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Tron [TRX/USD] Technical Analysis: Cryptocurrency faces the bear again after enjoying bullish surge

Akash Anand

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Source: Unsplash

Tron [TRX] has been enjoying the bull run over the past couple of days, with the cryptocurrency seemingly coming out of its bearish rut. TRX, which made news recently for breaking its daily transaction record, has not stopped its developmental role, thanks to its founder and Chief Executive Officer, Justin Sun.

1-hour:

The trend lines indicate an uptrend with the Tron price increasing from $0.022 to $0.0239. The support has been holding at $0.021, while the resistance has been maintained at $0.0249.

The Parabolic SAR points to a bearish market, with the markers maintaining above the price candles. The overall analysis of the past couple of days, however, shows the PSAR indicating a bearish rise.

The MACD has started on a downward path after crossing over at the top of the MACD histogram. The histogram has been a mix of both bearish and bullish spikes.

The Chaikin Money Flow indicator has maintained close to the middle of the axis, pointing to a balance in the inflow and outflow of money in the cryptocurrency market.

1-day:

The TRX one-day graph shows the cryptocurrency undergoing a consistent slide in prices. The trend lines indicate the price falling from a peak of $0.081 to $0.023. The support has been maintained at $0.018.

The Bollinger bands have taken the shape of a pipe, which is a sign of the sideways price movement. The lack of Bollinger clouds also shows that the bear has been maintaining a stronghold in the cryptocurrency market.

The Relative Strength Index graph is hanging in the middle of the overbought and oversold zone. The middle hold indicates an equilibrium between the buying pressure and the selling pressure in the market.



Conclusion

The above-mentioned indicators mostly point to Tron prices moving in a sideways manner, with the bear slowly gaining strength. Only the RSI graph shows a glimpse of the bull in an otherwise bear market.





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Bitcoin SV [BSV] block reorganisation: Network not reliable for payments, says BitMEX Research

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Bitcoin SV [BSV] Block reorganization; network not reliable for payments: BitMEX Research
Source: Pixabay

Bitcoin SV [BSV] was in the limelight because of its touted large blocks, especially the 128MB blocks, highlighted by its spearheads. Just weeks after the feat, the coin’s blockchain was subjected to multiple block reorganizations as pointed out by a series of April 19 tweets by BitMEX Research.

The tweets indicated that on April 18, the exchange’s BSV node saw dual block reorganizations. BitMEX stated:

“First a 3 block re-organisation, followed by a 6 block re-organisation.”

Source: Twitter

BitMEX cited block 578639 as the location of the split, where the two competing chains were noticed. The tweet further stated that the exchange’s note kept track with the chain on the left until block 578642, following which it moved to the right. In the next hour, there was another jump to the left.

The research, however, contends that all the Transactions IDs [TXIDs] from the aforementioned fork migrated to the main chain, hence, double spending can be ruled out.

In light of this reorganization, BitMEX stated that the inference drawn can be that the BSV network cannot be relied on for payments, the block size touted to be too large to handle, and the network latency was too high.

With the BSV network incapable of handling a block of such a size, as the research indicates, their touted goals seem far-fetched. The cryptocurrency’s camp has maintained that their intention was to raise the default block cap to 512MB, with the same to be raised to 1-2GB in the future.



Jimmy Nguyen, one of the leads of the BSV project has even suggested blocks with no specified limits, with the same configured by the miners.

Block size apart, Bitcoin SV has been going through a tumultuous period off-late. The coin has been subject to a number of delisting announcements from top exchanges following the legal challenge mounted by its founders, which some have compared to “bullying”.





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