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Tron [TRX/USD] Technical Analysis: Coin shines green in bear’s market

Priya

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Tron [TRX/USD] Technical Analysis: Coin shines green in bear's market
Source: Unsplash

Tron [TRX], the ninth-largest cryptocurrency by market cap, has reemerged as the winner in the cryptocurrency space in terms of price. The currency has gained its momentum as the coin is sparkling in green, days after it was covered it red.

According to CoinMarketCap, at press time, Tron was trading at $0.0247 with a market cap of $1.64 billion. The cryptocurrency registered a trading volume of $317.46 million and had surged by over 8% in the past seven days.

1-hour

Tron one-hour price chart | Source: Trading View

Tron one-hour price chart | Source: Trading View

In the one-hour chart, the coin demonstrates a downtrend from $0.0328 to $0.0247. The uptrend for the coin is pictured from $0.0205 to $0.0213. The immediate resistance is set at $0.0264 and the strong resistance is set at $0.0283. However, the coin has found its immediate support ground at $0.0213 and its strong support ground at $0.0204.

Parabolic SAR has started to show a bullish trend as the dots have aligned below the candlesticks.

Bollinger Bands have started to part from each other, forecasting a high volatile market for the currency.

Chaikin Money Flow continues to show a bearish market as the money is flowing out of the market.

1-day

Tron one-day price chart | Source: Trading View

Tron one-day price chart | Source: Trading View

The one-day chart demonstrates a downtrend from $0.0807 to $0.0287 for the coin. The uptrend is outlined from $0.0119 to $0.0129, and from $0.0132 to $0.0215. The immediate resistance for the coin can be spotted at $0.0287 and the strong resistance at $0.0397. The immediate support has found its ground at $0.0186 and the strong support at $0.0118.

Klinger Oscillator forecasts a bearish wave as the reading line has placed itself below the signal line after a crossover.

MACD is also predicting a bearish whether as the moving line is pictured below the signal line, after the duo had a crossover in the market.

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

Conclusion

Despite the coin colored in green in the market, a majority of the indicators are forecasting a bearish market. This includes Chaikin Money Flow from the one-hour chart, Klinger Oscillator, and MACD 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.

News

Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum

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Bitcoin and Ethereum Classic find themselves on opposite ends of the 51% attack spectrum
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Every revolutionary product comes with its own fallacy. However, to its internal metrics, in order for that product to remain adherent to the principle it hopes to expound, the cryptocurrency world is no less. Bitcoin [BTC] and other Proof-of-Work [PoW] cryptos have an in-built fallacy as well, the dreaded “51 percent attack.”

A recent study by cryptocurrency analytics firm LongHash, detailed the cryptocurrencies that are the closest to being subjected to the aforementioned attack.

The report looked at ten of the most significant PoW coins including, Bitcoin, Ethereum [ETH], Bitcoin Cash [BCH], Litecoin [LTC], Dash [DASH], Bitcoin SV [BSV], Zcash [ZEC], Monero [XMR], Ethereum Classic [ETC], and Bitcoin Gold [BTG].

Prior to detailing the study, Longhash listed out the two key points required to execute a 51 percent attack. First, a single mining pool/entity/individual would have to control over 50 percent of a network’s mining power. Second, the energy expenses related to the same, based on renting or sheer purchase of mining power.

Dividing the parameters of performance into two key parts, LongHash initially looked at the one-hour attack cost based on data from OnChainFX as on June 19, and consequently, the percentage of mining power available for rent on NiceHash. The matrix for an unsuccessful attack would be a high one-hour attack cost with low power availability, deeming the network “quite safe.”

Source: LongHash

Bitcoin took the top spot, with the report stating that there exists “very little power available to rent,” coupled with a “very high hourly attack cost.”

Traversing down the estimate cost Y-axis, several coins are scattered including, LTC, ETH, BCH, ZEC, BSV, DASH, and XMR, citing low power available via NiceHash. However, the estimated cost to rent the mining power is fairly low.

The report added,

“Most tokens, however, are clustered in the bottom-right corner of our chart, with low mining power availability and hourly attack costs north of $10,000, which makes them appear relatively safe.”

Moving horizontally further down the total mining power X-axis, BTG is the sole cryptocurrency exhibiting around 35 percent mining power availability on Nice Hash, with the lowest estimated cost to rent 51 percent of mining power for sixty minutes.

The biggest worry by far, was Ethereum Classic. The ETH hardfork had more than 80 percent of its mining power available on NiceHash, while the hourly attack was estimated to cost less than $10,000.

Earlier this year, the ETC network was the subject of a 51 percent attack, with several exchanges pausing ETC-related transactions in the process. The attack led to several cases of network double-spends and re-organisations totaling around $1.1 million or 219,500 ETC.





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