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Tron [TRX/USD] Technical Analysis: Bull at the verge of losing coin to bear

Priya

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Tron [TRX/USD] Technical Analysis: Bull at the verge of losing coin to bear
Source: Unsplash

The cryptocurrency market was painted with both red and green this month, with the majority of the days going green. The festive month also chose to keep the bear’s brutality at bay as the bull took the oath of protecting the coins from a massive plunge. However, as the month is nearing its end, the market seems to be at the verge of losing its power to the bear again.

According to CoinMarketCap, at press time, Tron was trading at $0.0197 with a market cap of $1.31 billion. The cryptocurrency holds a trade volume of $68.26 million and has plunged by more than 12% in the past seven days.

1-hour

Tron one-hour price chart | Source: Trading View

Tron one-hour price chart | Source: Trading View

The one-hour chart is demonstrating a downtrend from $0.0239 to $0.0212 and further down to $0.0205. It is also showing another slight downwards trend, which is from $0.0205 to $0.0202. The uptrend has found its starting point at $0.0183 and its ending point $0.0201.

The immediate resistance for the coin is recorded to be placed at $0.0208 and the strong resistance at $0.0218. The cryptocurrency’s price level of $0.0182 has stepped forward to help the coin in case the bear attempts to strike down the coin.

Parabolic SAR is indicating that the bull is currently worn out, giving the bear the benefit of regaining its position in the market. This is because the dots have started to align on top of the candlesticks.

Bollinger Bands is showing that the two market players are not going to collide soon, as it is forecasting a less volatile market.

Chaikin Money Flow is showing that the money is flowing out of the market, indicating that the bull is severely injured because of the constant battle.

1-day

Tron one-day price chart | Source: Trading View

Tron one-day price chart | Source: Trading View

In the one-day chart, the cryptocurrency is showing a downtrend from $0.0498 to $0.0213. The chart also shows the coins progress this month as it records two uptrends, the first from $0.0119 to $0.0129, and the second from $0.0132 to $0.0186.

The coin is going to face the immediate resistance at $0.0217 and the strong resistance at $0.0398. The immediate support for the cryptocurrency is currently at $0.0186 and the strong support at $0.0118.

Klinger Oscillator shows that the bear has managed to break-down a wall in the market, as the indicator is showing that the reading line has made a crossover only to go south.

RSI is showing that the buying pressure and the selling pressure for the coin is currently evened out in the market.

MACD is still holding strong next to bull, however, it picturing that there is an imminent crossover in the pipeline.



Conclusion

The bull is showing signs of exhaustion as it has lost several indicators to the bear. This includes the Klinger Oscillator from the one-day chart, Parabolic SAR, and Chaikin Money Flow from the one-day chart.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Altcoins

76497|Tron-based USDT: Huobi Global, OKEx and Gate.io announce support for new TRC-20-based Tether

Febin Jose

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Source: Pixabay

Tron Foundation’s relentless push for mass adoption received a major boost recently when Justin Sun, the Foundation’s Chief Executive Officer, announced their partnership with Tether [USDT] to create new stablecoin. The partnership would essentially bring USDT on the Tron blockchain, making transactions faster and free-of-cost, while also improving the use-cases of the stablecoin.

Three major exchanges have now announced support for the Tron-based version of Tether, further bolstering its position in the market. Singapore-based exchange Huobi Global, Malta-based exchange OKEx, and Gate.io, a blockchain assets exchange platform, announced in separate press releases that they will be supporting the new version of Tether.

Source: Twitter

Source: Twitter

Source: Twitter

Source: Twitter

 

 

 

 

 

 

 

 

The TRX-USDT partnership was announced in early March in an effort to bring in a TRC-20-based USDT into the crypto-market. The ‘improved’ coin would stick to the technical token standards maintained by the Tron blockchain and would be interoperable with all Tron-based DApps and protocols.

In their respective press releases, Huobi Global and OKEx stated that the decision was fueled by strong user demand for inclusion of a full-spectrum of stablecoin trading. The exchanges also made it clear that there would now be three different protocol versions of USDT on their platforms: the Bitcoin network-based USDT-Omni, Ethereum-powered USDT-ERC-20, and the new USDT-Tron.

Though the exchanges are some of the world’s largest in terms of trading volume, Tron Foundation had earlier said that the TRX-USDT version was made primarily for Tron-powered Decentralized Exchanges [DEX].



Recently, Tron Foundation also announced an incentive scheme exclusively for TRX-USDT holders. The $20-million incentive plan included the addition of a 20% initial Annual Percentage Rate [APR] for holding the cryptocurrency, which was significantly higher than its prime competition, the USDT-Omni. The plan also announced a scheme spanning over 100 days where USDT-TRX holders would be rewarded more USDT-TRX.

Tron’s DApp program and BitTorrent Token [BTT] launch also saw huge success this year, leading to a temporary surge in the token’s price before a bearish market ensued. On March 17, TRX registered a transaction volume that was five times more than the cumulative transaction volume of its closest competitors ETH and EOS. The transaction volume during this move was recorded to be over $100 million.

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76476|DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum

Akash Anand

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DigiByte [DGB] soars by 9.7% as online movement for Coinbase addition gains momentum
Source:Pixabay

The cryptocurrency market was punctuated by several altcoin surges this week, with Tezos and Ontology leading the charge. The latest entrant to ride the bull wave was DigiByte, the 35th ranked cryptocurrency on CoinMarketCap. It climbed up the charts to become the biggest gainer in the top 50.

Source: CoinMarketCap

At press time, DigiByte [DGB] was trading at $0.015, and was rising by 9.72%. The cryptocurrency held a total market cap of $169.073 million with a 24-hour trade volume of $3.091 million. A majority of the trade volume was split between BiteBTC and Bittrex, two popular cryptocurrency exchanges. BiteBTC recorded DigiByte transactions worth $1.156 million, while Bittrex recorded $315,308 worth of DGB trade.

Source: CoinMarketCap

The 24-hour chart showed the cryptocurrency’s value shooting up, before settling into sideways movement. DGB’s value surged from $0.0126 to $0.0144, in under an hour. It was speculated by many online that the addition of DigiByte on Magnum Wallet, and its latest release, the Magnum Notifier Bot, was what sparked the DigiByte surge. The bot is a free-to-use Telegram bot which notifies the user when the connected wallet participates in any transactions. The bot also gives DGB holders all transaction related information.



DigiByte was also helped by its community starting a new online campaign requesting Coinbase CEO Brian Armstrong to add DGB to its fold. Frederik Bf67, a Twitter user, and a DigiByte fan tweeted:

“Hello Brian, i would love to see @coinbase adding @DigiByteCoin to it’s platform. You know #DGB has been around for a long time and has proven itself over time to be a highly secure and fast blockchain with exellent use cases suported by thousands of people on every continent.”

Another DigiByte fan, Mark Brown replied on the same thread saying,

“Tell that to @barrysilbert , he’s the one to talk to brother 😏

@brian_armstrong and @AsiffHirji can do so much. It’s out of their hands.

I’ve even helped pass along a petition and nothing. I’ve gotten over 10k signatures to have #dgb added to #coinbase and nothing.”

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