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Tron’s TRX left basic support and resistance levels untested

The crypto market recorded a positive day on Tuesday

After a significant drop on Monday, Bitcoin and the entire crypto market managed to recover quite well thanks to the Fed. The correlation between Bitcoin and the stock market has increased in the last few days. The Federal Reserve has said it will buy bonds worth up to $ 250 billion. As a result, the stock market reacted positively to the news and Bitcoin simply followed suit.

As for the other major cryptocurrencies, Tuesday was a mixed day. Bitcoin Cash SV (+2.11%), Ethereum (+1.90%), and Monero’s XMR (+2.07%) led the way up. Binance Coin (+0.24%), Bitcoin Cash ABC (+0.67%), Cardano ADA (+1.12%), EOS (+0.83%), Litecoin (+0.23%), Stellar’s Lumen (+1.24%) and TRX of Tron (+0.06%) were also in green territory.

On the other hand, Ripple’s XRP and Tezos fell by 0.08% and 0.55%, respectively.

At the time of writing, the total crypto market capitalization is $ 267.53 billion. Trading volumes from the last 24 hours reached 67.47 billion dollars.

Bulls and bears on Bitcoin are fighting for control

BTC/USD fell to $ 9,425.70 in the early hours of Wednesday when the bears took control after bullish Tuesday. The dominance of sellers is expected to continue in the next sessions according to the MACD indicator.

The bulls will need a clear break above the 10,000 resistance to be able to resume the upward movement to $ 10,500. On the downside, a price drop below the 50-day SMA (at $ 9,358.7) could trigger a deeper correction to $ 8,673.20 and then to $ 8,164.20. A break below this support could attract further sales and lead to a downside trend. The dominance of Bitcoin is now 66.16%.

Technical analysis of TRX/USD

After weeks of sideways trading, Tron finally began to increase in early June. But after reaching a temporary peak at $ 0.01856 on June 8, Tron’s TRX lost bullish momentum again and is trading in the $ 0.01613 area today.

The closest resistance is the high from Tuesday at 0.01624 dollars. A clear break above this level and the next resistance at 0.01670 will be needed to continue the price its recovery higher. The weekly chart shows that since March TRX/USD has been moving in a formed triangle, and the break is already close. In the medium term, Tron is possible to test the $ 0.028 level if the upper border of the triangle and the psychological resistance of $ 0.020 is breached.

However, if the pair fails to cross yesterday’s high of $ 0.01624, the bears will take the price to the first support $ 0.0160. In the event of an extended sell-off in the crypto market, Tron’s TRX will likely test $ 0.01500 (Monday low) before a possible recovery.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin, or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Will TRON be able to build bullish momentum?

Altcoins keep trading in the range against the backdrop of low trading activity

Bitcoin and all major altcoins are mostly trapped in their ranges in the early Asian hours of Wednesday. The market is a mix of red and green as there are currently no clear pricing patterns. The total market capitalization of cryptocurrencies reached $ 196 billion, almost unchanged from that time yesterday. The average daily trading volume dropped to $ 66 billion. Bitcoin’s market share was 66.2%.

Bitcoin will need to go back through to $ 7,210 to support the upside momentum to the first resistance level at $ 7,384. However, if the price fails to return to the $ 7,200 level, Bitcoin may slide deeper into the red.

Still, the current momentum is bullish against the low volatility, at least until the bulls kepps BTC above $ 7,100.

 

TRON builds upward momentum

Last week, there was an announcement that the era of simulated mining is coming for TRON (TRX). Just days after the DDOS token begins to advertise its game, another asset, TGOLDE, prepares to begin simulated mining. This would be the third token in the ecosystem to take on network resources previously set aside for transaction and distributed app usage.

Looking at the chart, the TRX price has been following a trend line of support over the past 18 months. After touching it in September 2019, the digital asset has started its current uptrend.

In addition, MACD has made a bullish cross on the daily chart, which is a very positive development. The only last time this happened, the TRX went up by about 180%.

 

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Technical analysis of TRON

This week, TRON performed very well and rose about 7% yesterday. In fact, apart from Cardano, TRON is the only other cryptocurrency in the top 20 that has made a profit in the last 24 hours. All the rest are in red.

Now, as the price goes up, we have a resistance trend line at $ 0.0157 on the 4-hour chart. It could limit temporary the bullish momentum. A clear break above it will clear the way ahead of the bulls to the next target at 0.020. Just below it is the 100-day SMA, currently at $ 0.0171, which may also limit the correction.

The price is currently testing 50 SMA on a 4-hour chart. The RSI indicator gradually rises to level 70 after escaping the oversold zone on Sunday. If the upward slope persists, buyers should continue to increase their momentum and may encourage rally to $ 0.02.

On the downside, a failure of TRX to stay above 0.140 could send the price down again under bears control, with probable testing of the last bottom at $ 0.013.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Bitcoin, ETH and XRP lead the market in retreat on Wednesday

The crypto currency market has been bullish for the past 48 hours. However, gains related mainly to the improvement of the technical picture across the board, however, were unsustainable. Most analysts believe that because of the low volume, the breakthrough on Monday and Tuesday cannot be contained. And that’s why the market is sliding back into the red this morning, led by the first three crypto currencies – Bitcoin, Ethereum and Ripple.

