Connect with us

Analysis

Tron [TRX] Price Analysis: Bulls keep coin floating as bears plan to attack

Namrata Shukla

Published

on

Tron [TRX] Price Analysis: Bulls keep coin floating as bears plan to attack
Source: Pixabay

The cryptocurrency market saw the bull running rampant and causing a hike in most cryptocurrency prices. However, the market is now attaining new normalcy. Tron [TRX], the ninth largest coin on CoinMarketCap, noted a fall where it slipped from the eighth position to the ninth position.

At press time, TRX was valued at $0.0249 with a market cap of $1.6 billion. The ninth largest cryptocurrency noted a 24-hour trading volume of $140 million. The coin registered a growth of 3.09% over the last week.

1-hour

Source: Trading view

Source: TradingView

The one-hour chart for the coin noted an uptrend from $0.0239 to $0.0251. Due to the current spike in the market, no significant downtrend was recorded. TRX traced resistance at $0.0253 and support at $0.0251.

Bollinger Bands appear to be converged, suggesting reduced volatility in the market. The moving average line is under the candlesticks, marking a bullish market.

Awesome Oscillator indicates a bullish market losing momentum.

Chaikin Money Flow points towards a bearish market as the marker has dipped below the zero mark.

1-day 

Source: Trading view

Source: TradingView

The one-day chart for the coin noted a downtrend from $0.0182 to $0.0119, followed by an uptrend from $0.0132 to $0.0239. TRX met resistance at $0.0294 and support at $0.0236.

Parabolic SAR indicates bullish momentum in the coin market as the markers have aligned themselves below the candlesticks.

MACD line is under the signal line, indicating a bearish market.

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



Conclusion 

A majority of the indicators, Bollinger Bands, Awesome Oscillator and Parabolic SAR predict a bullish market. However, Chaikin Money Flow and MACD forecast a bearish reign in the bullish market.





Subscribe to AMBCrypto’s Newsletter


Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

Published

on

Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending