Connect with us

Analysis

XRP/USD Technical Analysis: Cryptocurrency sees stagnated price price movement as bull and bear tussle

Akash Anand

Published

on

XRP/USD Technical Analysis: Cryptocurrency sees stagnated price price movement as bull and bear tussle
Source: Unsplash

The rollercoaster cryptocurrency market has displayed multiple ups and downs with many popular coins showing very similar trends on the charts. Bitcoin [BTC], Ethereum [ETH] and XRP all show a gradual stagnation in prices with an apparent lack of bearish or bullish breakouts.

1 hour:

The one-hour graph for XRP shows the prices varying ever so slightly with the recent downtrend gaining predominance. The downtrend brought the prices down from $0.39 to $0.36. The support has been holding at $0.358 while the immediate resistance is at $0.396.

The Relative Strength Index shows the cryptocurrency holding between the oversold zone and the overbought zone, a sign of the buying pressure-selling pressure equilibrium.

The Chaikin Money Flow indicator is holding below the zero line. This is indicative of the money flowing out of the market being much higher than the money coming into the market.

1 day:

XRP’s one-day graph displays the sideways movement of prices which is reflective of the tussle between the bull and the bear. The long-term support is at $0.261 while the recent downtrend lowered the prices to $0.294 from $0.515.

The Awesome Oscillator after a month of high momentum shows a gradual lull. The lack of momentum goes hand in hand with the lack of price outbreaks.

The MACD indicator shows the signal line and the MACD line moving in a conjoined manner after a bullish crossover. The MACD histogram currently shows green after an extended bear hold.

Conclusion:

The above-mentioned indicators all point to a general dearth of significant bearish falls or bullish hikes. After a month of rapid changes in prices, January seems to be looking at XRP treading the line between the bull and the bear.





Subscribe to AMBCrypto’s Newsletter


Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

Avatar

Published

on

Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





Subscribe to AMBCrypto’s Newsletter


Continue Reading