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Analysis

Tron [TRX/USD] Price Analysis: Bull blesses cryptocurrency as bear tries to maintain dominance

Akash Anand

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Tron [TRX/USD] Price Analysis: Bull blesses cryptocurrency as bear tries to maintain dominance
Source: Unsplash

The cryptocurrency market’s volatile motion in terms of price has left a lot of investors and users gaping as the bear run continues to go on. The massive drop has even affected popular cryptocurrencies like Bitcoin [BTC], XRP, Ethereum [ETH] with no reprieve to be seen anywhere near. Tron [TRX], on the other hand, has been on an uphill recently with a massive bullish spike that occurred on February 4.

1 hour:

Tron’s one-hour graph is a mix of both bearish and bullish signals with the recent spike evident on the chart. The uptrend lifted the price to $0.0257 to $0.0286 while the following downtrend saw the price fall from $0.0286 to $0.0272. The support has been holding at $0.024 while the resistance is at $0.0286.

The Chaikin Money Flow indicator is below the zero line after a noticeable fluctuation. The hold below the line shows that the capital coming into the market is less than the capital leaving the market.

The MACD indicator is above the histogram after the signal line and the MACD line underwent a bearish crossover. The histogram is again a mix of bearish and bullish signals.

1 day:

The one-day chart for Tron shows a significant uptrend that boosted the price from $0.0131 to $0.029. The support has been holding at $0.0119.

The Relative Strength Index is closer to the overbought zone after the recent bullish spike. This is a sign of the buying pressure being more than the selling pressure.

The Awesome Oscillator has picked up on the graph which means that the market momentum has increased in the market.



Conclusion:

The above-mentioned indicators paint a picture of a cryptocurrency between the bear’s and the bull’s grip. Tron can still hold on to the silver lining that it has become one of the biggest gainers over the past week.





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Engineering graduate,crypto head and Arsenal fan. Is fascinated by technology and all its marvels. Strictly against pineapple on pizza.

Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: ETH and TRX bulls race to the top

Yash Rajan

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Ethereum [ETH] and Tron [TRX] Price Analysis: ETH and TRX bulls race to the top
Source: Pixabay

Ethereum [ETH], the second largest cryptocurrency on CoinMarketCap, was priced at $249.71, at press time. The market cap of ETH was $26.5 billion, with the coin falling by 2.62% over 24 hours. At press time, the 24-hour trading volume was just over $11 billion.

With $1.87 billion in market cap, TRX was ranked eleventh and was priced at $0.02, at press time. The 24-hour trading volume was $692.92 million, with the coin falling by 3.87% in value, at press time.

1-Day ETH

ETH saw resistance at $266.14, and its support lines were traced at $150.45 and $104.64. There was an uptrend extending from $153.89 to $261.56. ETH strengthened its value by experiencing a hike in price and retaining continuous growth for the past two weeks.

Source: TradingView

Source: TradingView

Bollinger Bands were diverging and showcased an increase in volatility in the market. As the moving average line was below the candlesticks, a bullish trend was forecast.

Awesome Oscillator conveyed a bullish buying opportunity as the short-term momentum was rising swiftly.

Chaikin Money Flow indicator revealed that the amount of money flowing into the market was greater than the money flowing out of the market.

1-Day TRX

The resistance stood at $0.03 and the support lines stood at $0.02 and $0.01 for TRX. TRX saw its first uptrend from $0.026 to $ 0.031, and the second uptrend was from $0.024 to $0.034.

Source: TradingView

Source: TradingView

Moving Average Convergence/Divergence [MACD] indicator pictured a bullish crossover.

Parabolic SAR indicator conveyed a bullish trend as the dotted markers were traced below the candlesticks

Relative Strength Index indicator showed bullish divergence due to the oversold condition of the market.



Conclusion

The coins were strengthened by the bullish market trend. All indicators showed both coins recording steady and forward movement.





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