TronWeekly

Crypto World News

You are here: Home / Archives for Opinion / Market Analysis

Market Analysis

Tron [TRX] says sayonara to the bear as the bull makes a grand entry

by

The crypto-verse was noted exerting a mixed notion. While coins like Tron [TRX], Ethereum Classic [ETC], and several others were enduring a downfall, the top five assets were seen bagging gains. Dogecoin [DOGE] and Ethereum [ETH] were seen as contributing to the overall market cap of $2.43 trillion.

Tron [TRX], however, fell back in terms of market cap as it dipped down to the 19th rank. TRX climbed the crypto ladder a couple of days ago, but it was quick to fall back. TRX’s market cap was $10.88 billion at the time of writing.

Additionally, the altcoin was trading for $0.15 with a 6.69% dip in the last 24-hours, during press time. Justin Sun’s coin had a good run throughout the week as it bagged gains of over 16%.

Tron [TRX] One-Hour Price Chart On Binance

Tron

The short-term price chart of TRX noted maximum bullishness. The Awesome Oscillator indicator rolled out green closing bars pointing out the presence of the bulls. Earlier today, the MACD line took over the signal line and formed a bullish crossover. After spending an entire day with the bears, this trend reversal in the TRX market seemed to be beneficial for the altcoin.

A lot of sellers’ activity was noticed in the one-hour price chart of TRX, the Money Flow Index indicator asserted.

Tron [TRX] One-Day Price Chart On Binance

6ykOeItd

The one-day price chart of TRX was echoing the sentiment noticed on TRX’s short-term chart. The Parabolic SAR indicator laid out dotted lines below the candlesticks stopping the altcoin from dipping. The Chaikin Money Flow indicator managed to retain itself over the zero median which in turn announce the presence of bulls in the TRX market.

Contrary to the notion found in the short-term chart, the Relative Strength Index indicator suggested that the buying activity in the TRX market was higher than the selling activity.

Dogecoin [DOGE] eyes the 3rd spot as its market cap edges close to Binance Coin’s

by

Dogecoin [DOGE] seemed to be overpowering Bitcoin [BTC] in terms of popularity as TikTokers continue to pump the meme coin. DOGE was seen transpiring into becoming unstoppable. The altcoin not only rose in terms of price but also climbed up the crypto ladder as its market cap was on a rise.

Elon Musk’s consistent endorsements continue to pose beneficial to the altcoin as it was seen making its way on to $1 While Musk prepares to host Saturday Night Live as the “Dogefather”, the meme coin rose to an all-time high of $0.73. At the time of writing, Dogecoin had witnessed a slight pullback which brought the coin down to $0.70. The last 24-hours helped the altcoin bag gains up to 11%. Over the week, DOGE scored profits of almost up to 100%.

Furthermore, the market cap of DOGE has been turning several heads. The altcoin managed to climb up all the way to the fourth position as coins like XRP and Tether [USDT] fell back. At the time of writing, DOGE’s market cap was at a high of $91 billion. The asset’s market cap was extremely close to that of Binance Coin’s [BNB]. Speculations of DOGE surpassing BNB’s $97 billion market cap began to surface in the crypto community.

Dogecoin [DOGE] One-Day Price Chart On Binance

Dogecoin

The short-term price chart of DOGE revealed that the bulls were camping out in its market. The Awesome Oscillator indicator laid out strong green closing bars which suggested a bullish momentum in the DOGE market. The Chaikin Money Flow indicator was seen mirroring this sentiment as the marker was above zero median. This further pointed out the presence of bulls.

Additionally, the Relative Strength Index indicator announced that DOGE was being overbought as the marker was all the way at 70 median.

The persistence of the ongoing sentiment could push the coin over to $1. Despite the asset’s notable price movement, several have been adamant about not purchasing the altcoin. However, a few others were sure that Dogecoin would hit $1 by the end of SNL.

XRP witnesses emergence of the bears as its journey to $2 endures heckles

by

The ongoing sentiment in the crypto market was quite muffled as coins like XRP, Binance Coin [BNB], and the rest in the top five were slumping. The five coins in the top ten were, however, bagging significant gains.

XRP, despite enduring a drastic drop, managed to climb back up. Ripple’s fallout with the SEC almost had the community preparing for XRP’s journey to zero. However, XRP was seen moving towards achieving its three-year-old all-time high of $3.84. Last night wasn’t very favorable for the altcoin as its journey to $2 was interrupted by the bears. At the time of writing, the altcoin was trading for $1.59 with a price drop of 2.87% in the last 24-hours.

