TronWeekly

Crypto World News

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

Market Analysis

XRP’s Bond With The Bears Could Push The Altcoin Below $0.40

by

While almost all the assets surged to new highs during the latest crypto rally, XRP was probably the only cryptocurrency to have bagged the least amount of gains. Ripple squabble with the SEC was one of the primary reasons behind the destruction of the altcoin. As soon as the SEC went public with its lawsuit against Ripple for the trading of “unregistered securities” an array of crypto platforms dropped support for the asset.

The XRP community has been rooting for the asset to hit $1 for the longest time, however, the altcoin hasn’t made it past $0.74. At the time of writing, the altcoin was trading for $0.4768 with a 3.09% drop in the last 24-hours. The asset even incurred a loss of over 13% in the last seven days.

The altcoin witnessed a drop even in terms of market cap. The altcoin was dwelling as the fourth largest crypto for quite a while. However, currently, the asset sits as the seventh-largest coin with a market cap of $21.54 billion.

XRP One-Hour Price Chart On Binance

XRP

The short-term price chart of XRP was harboring both, the bears and the bulls. The Chaikin Money Flow indicator was rising over zero after its one-day stay below it. This is considered bullish and had restored some hopes for the altcoin. The Awesome Oscillator indicator was siding the bears as it formed red closing bars. The Money Flow Index that there was minimal buying or selling activity in the altcoin’s market.

XRP One-Day Price Chart On Binance

download 17 1

The one-day price chart of XRP revealed that the bears were intact in the market. The Parabolic SAR indicator has formed a line of resistance over the candlesticks which restricted any upward flow of the altcoin. The signal line took over the MACD line earlier this month and this trend persisted throughout the month. The Relative Strength Index indicator announced that a sellers’ sentiment had struck the XRP market.

Tron [TRX] Bulls Could Finally Be In Control Of The Market

by

Tron [TRX] slid to the 23rd position in the cryptocurrency leaderboard after an underwhelming performance this week. It amassed mere gains of 2.80% during the same time.

Tron’s multi-year high was cut short as it noted a volatile market for three-weeks straight that has hindered the bulls from carrying the coin further.

TRX was down by 2.98% over the last 24-hours which drove its price to $0.0599. At the time of writing, it registered a market cap of $4.3 billion and a 24-hour trading volume of $3.02 billion

Tron [TRX] Daily Chart:

TRX1

Tron [TRX] gained significant traction this month owing to Bitcoin and Ethereum hitting all-time highs. After breaking to a multi-year high, the crypto-asset entered the consolidation phase. And any possible uptrend signs appear to have halted.

Despite this, the support points continued to defend the current level Moreover, there here have been hints of a squeeze in volatility. The Bollinger Bands, for instance, were converging depicting a reversal in the ongoing trend. Could this mean that the much-needed rise?

Buy Pressure Gains Prominence

TRX 3

The Parabolic SAR sided with the bulls. Its dotted markers were found to be hovering below the Tron [TRX] candles supporting the coin’s price movement from an extended downfall.

The green bars of Awesome Oscillator also resumed depicting a shift to bullish momentum. Furthermore, the buying pressure, once again, has set in as depicted by the RSI which was well above the 50-median line and was now heading towards the overbought zone.

Previously, the RSI had rebounded after hitting a local top. But gearing up for another run essentially signified that an uptrend could be in the offing.

Taking the above charts into consideration, if a breakout to the upside for TRX does transpire, it could potentially target its immediate resistance level of $0.064 and $0.08 respectively.

Besides, the $0.05-level presents opportunities to buy the crypto-asset. Other region of support was found to be at $0.035.

Litecoin [LTC] And Binance Coin [BNB] Tussle To Hit $300 First

by

Just as Bitcoin [BTC] came close to hitting $53K, all the other assets mirrored a similar trend. Litecoin [LTC], as well as Binance coin [BNB], were seen moving past $200 after quite a while. As Litecoin was trying to get close to its previous all-time high of $375, Binance coin was seen driving towards $300.

While all other assets were seen aiding the growth of the overall crypto market cap, Litecoin was seen trying hard to climb up the crypto ladder. The digital silver, LTC was seen occupying the eighth place with a market cap of $15.41 billion. At press time, LTC was trading at $232.43 with a dainty price change in the last 24-hours. Over the last seven days, LTC had garnered up to 25% gains helping the asset reach a high of $238.

LTC/USD One-Day Price Chart On Binance

Litecoin

The one-day price chart of Litecoin exerted a bullish notion. The Parabolic SAR indicator with dotted lines below the candlesticks affirmed that the bulls were in the market. The MACD line had preceded above the signal line during the start of this month and this trend seemed to have prolonged. The Relative Strength Index indicator had been exhibiting a buyers’ sentiment throughout the month. At press time, LTC was seen up in the overbought zone.

