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Analysis

Tron [TRX] Price Analysis: Bulls prove their mettle as bears fail to breach vanguard

Namrata Shukla

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Tron [TRX] Price Analysis: Bulls prove their mettle as bears fail to breach vanguard
Source: Pixabay

The market saw the bulls take charge as the bears bid a temporary goodbye to the cryptocurrency market. Tron [TRX], the tenth largest coin in the cryptocurrency market in terms of market cap, successfully managed to progress with the help of the bulls.

At press time, TRX was valued at $0.0235 with a market cap of $1.57 billion. The token noted a 24-hour trading volume of $174 million, and observed a growth of 4.01% over the day. Over the past week, the coin surged by 4.33%, and at press time, was noting a growth of 0.16%.

1-hour

Source: Trading view

Source: TradingView

The one-hour chart for the token noted a downtrend from $0.0228 to $0.0221, followed by a gradual uptrend from $0.0233 to $0.0239. The token marked resistance at $0.0239, and support at $0.0223.

Bollinger Bands pointed towards a bullish market as the moving average line was under the candlesticks. However, the bands were wide apart from each other, indicating a highly volatile market.

Awesome Oscillator indicated strong bullish momentum.

Chaikin Money Flow shot above the zero-mark and supported a bullish market.

1-day

Source: Trading view

Source: TradingView

The one-day chart for TRX marked a downtrend from $0.0182 to $0.0119, followed by an uptrend from $0.0132 to $0.0226. The token drew resistance at $0.0294, and support at $0.0215.

Parabolic SAR marked a bullish trend for the coin as the markers were aligned under the candlesticks.

MACD line was over the signal line and supported a bullish reign.

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



Conclusion

According to the indicators on the one-day and one-hour chat, a bullish market was projected. However, looking at previous trends, the bears’s re-entry into the market was not unlikely.





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Analysis

XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to push market forward

Yash Rajan

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XRP vs Stellar Lumens [XLM] Price Analysis: Bulls suppress bears to move forward
Source: Pixabay

XRP, the third largest cryptocurrency, was priced at $0.383 agfter falling 1.87% over the 24 hours, according to CoinMarketCap. XRP held a market cap of $16.121 billion and registered $1.29 billion in 24-hour trading volume for XRP.

At press time, Stellar Lumens [XLM] was priced at $0.125, after falling 1.56% over the past 24 hours. It stood ninth on the top 10 list with a market cap of $19.302 billion and $844.41 million in 24-hour trading volume.

1-Day XRP

XRP saw an uptrend from $0.331 to $0.461 and a downtrend from $0.461 to $0.388. Resistances were at $0.458 and $0.420. Support lines were located at $0.371 and $0.285.

Source: TradingView

Source: TradingView

Parabolic SAR presented a bearish trend as the markers were above the candles.

Moving Average Convergence/Divergence [MACD] indicator was undergoing a bearish crossover.

Relative Strength Index showed a relatively overbought status for the coin.

1-Day XLM

On the one-day XLM chart, the resistance line stood at $0.143 and the support lines stood at $0.115 and $0.091. It saw an uptrend from $0.133 to $0.141. XLM also saw a downtrend from $0.142 to $0.125.

Source: TradingView

Source: TradingView

Bollinger Bands displayed an increase in volatility in the market as the bands were diverging.

Awesome Oscillator presented a bullish buying opportunity.

Chaikin Money Flow indicator was above the zero-line, indicating that money was flowing into the market.



Conclusion

XRP saw a fusion of bullish and bearish trends while XLM sides with the bulls after being stalled by bears for the past one month.





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