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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
Source: Unsplash

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.

News

TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?

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TRON & XRP: Market oscillation subsides as resolute bulls takeover; rationality over rewards?
Source: Unsplash

A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.

Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.

The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.

Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.

TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.

Source: Trading View

XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.

Source: Trading View

Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,





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