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Tron [TRX] Price Analysis: Bears rule coin market as coin stagnates

Namrata Shukla

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Tron [TRX] Price Analysis: Bears rule coin market as coin stagnates
Source: Pixabay

The tenth largest cryptocurrency, Tron [TRX], has been on a downward spiral for the past few days. The coin did not see a significant rise in its prices, even after the hard fork and the Odyssey 3.5 update.

TRX was valued at $0.0223, with a market cap of $1.48 billion. It registered a 24-hour trading volume of $94 million and a gradual rise of 2.85%, over the past day. Over the past week, TRX registered a growth of 11.36%.

1-hour

Source: Trading view

Source: TradingView

According to the one-hour chart, a downtrend was observed from $0.0234 to $0.0221, followed by an immediate uptrend from $0.0221 to $0.0226. Resistance was marked at $0.0229 and $0.0233, with strong support at $0.0221.

Bollinger Bands pointed towards a bearish market, as the moving average line aligned above the candlesticks. The bands were converged, indicating reduced market volatility.

Awesome Oscillator also portrayed weakened bearish momentum.

Chaikin Money Flow dipped under the zero line, indicating a bearish market.

1-day

The one-day chart for TRX noted a downtrend from $0.0183 to $0.0119, followed by an uptrend from $0.0128 to $0.0225. Resistance for the token was observed at $0.0294, and support was noted at two points. Strong support was traced at $0.0215 and $0.0186.

Parabolic SAR noted a bearish reign for the coin as the markers were aligned above the candlesticks.

MACD line was under the signal line, indicating a bearish trend.

Relative Strength Index indicated that the buying and selling pressures had evened each other out.



Conclusion

The indicators from the one-day and one-hour charts like Bollinger Bands, Parabolic SAR, MACD, Chaikin Money flow, and Awesome Oscillator predicted a vermilion market for the token, with no trace of the bull.





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Analysis

Litecoin [LTC] smashes $100 valuation for the second time this year

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Litecoin [LTC] smashes $100 valuation; twice in the same year
Source: Pixabay

Litecoin [LTC] posted massive gains and came out as the biggest winner among altcoins as the week came to an end. The digital coin led the altcoin pack towards another bull run.

The latest pump, however, drove the crypto-asset’s price over $100-mark for the second time this year. Subsequently, the silver coin took over EOS to secure its position as the fifth largest crypto-asset by market cap.

As the crypto market started embracing green, many analysts in the space are of the opinion that the “altseason is upon us”. With the latest upswing, LTC became the fourth coin in the top ten with a three-digit valuation after Bitcoin [BTC], Ethereum [ETH], and Bitcoin Cash [BCH].

Source: TradingView

At press time, the coin was priced at $103.4 after surging by 7.93% over the last 24 hours. LTC registered a market cap of $6.40 billion and a 24-hour trading volume of $6.14 billion. Additionally, the digital coin rallied by 17.52% over the past week.

Litecoin was trading highest on Coineal via the trading pair LTC/BTC, accounting for a volume of 11.98%. The crypto-asset exchange was followed by EXX, which held 8.48% of the trading volume via LTC/USDT.



The upcoming Litecoin second halving event, scheduled for August 2019, and institutional adoption of the crypto were attributed to the series of bull domination this year.

Litecoin crashed soon after June 2018 and hit the lowest point at $30 earlier this year. The coin’s market recovery was resisted by bears as it was juggling within the range of $85-$90 before breaking the much-anticipated $100-mark.





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