The cryptocurrency market and its sporadic behavior did not stop this week, as prices fluctuated between the territories of the bear and the bull. Bitcoin [BTC], the largest cryptocurrency in the market, which at the time of writing was above the $4000 mark, did not stop other cryptocurrencies like Ethereum [ETH], XRP and Tron [TRX] from settling into a sideways price movement.
The one-hour chart for Tron showed an uptrend that was a result of a consistent sideways movement, coupled with sporadic bullish rises. The price hike lifted Tron from $0.0223 to $0.0233, while the support was at $0.0221 and the resistance held at $0.0239.
The Awesome Oscillator displayed reduced amplitude due to the lack of market momentum in the Tron market.
The Relative Strength Index was closer to the oversold zone, than the overbought zone, an indication of the selling pressure being more than the buying pressure.
The MACD indicator was close to the axis after the MACD line and the signal line moved as a conjoined pair. The MACD histogram also pointed to a lull in the market, with a mix of bullish and bearish signals.
Tron’s one-day graph was similar to that of the one-hour chart, as the uptrend took the price from $0.0133 to 40.0225, while the long term support held at $0.0117.
The Parabolic SAR was below the price candles at press time, which meant that the market was bullish. Prior to this particular time period, the markers were predominantly above the candles.
The Bollinger bands had converged, indicating reduced market volatility. The lack of price breakouts was also evidenced by the smaller size of the Bollinger clouds.
The Chaikin Money Flow indicator spiked above the zero line, which meant that the capital coming into the market was more than the capital leaving the market.
The above-mentioned indicators suggested that Tron’s bullish rise was not permanent, as the price consolidation took place within a fixed range.
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Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem
Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.
According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.
The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.
Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.
The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.
— Jayden Crypto 💎 (@jayden_crypto) 26 May 2019
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