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Analysis

Tron, Verge, Dogecoin Price Analysis: 26 January

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Source: Pixabay

Tron hovered above its support level, but the market’s bulls could struggle to keep the price afloat in the short-term. Verge moved within a confined channel as momentum sided with neither the bulls nor the bears. Finally, Dogecoin fell below the $0.0085-resistance, but the indicators projected a bullish bounceback.

Tron [TRX]

Source: TRX/USD, TradingView

Tron’s price fell towards the $0.029-support level after the price failed to rise above the strong resistance level of $0.032. At the time of writing, Tron was trading close to the aforementioned support level, with TRX down by over 5% in the last 24 hours. Although the charts showed that TRX was above its press time support, the indicators suggested that the bulls might struggle to maintain that level.

The MACD registered a bearish crossover and if the red bars on the histogram rise in length, the price could test the next barrier at $0.028.

The Chaikin Money Flow showed that capital outflows were consistent with the crypto’s price drops, and a fall below zero could underline more bearishness for TRX.

Verge [XVG]

Source: XVG/USD, TradingView

Verge was moving rangebound, at the time of writing, as the 50-SMA (red) and 200-SMA (purple) offered some key resistance and support levels. Since there seemed to be a lack of strong momentum in the market, XVG could move within its present channel over the next few sessions.

The Awesome Oscillator showed that momentum switched back and forth between the sellers and buyers over the past few sessions. At press time, the AO was slightly bearish but lacked a strong momentum.

Finally, the On Balance Volume highlighted subdued buying activity.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin slipped below $0.0085 after the crypto-asset witnessed some selling pressure over the last 24 hours. While the press time support level is expected to hold the price, a further pullback in the broader market could see the price fall below $0.008. However, the indicators were primed for a reversal, and the price could head towards its upper ceiling in the short-term.

A bullish crossover on the Stochastic RSI is a positive sign for the price moving forward and suggested that DOGE could move north on the charts.

Since the candlesticks traded on the lower band of the Bollinger Bands, a reversal towards the upper band could be on the cards.

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A business graduate with a keen interest in emerging markets across South East Asia. As a financial journalist, he covered stocks and market reports across Australia and New Zealand as well.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.