The market cap of the altcoin had also witnessed a dainty slump, but the asset managed to retain itself in the top five. During press time, the market cap of the altcoin was noted at $72 billion. The altcoin was recently defeated by Dogecoin [DOGE] as the meme coin took over the fourth position.

XRP One-Hour Price Chart On Binance

XRP

The short-term price chart of XRP was critical as the bears were making their way into its market. The Parabolic SAR indicator formed a long string of dotted lines over the candlesticks, insinuating a bear market as this line acted as resistance, further limiting the chances of an upward breakout. The MACD indicator was in a bearish crossover; however, a trend reversal was possible because the MACD line was trying to cross the signal line.

A lot of XRP traders were seen selling their holdings as the Money Flow Index noted significant selling activity in the market.

Despite this bearish momentum in the altcoin’s market, the community remained positive and suggested that the coin had the potentials of reaching $5. The court’s recent verdict with regard to the Ripple vs SEC could have influenced this sentiment.

Tron [TRX] Struggles Near $0.14, But Bullish Signals Persists

by

Tron [TRX] has managed to hold on to the 20th position in the crypto leaderboard. It had sustained a major correction against the US Dollar in April. Following a week-long consolidation, the digital asset managed to steer clear of the immediate resistance of $0.13 and eye recently hit multi-year.

It accrued gains worth 16.25% over the past seven days, after being on a steady recovery route. The latest push coincided with Tron Foundation’s partnership with DAO Maker.

After rallying by 10.25% over the past day, Tron [TRX] pushed its price to $0.143. At the time of writing, the crypto-asset registered a market cap of $10.28 billion and a 24-hour trading volume of $5.54 billion.

Tron [TRX] Daily Price Chart:

TRX 1

The price seemed to be struggling to hold the current level. The converging Bollinger Bands on the 24-hour Tron [TRX] chart evidenced a period of low volatility in the coin market. Meaning, an abrupt trend change on either side might not transpire in the near-term.

On the brighter side, the upward movement of the price found significant support from the volume which also noted an uptick after laying low for nearly two weeks.

TRON

TRX’s chart also depicted a phase of low but bullish momentum in the coming days as closing bars of Awesome Oscillator turned green. In line with this, the MACD also flipped to bullish crossover on the 5th of May and the rising gauge was indicative of a increasing buying demand by the market participants.

The RSI was also well above the 50 median line despite being turned down from the overbought conditions. This indicated a sentiment of buying pressure among the traders in the TRX market.

Tron [TRX] is suspected to head higher as sell signal did not deter the bulls. In this case, the asset is likely to face resistance at $0.164. The support levels, on the other hand, were found to be at $0.111 and $0.086 respectively.

Litecoin [LTC] edges close to its three year high of $375

by

While Bitcoin [BTC] brought down several assets, a few others rebelled and were seen traversing with the bull. Litecoin [LTC], Chainlink [LINK], and Bitcoin Cash [BCH] were all in high spirits. Dogecoin [DOGE] was, however, the star of the show. Not only did the coin climb up the crypto ladder but also recorded a significant rise in its price. Just as DOGE was aiming for $1 with a 42% rise in the last 24-hours, BTC was still stuck at $55K.

Despite being one of the earliest cryptocurrencies, Litecoin [LTC] remained below several currencies that entered the industry much later. The altcoin currently stands as the tenth-largest cryptocurrency with a market cap of $22 billion. Uniswap [UNI] wasn’t too far ahead giving LTC another chance to surge to the ninth position.

At the time of writing, LTC was trading for $342 with an 8% surge in the last 24-hours. The last seven days did aid in the asset’s recent price soar as it bagged gains worth 30.15%. The altcoin wasn’t too far from its all-time high of $375.29 that it achieved about three years ago.

Litecoin [LTC] One-Day Price Chart On Binance

Litecoin

The one-day price chart of Litecoin [LTC] noted immense bullishness. The MACD line had taken over the signal line and went on to form a bullish crossover. This change was noted at the beginning of the month as the end of April was bleak for the altcoin. The Chaikin Money Flow indicator remained over the zero median, residing in the bullish arena.

The Bollinger Bands indicator pointed out limited volatility, however, the bands were seen diverging.

vo6aNMjw

The Money Flow Index indicator used in the one-day chart revealed a buyers’ sentiment, The Relative Strength Index indicator announced that LTC was being overbought as the marker was seen aiming for 80 median.

The persistence of this bullishness could help the altcoin reach its all-time high of $375.

