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Tron [TRX] Price Analysis: Bear maintains a hold on the coin in the bull’s market

Namrata Shukla

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Tron [TRX] Price Analysis: Bear maintains a hold on the coin in the bull's market
Source: Pixabay

The cryptocurrency market has been welcomed by the bull after a long bearish trend. However, Tron [TRX], the coin that was the only coin to note a bullish ride when all the major coins were falling, has noted the least growth. The eighth largest coin, TRX, reported a spike of just 4.93% over the past day.

At the time of press, TRX was valued at $0.0272 with a market cap of $1.8 billion. The coin reported a 24-hour trading volume of $240 million and registered a growth of 4.56% over the week. However, the coin has started to fall by 0.08% over the past hour.

1-hour

Source: Trading view

Source: TradingView

According to the one hour chart of the coin, an uptrend was traced from $0.0265 to $0.0285, after which the coin saw a downtrend from $0.0286 to $0.0261. The coin then spiked on 8 February and an uptrend was noted from $0.0259 to $0.0274.  The coin marked resistance at $0.02776 and support at $0.0259.

Bollinger Bands appear to be converging after a period of being diverged and increasing volatility. The moving average line was under the candles marking a bullish market.

Awesome Oscillator indicates a bullish market with decreasing momentum.

Chaikin Money Flow indicates a bearish market, but as the marker points towards the zero line, there might be a change of trend underway.

1-day

Source: Trading view

Source: TradingView

As per the one day chart of the coin, TRX marked a downtrend from $0.0182 to $0.0119 and was followed by an uptrend from $0.0132 to $0.0260. The coin drew resistance at $0.0294 and support was noted at $0.0256. Another support was observed at 0.0238.

Parabolic SAR indicates a bearish market as the markers have aligned above the candlesticks.

MACD line is under the signal line marking a bearish market.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.



Conclusion

As per the majority of the markers, Parabolic SAR, MACD, and Chaikin Money Flow a bearish market is predicted.





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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