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Analysis

Tron [TRX] Technical Analysis: Bear feasts on the bleeding coin

Namrata Shukla

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Tron [TRX] Technical Analysis: Bear feasts on the bleeding coin
Source: Pixabay

The cryptocurrency market that had seen major gains in the last week of 2018, has fallen prey to the bear’s chase and is bleeding. Tron [TRX], the only coin that has previously resisted the bear is also wounded in the bear’s attack. It had noted growth of over 20% in the past day but this changed as the bear struck. It took down the eighth largest coin by more than 10% in an hour. However, at the time of press, the coin seems to be recovering.

According to CoinMarketCap, the coin was valued at $0.0296 with a market cap of $1.9 billion. The coin registered a 24-hour trade volume of $696 million and notes a fall by 4.09% over the past hour. The coin reflects the growth of 9.20% over the past 24 hours, with over a week’s growth recorded to be 48.14%.

1-hour

Source: Trading View

Source: Trading View

The one hour chart of the coin reflects a massive growth from $0.0209 to $0.0328, after which the coin fell to $0.0299. The coin started a recovery immediately. The coin has marked resistance at $0.0328 while support seems strong at $0.0287.

Parabolic SAR indicates a bearish market as the markers aligned themselves above the candles.

Awesome Oscillator too points towards a bearish market losing momentum.

Chaikin Money Flow indicates a bearish market as the marker is under zero.

1-day 

Source: Trading View

Source: Trading View

As per the one day chart of the coin, a downtrend was noted from $0.0186 to $0.0119, after which it started to hike from $0.0158 to $0.0287. The coin has not marked a new resistance at the time of press, as it has broken its earlier resistance at $0.0287. The coin marked strong support at $0.0119.

Bollinger Bands is at a converging point but is slowly seen to diverge, increasing the volatility in the market. The moving average line is observed to be under the candlestick marking a bullish trend.

MACD line is over the signal line pointing towards a bullish market.

Relative Strength Index is in the overbought zone.



Conclusion 

As per the indicators, Parabolic SAR, Awesome Oscillator, and Chaikin Money Flow the market is bearish from the bear’s attack on December 10 but is slowly recovering. The indicators Bollinger bands and MACD forecast that a bullish trend might be underway.





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Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: TRX tries to join ETH on the bull wagon

Arijit Sarkar

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH enjoys the bullish trend while TRX tries to join the bull wagon
Credit: Pixabay

The cryptocurrency market continued to consolidate after days of bullish movements. Tron [TRX] was back in the 12th position on CoinMarketCap and continued its sideways trend. Ethereum [ETH] maintained its market position as the market’s best performing altcoin.

Ethereum [ETH] 1-Day

Source: TradingView

The 1-day reading for Ethereum [ETH] showed that the altcoin enjoyed a strong bull market throughout the year, with no visible resistance to break. The cryptocurrency’s bull run was the strongest over the last week, enabling investors to enjoy a 38% growth in ETH value. Following the spike, ETH settled at $257.51, and held a market cap of $27.3 billion. It had a 24-hour trading volume of $11.8 billion, at press time.

Bollinger Bands: The upper and lower bands have been diverging over the month, suggesting high volatility and a bullish trend

Awesome Oscillator: On the other hand, the red histogram projections in the AO displayed a rising selling pressure for the ETH market

Relative Strength Index: The token continued to be traced across the overbought zone.

Tron [TRX] 1-Day

Source: TradingView

Resistance 1: $0.0308

Contrary to Justin Sun’s promise of TRX’s bullish future, Tron [TRX] witnessed a drop in its position owing to BSV’s brief pump, before the status quo was restored again. During the 24 hour reading, the coin grew by 1.58% and traded at $0.0286, with its resistance at $0.0308, at press time. It held a market cap of $1.9 billion and a 24-hour trading volume of $737 million.

MACD: The MACD line over the the reading line and suggested a bullish market for TRX

Chaikin Money Flow: The CMF plot hovered very close to the zero line, suggesting an equilibrium in the capital flowing in and out of the TRX market

Parabolic SAR: The alignment of the dotted markers below the candlesticks suggested a bullish phase for the market



Conclusion

Ethereum [ETH] continued to consolidate its position in the market, while Tron [TRX] was making progress in breaking from its perpetual sideways movement.





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