Ethereum’s [ETH] Dominance Surges As Its Price Nears $3.5K

by

The crypto market was seen taking different turns. Ethereum [ETH] was growing in terms of both market cap as well as price. Dogecoin [DOGE] followed suit. As DOGE’s market cap hit $58.76 billion, it overhauled the largest stablecoin Tether [USDT] and took over the fifth position. Almost all the other assets were noted enjoying their stay with the bulls.

Ethereum [ETH] stepped into May in high spirits as the altcoin soared to a high of $4,450. The bulls were all for ETH as the asset had been experiencing significant growth over the last couple of days. During the time of writing, ETH was trading for $3,305 with a 5% rise in the last 24-hours. Over the last 24-hours, ETH had recorded gains of up to 31%.

The market cap of several assets was seen recording new highs. While Binance Coin’s [BNB] market cap hit a high of $100 billion. Ethereum was noted trying to achieve $400 billion as its market cap was at a high of $384 billion.

Ethereum [ETH] One-Hour Price Chart On Coinbase

Ethereum

The short-term price chart of ETH revealed that the altcoin’s chances of moving ahead to $3,500 weren’t very bad. The green closing bars formed by the Awesome Oscillator on the one-hour price chart of ETH noted that the bulls were in the market. The Chaikin Money Flow indicator was seen in the bullish arena. The Relative Strength Index indicator pointed out a buyers’ sentiment in the ETH market.

Ethereum [ETH] One-Day Price Chart On Coinbase

Ethereum

The Parabolic SAR indicator formed dotted lines below the candlesticks further suggesting a bullish notion on the one-day price chart of ETH. The MACD line took over the signal line forming a bullish crossover. The Money Flow Index [MFI] was noted in the buyers’ zone revealing that the ETH was being overbought.

With all the signs inclining towards the bulls, ETH could hit $3.5K sooner than expected.

Tron [TRX] Struggles To Maintain Foothold Above Recently Reclaimed $0.125

by

Tron’s [TRX] attempt to push back the bulls have been met with severe resistance. Even as the digital asset was up by 20.35% over the past week, it slid to the 20th position in the leaderboard.

It is important to note that the collective altcoin cohort has witnessed an abrupt shift in volatility throughout the month of April which appears to be amplifying as May dawned. Bitcoin has steadied below $60K, while Ethereum registered a new ATH and was now seen pushing the coins towards a rally.

Tron [TRX] was still in the red zone after incurring a loss of 2.52% over the past day. The crypto-asset was exchanging had at $0.126 while recording a market cap of $9.06 billion and a 24-hour trading volume of $2.01 billion, at the time of writing.

Tron [TRX] 24-hour Price Chart:

TRX

Tron’s [TRX] revival attempts have been rejected at several key points which has pushed the crypto-asset deeper to the bearish realms. The mouth of the Bollinger Bands was open but not diverging which depicted a period of volatility in the coin market.

The low volume has failed to provide firm support and push the price of the coin even as the altcoin market noted sharp surges in recent weeks.

TRX2

Tron’s [TRX] technical indicators were struggling. The red closing bar of the Awesome Oscillator depicted a weak bearish momentum in the coin market.

The Chaikin Money Flow [CMF] also flailed above the zero line depicting a low inflow of capital into the TRX ecosystem.

Similarly, the RSI, too, has been hovering above the 50 median line with some difficulty in tandem with TRX price movement which demonstrated that the bulls have bought the dip. This, in turn, has led to a sentiment of rising buying pressure in the market which could push its price higher.

The resistance levels for Tron was found to be at $0.137, and $0.164 while the support points were found to be at $0.111 and $0.862 respectively.

Bitcoin Cash [BCH] Steps Into May With Significant Gains

by

The month of May started off on a good note for several coins including, Ethereum [ETH], Bitcoin Cash [BCH], and several others. The altcoin market emerged in terms of both price as well as market cap. The overall market cap of the crypto-verse rose to $2.21 trillion with the altcoins accounting for most of it.

With a 24-hour price rise of 9.49%, Bitcoin Cash [BCH] was right behind Dogecoin [DOGE] in bagging daily profits. The altcoin was trying to surge past $1K, however, a prominent line of support was still in the making as it kept slipping back below its milestone. BCH, during the time of writing, was trading for $1,009. Over the last seven days, the altcoin scored gains of over 29%.

While several coins like Litecoin [LTC] and Chainlink [LINK] failed to stay in the top ten, BCH managed to retain itself as the tenth-largest cryptocurrency. The altcoin’s market cap was noted at $18.73 billion, quite close to that of Litecoin’s.

