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Tron [TRX/USD] Price Analysis: Bearish future predicted as coin price holds steady

Akash Anand

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Tron [TRX/USD] Price Analysis: Bearish future predicted as coin price holds steady
Source: Pixabay

Bitcoin’s [BTC] breach of the elusive $4,000 mark was expected to give a boost to the rest of the cryptocurrency market. However, it only resulted in a few, sporadic bullish rises within the spectrum. Coins like XRP and Tron [TRX] suffered under the weight of the bear, as the prolonged downturn refused to reverse itself.

1-hour

Source: Trading View

Source: TradingView

The one-hour chart for Tron [TRX] displayed a slight uptrend, causing the price to increase from $0.0223 to $0.0229. The support held strong at $0.0223, while the resistance was at $0.0239.

The Parabolic SAR was above the price candles, suggesting that Tron was going through a bearish phase.

The Bollinger Bands were moving parallelly, due to the price candles fluctuating consistently between fixed points. This suggested a lack of volatility in the coin market.

The Chaikin Money Flow indicator crashed towards the bottom of the graph, a sign of the capital leaving the market being more than the capital coming into the market.

1-day

Source: Trading View

Source: TradingView

Tron’s one-day chart painted a similar picture to that of the one-hour chart, with an uptrend lifting the price from $0.013 to $0.023. The long-term support was set at $0.0116.

The Relative Strength Index flattened in the middle of the graph, signifying the equilibrium between the buying and selling pressure.

The Awesome Oscillator was in a lull due to the reduced market momentum in the Tron ecosystem.

The MACD indicator showed the signal line and the MACD line moving in a conjoined manner, while the histogram was largely painted red.



Conclusion

All the above-mentioned indicators suggested that despite Tron’s uptrends, chances of the price shooting up were low, owing to the lack of market momentum.





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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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