Bitcoin dominance continues to decline, giving the Altcoins more breathing space

Bitcoin has dropped 2.71% in the last 24 hours. Yesterday, the price suddenly retreated from the high around $ 8,500. The negative price action continued in the Asian session today, with BTC touching the intraday low of $ 8,154.6 for the moment. The main crypto currency will have to go back above the morning high at $ 8,327.4 to support the rally to the nearest resistance of $ 8,350. A clear breakout above this level will open the door to the bulls for re-testing $ 8,500.

At the beginning of the month, the total market capitalization of cryptos fell from a peak on Monday of $ 226.12 billion to the bottom of $ 219.94 billion. At the time of my writing, the total capitalization of the crypto market was $ 221.15 billion. And the moderate loss of Bitcoin yesterday led to a slight increase in its dominance. At the time of writing, the dominance of BTC is 67.8%.

In October, the next key period for Bitcoin and the crypto market will be in the middle of the month. This is the SEC’s deadline for approving or rejecting the Bitwise Asset Management’s Bitcoin ETF proposal.

Daily technical analysis of Stellar Lumen and Tron

For the remaining 10 crypto currencies, Tuesday ended mostly in red. Stellar and Ripple led the way down, sliding 5.4% and 4.76% respectively.

Stellar (XLM), which intends to remove its inflation function in the upcoming upgrade, has been struggling to keep its gains from the last 7 days. The coin rose by a modest 5.33% last week and was trading at around $ 0.060 at the time of publication.

The digital currency will have to break through this level in order to keep the upside momentum to the first resistance at $ 0.06222 (yesterday’s high). In the case of a broad-based rebound in the market, the $ 0.06505 level could be back in the game before we see any pullback. If the price fails to move well above 0.0600, we can see Stellar Lumen struggle throughout the day with testing of $ 0.05657 support.

Similarly, Tron (TRX) continued its bearish sentiment today as it dropped from $ 0.0148 to the intraday bottom of $ 0.0137. The daily chart shows us that the market found strong resistance around $ 0.0185 (double high since September) and support in the area at $ 0.0116. The MACD indicator, however, signals a reversal of momentum from the bearish to bullish. Immediate resistance is the 50-day Simple Moving Average (localized at 0.0160). There is also a downside trend line on the daily chart. A clear break above this area will be required to confirm the bullish momentum.

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Crypto market colored in red, but TRON is on green territory

The crypto market has seen heavy losses on Tuesday. The total capitalization of all digital assets in circulation fell to $ 251 billion from 256 billion registered at that time on Tuesday. The average daily volume of trade increased to 82 billion dollars.

The cryptocurrency market tried to recover during the Asian hours on Wednesday, but Bitcoin and most of the top-20 Altcoins are still on the red territory, losing from 1% to 9%. The BTC/USD sellers were in full control on Tuesday as the price dropped from $ 8,102 to $ 7,500. But, actually Tezos and Ethereum Classic were the two biggest losers.

On this negative background, maybe you would ask if there some digital currencies that made a profit? Oh, yes, and what kind of profit only. Here are the most profitable cryptocurrencies:

Is Bitcoin SV targeting $ 300?

After the fork in November 2018, Bitcoin SV and Bitcoin Cash ABC was born on the market. Since then, Bitcoin SV has been gradually decreasing. From May 21, however, the upside movement began and the price reached its highest value of $ 252.06 on May 30. In the last 7 days, the cryptocurrency has achieved an enormous 81.88% growth. Then the price started a slight decrease and settled in the area of ​​$ 226.0 at the time of my writing.

If BSV follows Eliot’s Wave Model, we already have three waves built. Now, after a slight decrease to $ 180 (wave 4), the 5th last bullish wave should soon begin. If this happens, the Bitcoin SV is likely to test the region around $ 300.

TRON is the second best-performing Altcoin from top-20

TRON (the 11th largest digital asset with a current market capitalization of $ 2.3 billion) has become an undisputable growth leader for the day. TRX has gained over 5% over the past 24 hours, opposing the general bearish sentiment of the crypto market.

Maybe behind this upside momentum is the news that TRON Foundation’s CEO Justin Sun won a lunch with Warren Buffett, the guru of the financial markets and an outspoken critic of cryptocurrencies. Perhaps he will use this chance to promote digital assets.

Clearly technical, TRX/USD found support at the psychological level of $ 0.0315, where the 100-day SMA of the 4-hour chart is located. A sustainable move below this zone should open the doors to the next goal of the bears in the $ 0.0284 area (SMA 200 at 4 hours) followed by $ 0.0272 (SMA 50 on the daily chart).

On the upside, a clear break above $ 0.0360 (yesterday high) will be needed to resume the growth. Once it is cleared, the probability of raising the bullish momentum is high, with the next bull’s focus going to the area of ​​$ 0.04. This area was rejected during the initial breakthrough attempt on June 2.

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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