin Money Flow moved below zero to underline a lack of capital inflows, while trading volumes were up, but not exceptional. In a bearish outcome, the price could move towards the support at $22 over the next few sessions.

However, there was some bullish optimism in the market as the Awesome Oscillator suggested that momentum resided with the buying side. Nevertheless, a rise towards the $30-level was unlikely in the short-term.

Cosmos [ATOM]

Source: ATOM/USD, TradingView

Even though Cosmos was trading at record levels at press time, a correction was just around the corner according to its on-chain metrics. A look at the cryptocurrency’s 4-hour chart suggested that bullish momentum lost steam over the past few sessions after the bulls were unable to flip the $14.6-resistance.

Moreover, a bearish crossover on the MACD hinted at a pullback. The Relative Strength Index moved below the overbought zone and also threw weight behind a bearish prediction. In the event of a fall, the first level of support will lie at $12.3.

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *