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Analysis

Tron [TRX/USD] Price Analysis: Cryptocurrency fails to climb despite updates

Akash Anand

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Tron [TRX/USD] Price Analysis: Cryptocurrency fails to climb despite updates
Source: Pixabay

The cryptocurrency market fell back into bearish claws after several coins saw a dip in volume and market cap. The price crunch was a widespread phenomenon, affecting not just the top ten, but also other cryptocurrencies. At the time of writing, Tron was the biggest gainer in the top 10 club.

1 hour

Source: TradingView

Tron’s one-hour graph showed a downtrend that was a result of the coin’s continued sideways movement. The downtrend caused Tron’s price to fall from $0.0243 to $0.0229. The support was at $0.22, while the resistance was holding at $0.0243.

The Bollinger Bands showed a divergence due to a sudden rise in the coin’s price. A lack of significant Bollinger clouds in the one-hour chart depicted minimal price breakouts.

The Chaikin Money Flow was below the zero line, suggesting that the capital leaving the market was more than the capital coming into the market.

The Awesome Oscillator spiked, suggesting an increase in Tron’s market momentum. This coincided with the coin’s rise in price.

1 day

Source: TradingView

The one-day graph for Tron painted a completely different picture to that of the one-day graph, with the uptrend lifting the price from $0.0128 to $0.0224. The long term support was holding at $0.0119.

The Parabolic SAR markers were above the price candles, suggesting that Tron was projecting bearish signals in the long term.

The Relative Strength Index was closer to the oversold zone than the overbought zone, a sign of the selling pressure being more than the buying pressure.

The MACD indicator was moving in a conjoined manner, with the signal line and the MACD line staying below the histogram. The histogram was a mix of bearish and bullish signals.



Conclusion

Despite the long term uptrend, the above-mentioned indicators predicted that Tron’s bearish qualms will continue for an extended period of time.





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Analysis

Ethereum [ETH] and Tron [TRX] Price Analysis: Coins suffer as bears push bulls aside

Yash Rajan

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Ethereum and Tron Price Analysis: ETH bulls show swiftness as TRX bulls tread behind
Source: Pixabay

Ethereum [ETH] was priced at $238.381 and fell by 5.88% over the past 24 hours. With a market cap of $25.312 billion, ETH was ranked 2nd on the list of the world’s top cryptocurrencies. ETH had a 24-hour trade volume of $10.622 billion, at press time.

1-Day ETH 

Source: TradingView

Source: TradingView

ETH saw an uptrend from $157.671 to $262.903, but started slowing down as ETH’s price closed at $235.712. Resistance stood at $266.142 and the support lines stood at $150.453 and $104.64.

Bollinger Bands indicated high price volatility in the ETH market

Awesome Oscillator presented a bullish buying opportunity as the short-term momentum was greater than the long-term momentum

Chaikin Money Flow depicted bullish trend as the money flowing into the market was more than the money flowing out of the market. However, the indicator was starting to fall by press time

1-Day TRX

TRX slipped to 12th on the list of top cryptocurrencies. TRX was priced at $0.026, with a market cap of $1.77 billion, at press time. TRX fell by 6.04% with a 24-hour trading volume of $697.061 million.

Source: TradingView

Source: TradingView

TRX saw its first uptrend  from $0.030 to $0.031, and the second uptrend from $0.028 to $ 0.031. The graph showed a downtrend from $0.030 to $0.028. Resistance line stood at $0.030. and support was at $0.022.

Parabolic SAR suggested a bearish trend as the dotted markers were above the candlesticks

Moving Average Convergence/Divergence [MACD] indicator showed a bullish trend as the MACD line crossed over the signal line

Relative Strength Index indicator revealed that the buying pressure was high



Conclusion

After weeks of upward movement, both Ethereum and Tron were ravaged by the bears. Largely bearish projections were predicted for both coins in the near term. However, some bullish signs remained visible in the market.





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