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Tron: Chalking out the odds of TRX unleashing its volatility

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Tron: Chalking out the odds of TRX unleashing its volatility

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

While extending its compression in the $0.063-$0.0702 range for nearly seven weeks, Tron [TRX] has been in a low volatility phase. Unlike most coins, TRX took a sideways track over the past month but maintained its spot above the 20/50 EMA.

In particular, the last two weeks marked an uptick in price levels as the bulls strived to snap the $0.0702-level hurdle.

An inability to close beyond this barrier level could extend the consolidation phase in the coming sessions. At press time, TRX was trading at $0.06997.

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TRX Daily Chart

Source: TradingView, TRX/USDT

TRX witnessed a sharp recovery after dropping towards its yearly low on 15 June. The revival from its long-term support entailed a rectangle bottom structure on the daily chart.

While the bulls forced a bullish crossover on the 20 EMA (red) and the 50 EMA (cyan) after nearly two months, TRX revealed the build-up of its underlying buying edge. To top this off, the altcoin saw an ascending triangle-like structure as the flatter peaks accompanied the higher troughs.

A sustained incline beyond the immediate resistance could open doorways for a retest of the $0.0704-$0.0706 range.

To sway above the constraints of its compression boundaries, TRX bulls must propel a much-needed hike in trading volumes. The break above the $0.0702-mark could serve as a reliable trigger for its press time bullish bias.

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Rationale

Source: TradingView, TRX/USDT

The Relative Strength Index (RSI) maintained its position above the midline, but was yet to topple the 56-mark to confirm strong revival chances.

The Accumulation/Distribution (A/D) indicator’s lower troughs bullishly diverged with the price. Any rebound from its trendline support could foster an accumulation phase. However, the ADX continued to project a significantly weak directional trend for the altcoin.

Conclusion

Given the bullish pattern setup after a bullish crossover on the 20/50 EMA, TRX could see sustained growth. Any drop below the near-term EMAs could invalidate the convincing bullish tendencies. The targets would remain the same as above.

Finally, investors/traders should consider Bitcoin’s movement and its impact on broader market perception to make a profitable move.

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With a background in financial analysis and reporting, Yash is a full-time journalist at AMBCrypto. He has a keen interest in blockchain technology, with a primary focus on technical analysis of cryptocurrencies.

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QNT sets the stage for a bearish pullback but here’s the catch

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QNT sets the stage for a bearish pullback but here’s the catch

Quant’s QNT holders have enjoyed a smooth ride to the top in the last seven days as the rest of the market faced the heat. But what goes up must come down and QNT has already started showing retracement signs. It might even be ripe for a quick short position and here’s why.

QNT just concluded a very bullish seven days during which it achieved a 48% uptick. The rally occurred after it retested short-term support which constituted its short-term ascending price channel.

It peaked at $145 before retracing slightly to its $135 press time price.

Source: TradingView

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Although it managed to achieve a new 5-month high, QNT is already overbought at its current price level. In addition, the pullback in the last 24 hours revealed that sell pressure is increasing and could soon trigger a substantial retracement.

The downside expectations are not just in QNT’s price action. Some of Quant’s on-chain metrics also point towards such an outcome. For example, its velocity metric pivoted halfway into the rally and was down to its lowest monthly level, at press time on 28 September.

Source: Santiment

The lower velocity may indicate that the trend is growing weak and this means it will soon give way to the bears. QNT’s 90-day Mean coin age metric already pivoted after attaining a new monthly high on 26 September. This pivot confirmed that some of the individuals that have HODLed during the 90-day period are starting to sell their holdings.

Investors looking into QNT’s next course of action should also consider whether there is an incentive to sell at the current price level. The cryptocurrency’s MVRV ratio just had its monthly peak at 21.7% and has also pivoted.

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Source: Santiment

The MVRV ratio confirms that most of those who bought at the monthly lows are deep in profit. In other words, there is an incentive to sell, especially if those gains face potential erosion in case of a sizable retracement.

Investors who are still unsure of the next move should consider evaluating the age-consumed metric. This metric provides an overview of the number of coins that are exchanging hands after being dormant for some time.

Source: Santiment

Quant’s age consumed metric peaked at 9.17 million QNT on Monday (26 September) and roughly 2.82 million in the last 24 hours. This confirms that a large amount of cryptocurrency has been switching hands in the last few days. Well, a large spike especially after a bullish period might be confirmation of incoming sell pressure.