Bitcoin Cash [BCH] One-Hour Price Chart On Coinbase

Bitcoin Cash

The bears were noticed hibernating in the short-term price chart of BCH. While the Bollinger Bands indicator affirmed limited volatility as the bands were converging, the Awesome Oscillator indicator suggested that this was for the best. The Awesome Oscillator indicator laid out red closing bars insinuating the presence of the bears. The Money Flow Index indicator noted a buyers’ sentiment as the marker was over the 50 median.

Bitcoin Cash [BCH] One-Day Price Chart On Coinbase

Bitcon Cash

Contrasting sentiments were observed in the short and long-term charts of BCH. The one-day price chart of BCH was welcoming the bulls. The MACD indicator was heading in for a bullish crossover as the MACD line was sluggishly trying to rise over the signal line. The Chaikin Money Flow indicator was seen dwelling in the bullish arena over zero median. The Relative Strength Index indicator suggetsed that the altcoin could have been moving towards the overbought zone.

Ethereum [ETH] Continues To Score Big As Its Price Inclines Towards $3K

by

The price change of prominent altcoins like Ethereum [ETH], Binance Coin [BNB], and Dogecoin [DOGE] paved the way for speculations of the emergence of the alt season. Bitcoin [BTC], however, didn’t fall back as it seemed to be getting back on track. The king coin recorded a 6% rise in the last 24-hours which pushed the price of the asset to $57,579. Despite this, the dominance of BTC remained below 50%, precisely at 48.7%.

This week has proved to be extremely beneficial for altcoins like Ethereum [ETH]. The altcoin has been recording new all-time highs almost every day. Even though ETH experienced minor blips at the beginning of the week, the asset bounced back and witnessed parabolic growth. Earlier today, ETH hit $2,868 which is the highest number the altcoin has recorded over the span of six years.

During the time of writing, the altcoin was seen experiencing correction as it was noted at $2,838. ETH, over the last 24-hours, was surging by 2.79%. In the last seven days, ETH bagged gains of about 24.64%.

Ethereum [ETH] One-Day Price Chart On Binance

Ethereum

The one-day price chart of ETH pointed out that the chances of the altcoin reaching $3K were high. The Chaikin Money Flow [CMF] indicator was over zero median which noted the presence of the bulls in the ETH market. The Awesome Oscillator indicator laid out green closing bars which further indicated a bullish momentum. The Money Flow Index indicator noted that the altcoin was being overbought as it way over in the buyers’ arena.

Furthermore, prominent analytics platform Santiment affirmed that the ongoing sentiment could persist. The platform took to Twitter to note that the trading activity on ETH was high as its price was soaring. The tweet read,

Additionally, the market cap of the altcoin was also on a roll as it rose to $330 billion. The market cap of Ethereum even surpasses PayPal which further put the crypto network on a pedestal.

Binance Coin [BNB] Climbs Back Over $600; Will This Trend Persist?

by

The crypto-verse was seen exerting significant volatility over the last few days. Binance Coin [BNB], XRP, Bitcoin [BTC], and several others were seen losing and gaining profits acquired in the previous months. While Bitcoin was still stuck at $54K, all the altcoin were seen jumping onto the train spearheaded by the bulls. Ethereum [ETH] was noted observing several all-time highs over the last week. The altcoin’s dominance rose to 15.2% while Bitcoin’s slumped to 47.9%.

Binance Coin [BNB] proved to be no less than any other coin as it managed to climb up the crypto ladder landing in the third spot. Even though other coins like Cardano [ADA] and XRP have tried to overhaul BNB, the asset has managed to regain its position as the third-largest cryptocurrency. At the time of writing, BNB’s market cap was noted at $94.81 billion. Furthermore, BNB was priced at $615.33 with a 7.67% surge in the last 24-hours. Over the week, BNB reportedly bagged gains of about 28%.

Binance Coin [BNB] One-Hour Price Chart

Binance coin

The bulls were seen taking a long nap in BNB’s one-hour price chart. The Chaikin Money Flow [CMF] indicator revealed a bullish momentum as the CMF marker was over the zero median. However, the marker was close to the border which seemed to be critical for the altcoin. The Awesome Oscillator, however, formulated long bold green closing bars which suggested the presence of the bulls in the BNB market.

The Money Flow Index [MFI] indicator pointed out that BNB was being significantly bought as it was all the way at the 80 median.

Binance Coin [BNB] One-Day Price Chart

XB2AYPjt

The Parabolic SAR indicator used in the one-day price chart of BNB mirrored the sentiment in the altcoin’s short-term chart. With dotted lines below the candlesticks, the altcoin’s chances of experiencing a downfall were bleak. The MACD indicator seemed like it was heading for a bullish crossover. The Relative Strength Index indicator suggested that a buyers’ sentiment had taken over the BNB market.