BNB/USD One-Day Price Chart On Binance

Binance coin [BNB] had recorded an exceptional surge in the last couple of days. While the coin’s market cap hit $40 billion and took over as the third-largest cryptocurrency. At press time, BNB was surging by over 43% pushing the price of the asset to a high of $263.43.

download 64

BNB was seen steering towards $300 and the bulls were seen supporting the altcoin. The Awesome Oscillator was seen laying out green closing bars suggesting the presence of bulls in the market. The Bollinger Bands indicator had diverging bands which suggested fluctuations in the altcoin’s price. The Money Flow Index indicator announced that BNB was being overbought.

Both LTC, as well as BNB, was seen over $200. While both these assets were aiming at $300, the question lies in which coin could hit the number first.

Monero [XMR] To Come Across A Blip Before Making Its Way To $300

by

Privacy coins like Monero [XMR], Dash [DASH], and many others were sidelined during this bull run, thanks to the stringent laws against these assets. Nevertheless, most of these assets exhibited a laudable performance. Just when the overall market cap of the cryptocurrency industry hit a high of $1.60 trillion all the other assets were seen underpinning this trend. After a long stay within the top fifteen, Monero found itself slipping below the 20th position. Justin Sun’s TRX was also seen mirroring a similar course. However, during the time of writing, XMR had climbed up back into the eighteenth position was its market cap was recorded at $4.66 billion.

Over the last seven days, XMR bagged in gains of over 44% pushing the price of the privacy coin up to a high of $275. However, the altcoin retraced back to $261.42, during press time. The coin was seen witnessing a surge of 4.19% in the last 24-hours.

Monero [XMR] One-Hour Price Chart

Monero

The short-term price chart of privacy coin XMR was seen accomodating the bears. After quite a long journey to the hilltop, XMR seems to be taking a breather. The Parabolic SAR indicator set a barricade above the candlesticks in the XMR market to prevent any possible upward breakout. The Awesome Oscillator, on the other hand, revealed the strong presence of bears by laying out red closing bars. The Relative Strength Index indicator was exhibiting a neutral notion in the XMR market with no major buying or selling activity.

Monero [XMR] One-Day Price Chart

download 57

The Bollinger Bands used in the one-day price chart of XMR suggested that the coin was in for a surge in volatility. The MACD indicator had persisted the bullish crossover it had undergone earlier this month. The Money Flow Index indicator was seen gliding towards 80 median which suggested that the altcoin was being overbought.

While the all-time high of XMR was $495.84, which was achieved by the coin about three years ago, the bulls in the XMR market revealed that $300 was attainable.

Tron [TRX] Bulls Struggle To Gain Strength Above $0.55

by

Tron [TRX] recently exited from the top 20 positions by market cap on the cryptocurrency ladder. It risks elongated correction despite its feeble recovery attempt with just 10.53% in weekly gains.

After establishing a multi-year high, Tron faced significant selling pressure which triggered a drop to its immediate support level.

Over the past 24-hours, the crypto-asset faced a minor correction of 0.26% and was trading at $0.052. It recorded a market cap of $3.80 billion and a 24-hour trading volume of $2.23 billion.

Will Tron finally gain strength to aim for higher levels as the altcoin market look for recovery?

Tron [TRX] Daily Chart:

TRX 2

The above daily charts depicted a period of high volatility was likely to continue since TRX rose north of the $0.035-mark.

The moving averages were unfazed by Tron’s retracement. The gauge between the 50 DMA [Pink] and the 200 DMA [Purple] rose as the crypto-asset hit a local top after a two-week-long rally.

The DMAs did not mimic the sideways movement of the TRX price candles that started this week as they formed crucial support points resisting further market downtrend.

TRX2 2

The Klinger Oscillator projected a not so optimistic phase for the crypto-asset as the signal line continued to be the dominion after it underwent a bearish flip on the 14th of Feb.

The MACD has, so far, managed to maintain the bullish streak three straight weeks above zero. However, it appeared to be converging which could be a sign of increasing pressure by the bears and an extended sell-off case.

Despite falling from the overbought zone, the RSI, was however, well above the 50-median line depicting a sentiment of buying pressure among the investors in the TRX market.

Tron’s momentum shifted has towards the bearish side. But a damaging correction could be avoided at this stage which, in turn, is likely open up further upsides.