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The above metrics do not necessarily provide clear-cut confirmation that a retracement is happening. However, the shifts in their dynamics may help investors to prepare for the next move.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

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Binance Coin [BNB] may disappoint traders in Q4 based on these reasons

Binance Coin’s [BNB] antics, since the start of September, may have left investors in disappointment. However, a report revealed that the exchange cryptocurrency managed to put up some good performance in some other areas.

According to BNBburn, the number of tokens burned in the third quarter (Q3) surpassed the entire record of the second quarter. At press time, BNB tokens burned in Q3 was 2,040,503.56 BNB, compared to 1,976,739.87 BNB in Q2. 

Interestingly, all these happened despite a lower average trading price registered by the former. As expected, this led to a significant difference in the worth of the BNB burned. The second quarter value amounted to $626,356,129.623  while Q3’s worth was $562,592,435.15. 

In dire need of a helping hand

Despite the increase in burned tokens, it may seem that BNB could need some help. Details from DeFi Llama showed that the Total Value Locked (TVL) on the Binance Smart Chain (BSC) was worth less than it was on 27 September.

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According to DeFi Llama, BNB’s TVL was $5.25 billion at press time, representing a 1.87% decline from the previous day. 

Source: DeFi Llama

Additionally, it was not only the BNB price that experienced a decline. A look at its one-day circulation also showed that it was nowhere near impressive. Furthermore, Santiment data showed that the uptick on 20 September to 358,000 had reduced to 125,000. 

Fortunately, it seemed that traders were most active in the NFT sector of the BNB chain. The on-chain data platforms showed that BNB NFT trades were $1.52 million at the time of this writing.

Source: Santiment

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How about the charts?

Some days ago, it was observed that the burning effect could not lead BNB to $300. As of then, BNB was trading a little above the current price. So, has the momentum changed since then?

The Awesome Oscillator (AO) showed that BNB’s momentum was currently bearish with its value at -4.3. Also, the AO status also showed that there was a bearish twin peak, indicating that a bullish momentum was unlikely  in the short term. 

Source: TradingView

It was a similar result with the Relative Strength Index (RSI). Based on the four-hour chart, the RSI had succumbed to the overbought pressure it earlier experienced. 

With BNB failing to hold on support and resistance repeatedly, the expectations of a price rise in the fourth quarter may well be at an extremely low point. Still, assuming that there would be less profits could sound too hasty as Bitcoin [BTC] cannot be written off in recovering. In most cases, BNB follows the same trend. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

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Ethereum [ETH]’s latest mixtape may leave investors scratching their heads

Ethereum [ETH], ever since the Merge, faced some massive selling pressure that came as a after-effect of the event. However, can the decline in the price of ETH open up the possibility of investors purchasing the alt at a discount?

Will ETH regain some interest?

Despite the events post the Merge, the reduction in token issuance could possibly induce a spike in Ethereum’s prices. This could depend on the demand for the token: whether it increases or decreases in the future.

Source: Messari

Furthermore, despite the volatility it witnessed, ETH still makes up a massive part of the crypto space. With more than half of the DeFI ecosystem still running on Ethereum, the altcoin has a long way to go.

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One of the positive indicators for Ethereum was the amount of revenue generated with the help of its network fees. At press time, this figure stood at $4.8 billion. Ethereum, thus, managed to outperform the rest of its competitors by a huge margin.

Source: Twitter

But that’s not all. The exchange reserves witnessed a decline as well. The decline in the exchange reserve indicated  that selling pressure stood at a low. 

A discount deal

Ethereum’s price movement in the past few days may have been a discounted deal for some. Whales, to be specific, seemed interested in ETH over the past few weeks.

There was also a been a spike in the development activity over the last few weeks. This implied that the team at Ethereum was constantly working on improving Ethereum’s technology.

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Source: Santiment

Even though all these factors allude to a positive future for the altcoin, Ethereum’s short term future looked bearish.

Proceed with caution

The Market Value to Realized Value (MVRV) ratio was on the decline over the past month. This indicated an extremely negative future for ETH’s prices. Ethereum’s market cap saw some dwindling as well, along with Ethereum’s velocity.

ETH”s velocity also saw a massive drop over the past couple of days. This means that the number of times ETH exchanged addresses also dropped drastically.

Source: Santiment

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Ethereum, at press time, was trading at $1,281.16 and depreciated by 6.66% over the past 24 hours.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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