The cryptocurrency market that is popular for its volatility is still moving sideways, with the 11th largest cryptocurrency, Tron [TRX] displaying no extraordinary trends. As the week took off, the price of TRX was recorded at $0.0255 with a market cap of $1.67 billion. However, Tron experienced a slump in its price across the week to trade at $0.024.
At the time of writing, TRX is down by 1.54%, trading at $0.024 with a market cap of $1.57 billion. The current trading volume in the past 24 hours for the cryptocurrency is observed at $86.3 million.
In the 1-hour candlesticks of the coin, the downtrend from $0.0274 to $0.025 and the uptrend moving from $0.023 to $0.0243 have given a considerable amount of space for the trend breakout to occur.
The Bollinger Bands are opening the bottleneck broader to indicate an increased volatility in the future.
The Parabolic SAR is suggestive of an upcoming bearish market for Tron. This is clearly evident by the alignment of the dots above the candlesticks.
Meanwhile, the RSI indicator is also holding a similar stance on the TRX market. Currently, it is floating low on the chart but pointing upward, not confirming its prediction.
In the above time frame, the support for the Tron candlesticks is set at $0.0182 with the downward trend-line from $0.0925 to $0.0244 about to converge with the support to form a descending triangle.
The MACD looks negative on the prediction for the TRX market. Currently, the indicator is dancing below the signal line after making a bearish crossover.
The Awesome Oscillator is also showing the signs of a bearish market for the cryptocurrency as it is flashing red at the moment.
Lastly, the Chaikin Money Flow indicator is traveling below the 0-line, displaying no enthusiasm towards a bullish market for Tron.
The conclusion drawn by this technical analysis is that the price of TRX will be bearish in the upcoming trends, as suggested by all the indicators used above. Furthermore, the downtrend is likely to form a descending triangle with the support, to indicate a drop in the market.
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Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
— AMBCrypto (@CryptoAmb) June 24, 2019
Crypto News – 24 June
Erik Voorhees on Bitcoin: According to the CEO of Shapeshift, Bitcoin’s relative traceability has allowed governments to become comfortable with it
Read more at https://bit.ly/2WVviJW
Max Keiser on gold’s ‘resurgence:‘ Max Keiser made news after he stated that Bitcoin’s growing popularity as a competing store of value and millennials were responsible for gold resurfacing in the conversation about store of value assets
Read more at https://bit.ly/2Xve2zp
Tron back in the top 10: A month after CEO Justin Sun promised to get Tron back in the top 10 of the world’s largest cryptocurrencies, TRX surged by over 6% to achieve the same by overtaking Cardano
Read more at https://bit.ly/31TXekX
Bank of International Settlements on Libra: While talking about Facebook’s Libra, BIS’s report attested to the need for sound public policy, financial regulation, competition regulation, and data privacy regulation
Read more at https://bit.ly/2Fsoptu
Bitcoin short futures position on the rise: According to a Twitter user, 70% of all Bitcoin short futures position are taken by four traders
Read more at https://bit.ly/31Om4CQ
LocalBitcoins’ Russian Ruble trading charts: According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement
Read more at https://bit.ly/2JgRWYz
Howard Chu on Monero: According to the Founder of Symas Corp., Monero was “outstripping” other projects in the space which have larger budgets, in light of the new features added to Monero
Read more at https://bit.ly/2Y8IsEQ
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