The bear attack on the cryptocurrency market has intensified with several coins falling off the bullish ramp. Popular cryptocurrencies like Bitcoin [BTC] and XRP have all turned over to the bear’s side which has been marked by significant price drops.
The one-hour XRP chart shows the consistent price decline interspersed by slight bullish rises. The prices have undergone both an uptrend as well as a downtrend with the rise taking the price from $0.336 to $0.347 while the following downtrend saw the price drop from $0.368 to $0.352. The support has been holding at $0.342 while the resistance is at $0.402.
The Parabolic SAR has been predominantly bearish which is indicative of the bearish trend. This is shown by the markers staying above the price candles.
The Bollinger band, after holding a sizeable cloud, has started a convergence, a sign of the current trend ending.
The MACD indicator is holding below the histogram and has continued falling below after a bearish convergence. The MACD histogram has also displayed a bearish dip in prices.
The one-day graph paints the picture of a sustained price movement pockmarked with a single uptrend followed by drops. The uptrend had increased the prices from $0.576 while the downtrend saw the prices fall to $0.357. The long-term support has been withstanding at $0.265.
The Relative Strength Index is holding very near the overbought zone after falling from the overbought zone. The hold near the oversold zone indicates that the selling pressure is more than the buying pressure.
The Chaikin Money Flow indicator has spiked below the zero line after being above it. The fall below the axis means that the money flowing out of the market is more than the inflow.
The crypto winter has not been kind to the cryptocurrency market with all the above-mentioned indicators taking the side of the bear. XRP, which has grabbed the headlines multiple times over the past few weeks developments, has still not been able to escape the acute price slide.
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TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?
A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.
Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.
The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.
Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.
TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.
XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.
Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,
Hopefully the bull this time will be a steady and solid one, not a violent delight leading to a violent end
— Dovey Wan 🗝 🦖 (@DoveyWan) June 18, 2019
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