In which case, TRX could eye for its next immediate resistance level of $0.060. Upon crossing this, resistances at $0.064 and $0.072 could potentially come to play.

Moreover, its support levels was found to be at $0.034, $0.029 and $0.026 respectively.

Polkadot [DOT] Could Experience A Quick Correction Before Taking On The Bulls

by

Just as the crypto-verse was celebrating Polkadot’s [DOT] big progress to a high of $31.71, Bitcoin made a power move. The king coin hit an all-time high of $51,630.86 and shattered every bearish speculation ever made on the asset. The asset seemed to be hoarding the bulls as it aimed for $60K. While BTC was dominating the entire crypto market by over 61%, the market cap of the asset was seen at a high of $955.40 billion. After taking over Tesla and Facebook, BTC took over the prominent Chinese company Tencent.

During the time of writing, DOT was seen retracing from its all-time high. The altcoin was trading for $30.81 with a 2% rise in the last 24-hours. The coin had recorded an increase of 25% in the last seven days and seemed to be lengthening the trend. DOT is probably the only asset that has witnessed extreme growth despite being new to the crypto game. The asset currently stands as the fourth largest cryptocurrency with a market cap of $27.84 billion, ahead of prominent crypto assets like XRP, Litecoin, and others.

Polkadot [DOT] One-Hour Price Chart

Polkadot

The one-hour price chart of DOT revealed that the Parabolic SAR indicator was above the candlesticks. This indicated that a strong line of resistance was formed against any possible upward breakout. The MACD line sluggishly crept below the signal line which further proposed a bearish crossover. The Awesome Oscillator, however, involved the bulls as it formed green closing bars.

This confusing notion was habituating the DOT market. However, the majority was pointing at the bears.

Polkadot [DOT] Price Chart With Indicators

download 51

The Relative Strength Index indicator was implying a buyers’ sentiment in the DOT market. The Money Flow Index followed a similar trend as the marker was up in the buyers’ zone.

This trend could undoubtedly slow down the altcoin’s journey to $40 as the bears take over the short-term price chart.

Tron’s [TRX] Uptrend Halts As It Faces Rejection Near $0.06

by

Despite renewed uptrend, Tron [TRX] has failed to retain its position as the 20th-largest token by market cap in the cryptocurrency ladder. Over the past week, even as Tron has amassed gains of more than 44%, it failed to move through the several pivot levels which have left key support levels in play.

Days after showing positive signs, Tron’s consolidation faced serious rejections at points that were crucial for an extended uptrend.

Meanwhile, Tron was now trading at $0.0526 after sustaining a correction of 9% over the last 24-hours. At the time of writing, the crypto-asset recorded a market cap of $3.82 billion and a 24-hour trading volume of $3.81 billion.

Tron [TRX] Daily Chart:

TRX 1

Even as Tron breached a multi-year high, it still has a long way to go to reach its ATH. The above daily chart pictured the formation of a local top which could imply that the bulls are in for a breather in the near-term.

No drastic movements were depicted by the moving averages which continued to hover below the TRX price candles. The gauge between the 50 DMA and the 200 DMA was also steady which did suggest room for further upside in the token’s price in the coming days. The technicals, however, had a different story to tell.

TRX2 1

The Klinger Oscillator suffered a bearish crossover on the 14th of February after maintaining a positive streak for more than two weeks in tandem with TRX’s price.

Similar was the case with MACD. After weeks of remaining on the bullish side of the histogram, the indicator appeared to be converging with the signal line which could result in a bearish crossover in the near-term. This depicted a declining buying demand.

The RSI also bounced from the overbought zone as the price established a high not seen since mid-2018. While the buying pressure was still intact, if the RSI drops below 50-median, sell pressure could once again overpower the coin.

Resistance levels to look out for were found to be at the recently breached $0.062. Further target levels stood at $0.0725 and $0.0921 while TRX’s support levels were at $0.033 and $0.0288 respectively.

Tron [TRX] Could Endure A Correction Before Its Big Breakout

by

Tron [TRX] suffered a major setback as it slumped down the crypto ladder. Despite this, the coin had smooth sailing in terms of price.

The global market cap of the crypto market was at a high of $1.46 trillion. Ethereum [ETH] had moved past $200 billion in market cap as Bitcoin [BTC] continued staying above Tesla and Facebook. The rise in the institutional interest in the king coin pumped its price to a high of $47K. While BTC hasn’t moved past this, the community speculated that the coin could pump up to a high of $60K soon. XRP seemed to have tackled the bears induced by the SEC as it was surging over 4% in the last 24-hours.

