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Tron [TRX/USD] Technical Analysis: Bulls help the price to breach through the immediate resistance

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Tron [TRX/USD] Technical Analysis: Bulls push the price to breach through the immediate resistance
Source: Unsplash

Tron [TRX] is pushing Ethereum out of the stage as it is better at scaling and is performing splendidly in terms of Dapps. The ninth-largest cryptocurrency in the world [by market] seems to be doing better than other cryptocurrencies.

The market cap of TRX is shy of $200 million to reach the $2 billion mark and the price at the time of writing was at $0.0270. The 24-hour trading volume of TRX was at $221 million.

1-hour

Source: TradingView

TRX prices show no sign of stopping now since they’ve broken the support at $0.0267, whereas the support line at $0.0212 has held the prices steady so far. The uptrend for TRX extends from $0.0215 to $0.0237, while the downtrend ranges from $0.0328 to $0.0273.

The MACD indicator shows a bullish crossover over the zero-line and is heading towards the upside. The histogram is slowly representing the same.

The Awesome Oscillator shows a failed attempt at a bearish crossover as the green bars are extending in height, indicating an increase in momentum and hence, an increase in the price.

The Parabolic SAR markers are seen forming below the price candles, supporting and pushing the prices to go higher.

1-day

Source: TradingView

The MACD indicator shows a possibility of a similar scenario as seen in the one-hour chart, a bullish crossover as the MACD and the signal lines are eerily close to each other.

The Stochastic indicator shows a perfect bullish divergence as the prices are rising continuously but the Stochastic shows a decreasing trend. The trend for Stochastic was changing at the time of writing as it was undergoing a bullish crossover as well.

The Chaikin Money Flow shows a negative indication as the money moving into the TRX markets is low and not coinciding with the bullish trend.



Conclusion

The one-hour chart is lit with bullish signals as indicated by the SAR, MACD, and AO indicators. The one-day is also showing promising signs for Tron in the future as indicated by the MACD, CMF, and Stochastic indicators.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021

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Bitcoin Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
Source: Pixabay

With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.

A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.

 

CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.

Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.

With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.

The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.

In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.

The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.



Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.

Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.





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