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Tron [TRX/USD] Technical Analysis: Bears snatch the short-term rally from bulls

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Tron [TRX/USD] Technical Analysis: Bears snatch the short-term rally from the bulls
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Tron, like all the other cryptocurrencies, has settled down after a short-term rally and is now the eighth-largest cryptocurrency in the world. The price of Tron, at press time, was $0.0256, with a market cap of $1.7 billion.

The 24-hour trade volume for TRX was $195 million and most of the trade volume came from OEX exchange as it contributed a total of $49 million via trade pair TRX/ETH and held 24.73% of the total trade volume.

1-hour

The downtrend for the one-hour chart is seen ranging from $0.0310 to $0.0262, with no uptrend in sight. The support at $0.0254 has been tested multiple times and is still holding strong. The prices for TRX are bouncing from the aforementioned support and the resistance point at $0.0283.

The Parabolic SAR markers are seen spawning above the price candles, indicating a bearish pressure for TRX.

The MACD indicator shows MACD and the signal lines creeping closer to each other, signaling a cross over to the bottom – bearish crossover.

The Awesome Oscillator shows the same sign as the above indicators, which is bearish since the lines are formed below the zero-line, indicating a reduction in the momentum of the prices.

1-day

The one-day chart for TRX shows an uptrend that ranges from $0.0129 to $0.0253, while a downtrend that extends from $0.0498 to $0.0294. The support at $0.0119 is holding the prices above it. The resistance at $0.0267 was breached recently by the bulls, however, the bulls couldn’t hold it there and prices have now fallen below it again.

The MACD indicator shows a bearish crossover that is about to fall below the zero-line indicating a strong bullish pressure for TRX in the longer time frames as well.

The Stochastic indicator shows the same as the MACD i.e, a bearish cross over.

The Chaikin Money Flow indicates that money is flowing out of the market since the CMF line is collapsing below the zero-line.

Conclusion

The one-hour chart for TRX shows trend reversals as spotted by indicators SAR, MACD, and AO. The one-day chart shows the same as the one-hour – bearish pressure. The indicators in MACD, Stochastic and CMF, all indicate a bearish pressure for TRX.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time writer at AMBCrypto and a part-time novice trader.

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Wall Street is on the losing side of Bitcoin’s impressive price rally

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Even as Bitcoin breaks $13,000 Wall Street is on the losing side of the price rally
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Wall Street, complete in their tailored suits, suede shoes, and leather briefcases, have once again placed their bets against Bitcoin.

Despite the fact that the collective cryptocurrency market broke the $350 billion mark, with Bitcoin alone accounting for 62 percent of the same and trading at $2,000 over its price at the beginning of the week, hedge funds were not impressed.

The Wall Street Journal citing data from the Commodity Futures Trading Commission reported that crypto-vested managers were holding 14 percent short positions more than long ones on the now, primary avenue for BTC Futures contracts, the Chicago Mercantile Exchange [CME].

A key point to remember here is that CME contracts are cash-settled and hence, no Bitcoins are actually being transferred, with the traders simply placing bets on the cash-equivalent price of Bitcoin.

Well-suited hedge fund owners however weren’t alone, with other stakeholders excluding the small scale crypto-investors holding a 3x on short positions, indicating a further pessimistic sentiment.

Smaller investors were however, long on the BTC market, with the CFTC report stating that investors holding 25 BTC or less were holding four times the long positions as their more exuberant counterparts. It should be noted that the CFTC report was prepared as the price of Bitcoin was still in the $9,000 range, prior to the five-figure surge.

BitMEX, a popular cryptocurrency exchange offering derivatives trading services, saw over $64.38 million in shorts liquidated when Bitcoin broke $10,000. The same was replicated when the price shot past $12,000.

Short positions indicate not just a sheepish position, but rather an investors’ contractual affirmation that the price of an asset will more likely fall than rise. Long positions on the other hand, indicate a pessimistic point of view. Hence, based on Wall Street’s trading activity, institutions are not buoyant about the cryptocurrency market.

In what could be a reverse-catalyst for the digital assets industry, Bitcoin decided to use this negativity as fuel to breach $11,000 earlier this week. Not done with the Wall Street bears just yet, BTC pumped yet again on June 26, with the price breaking the $12,000 ceiling with a further climb to $13,000 looking likely.

Who said Coin Street doesn’t go past the Wall Street express lane?





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