Dogecoin [DOGE], Uniswap [UNI], Bitcoin SV [BSV], and several others pushed TRX down to the twentieth position. The market cap of the asset was noted at $3.9 billion. At press time, TRX was trading for $0.054 with a 1.28% drop in the last 24-hours.

Tron [TRX] One-Hour Price Chart

Tron

The one-hour price chart of the altcoin was indicating the presence of the bear. The Parabolic SAR indicator with dotted lines above the candlesticks blocked the chances of an upward breakout in the next couple of hours. The Awesome Oscillator indicator also followed suit and announced bear occupancy in the TRX market. The short term price chart of TRX on Binance had limited activity, the Relative Strength Index indicator pointed out.

Tron [TRX] One-Day Price Chart

download 48

The Bollinger Bands indicator used in the one-day price chart of TRX suggested that Justin Sun’s coin was in for an increase in volatility. The MACD line was over the signal line and this crossover was achieved back at the beginning of the month. The MACD indicator hence revealed a bullish sentiment. The Stochastic RSI indicator had almost hit 100 median further reporting that TRX was being overbought.

Ethereum [ETH] Could Encounter Roadblocks Before Hitting $2K

by

The market cap of the overall crypto industry was seen at a high of $1.42 trillion. Ethereum’s journey to $200 billion along with Bitcoin hitting $876 billion undoubtedly played a huge role in this. Bitcoin [BTC] was done taking a break as the king coin was seen surging over 5% in the last 24-hours which pushed the asset over $47K. Almost every other cryptocurrency was seen riding the bull. XRP had fallen in terms of crypto ranking, but the bulls in its market kept pushing the altcoin’s price forward. The last few days have been extremely beneficial for Cardano [ADA], however, the coin seemed to be taking its own time to hit $1.

Ethereum [ETH] had the community’s hopes up high after the altcoin hit a high of $1,826.70. Yet, the asset kept retracing back to $1.7K throughout the week. At the time of writing, ETH was trading for $1,753.03 with a dainty 24-hour price increase of 1%.

Ethereum [ETH] Short-Term Price Chart

Ethereum

The bears had entered the one-hour price chart of ETH. The Parabolic SAR indicator had toppled the dotted lines from below to above the candlesticks. This further stood as a strong line of resistance for any possible upward breakout. The Awesome Oscillator formed dainty red closing bars which indicated bearish momentum. The Money Flow Index revealed that there wasn’t a lot of trading activity in the ETH market.

Ethereum [ETH] Long-Term Price Chart

download 44

The one-day price chart of ETH on Binance revealed that the bulls were still in its market. The MACD line took over the signal line earlier this month and this trend has prolonged ever since. The Chaikin Money Flow indicator was well above zero which suggested that ETH was in the bullish realm. The Relative Strength Index indicator exhibited a strong buyers’ sentiment.

While this hinted that ETH could possibly hit $2K, the short term price chart of the altcoin pointed out that this could take some time.

Polkadot [DOT] Moves Towards $30 After Achieving ATH

by

Polkadot [DOT] as well as Chainlink [LINK] had only recently entered the crypto-verse. However, these assets did not hold back from making it to the top. Both LINK and DOT had surged exponentially throughout this crypto rally. Bitcoin [BTC] had fallen back and was seen at $45,308, during press time. Ethereum’s price change over the last couple of days urged the community to speculate the chances of ETH hitting $2K. But, ETH staggered at $1,769 and did not move ahead.

The overall crypto market cap had also taken a hit. At press time, the market cap of the crypto industry was at $1.38 trillion with BTC accounting for about $839 billion.

During press time, DOT was trading for a high of $25.11 with a 4% surge in the last 24-hours. Just a while ago, DOT hit an all time high of $25.58. The market cap of the altcoin was sitting at $22.8 billion which was quite close to XRP. This further suggested that DOT could potentially flip XRP in terms of market cap once again.

Polkadot [DOT] One-Hour Price Chart

Polkadot

The short term price chart of DOT revealed that the bulls had infiltrated the DOT market. The Parabolic SAR indicator formed a barrier for any sudden changes in the asset’s price in the downward direction. The 50 daily moving average was over the 100 daily moving average which was a bullish crossover.

Polkadot [DOT] Price Chart With Key Indicators

download 37

The Bollinger Bands indicator was seen diverging which pointed out a possible increase in the volatility of the altcoin. The Chaikin Money Flow indicator recommended that this surge in volatility could aid the coin’s journey to $30. The CMF marker was all the way above zero which was considered to be bullish. The Relative Strength Index indicator announced that a buyers’ notion was in the DOT market.

As all the signs were pointing at the bulls, Polkadot could finally hit an all-time high of $30, very soon.