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Analysis

Tron [TRX] Technical Analysis: Bleeding coin gets assistance from the bull

Namrata Shukla

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Source: Pixabay

The cryptocurrency market, after seeing tremendous growth, has been seen bleeding. Tron [TRX], the ninth-largest coin, has been bleeding and has registered itself as the top-loser amongst major coins.

At the time of press, TRX was valued at $0.0234, with a market cap of $1.5 billion. The 24-hour trade volume of the coin was noted to be $290 million, with a dip of 8.65% over the past day. TRX has observed an overall growth of 4.61% over the past week, which is way less than what it had registered a few days back. The coin is still falling by 0.17% over the past hour.

1-hour

Source: Trading View

Source: Trading View

According to the one-hour chart, the coin observed an uptrend from $0.0239 to $0.0328 after which it started falling. The coin marked a downtrend from $0.0328 to $0.0238. The coin plunged as much as it grew. TRX marked resistance at $0.0264, while the support was noted at $0.0235.

Awesome Oscillator predicts a bullish market gaining momentum.

Chaikin Money Flow points towards a bearish trend as the marker is under zero.

Bollinger Bands appear to diverge, increasing volatility in the market. The moving average line is above the sticks, indicating a bearish market.

1-day

Source: Trading View

Source: Trading View

The one-day chart of the coin observed a massive downtrend from $0.0338 to $0.0247, which continued till $0.0132. The coin registered a significant uptrend from $0.0216 to 0.0287. The coin broke the previous resistance at $0.0287 and marked support at $0.0119.

Parabolic SAR indicates a bullish market, with markers aligning under the candles.

MACD line is above the signal line, indicating a bullish market.



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

Conclusion
As per the indicators Awesome Oscillator, MACD, and Parabolic SAR, the market is summed to be a bullish one. However, Bollinger Bands and Chaikin Money Flow predict a bearish market underway.





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Namrata is a full-time journalist and is interested in covering everything under the sun, with a special focus on the crypto market.

Analysis

Bitcoin SV [BSV], Tron [TRX] and Litecoin [LTC] surge as Bitcoin [BTC] approaches $9,000 mark

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Source: Pixabay

The cryptocurrency market was surging again as the fork coin, Bitcoin Satoshi Vision [BSV], led the rally after a quiet weekend. The collective market cap stood at $268.7 billion with Bitcoin’s [BTC] dominance at 57.4%.

The controversy-ridden BSV managed to outshine the king coin, BTC in the latest surge, even as the latter made another leap over $8,500 and was closing in on the $9,000-mark.

Bitcoin SV [BSV]

The digital asset’s price took a major hit following Craig Wright’s rants and legal notices to several prominent persons in the space. At press time, BSV held a market cap of $1.91 billion and was priced at $106.8 after rising by 17.29% over the last 24 hours. The coin recorded a 24-hour trading volume of $414 million, with Upbit contributing over 9% via the trading pair BSV/KRW.

Source: TradingView

Tron [TRX]

At a time when most crypto-assets cooled down and retired on a bearish note over the weekend, Tron rallied following Justin Sun’s tweet, leaving the community on a bull ride.

“Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX $BTT”

TRX rose by 13.70% over the last 24 hours and was valued at $0.031. At press time, the eleventh largest digital coin held a market cap of $2.11 billion and recorded a trading volume of $1.23 billion over the past 24 hours, of which 8.9% was traded via TRX/USDT pair at BW.com.

Source: TradingView

Litecoin [LTC]

Litecoin was trading fairly well, despite few setbacks this year. LTC’s price soared mostly due to the much-anticipated halving event and several institutional adoptions. The fifth largest coin surged by 11.28% over the last 24 hours, catapulting its price to $113.6. At press time, LTC held a market cap of $7.04 billion and registered a 24-hour trading volume of $5.82 billion. Additionally, Coineal contributed a significant 11.3% trading volume via LTC/BTC.



Source: TradingView

Bitcoin [BTC]

The king coin achieved yet another milestone and surpassed $150 million market cap, as BTC approached the $9,000-mark with the latest upswing. It rallied by 8.36% over the past 24 hours and was valued at $8,698. At press time, BTC held a market cap of $154.1 billion and a 24-hour trading volume of $28.7 billion. Besides, 13.07% of the total trading volume was contributed to by Bitmex via XBT/USD.

Source: TradingView





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