Connect with us

btcusd

Tron (TRX) Extends Gains As Prices Break Away From Support Point

Published

on

Tron (TRX) Extends Gains As Prices Break Away From Support Point

While the rest of the crypto market is in a state of frenzy, Tron (TRX) price dominance is on for the second day in a row as its price swerves away from the support line. Tron has had a swift recovery so far.

TRX/USD swished to a 3% jump and intraday high of $0.06631 today in contrast to yesterday’s low that registered at $0.06383. The rebound was seen after TRX has been moving in the red zone for several days now.

The cross signals seen in the daily chart usually hint a downtrend but it somehow triggered a bull run.

Related Reading | Tezos (XTZ) Price Movement Indicates Looming Price Drop

Advertisement

TRON RSI To Cross 49.85 Resistance Line

This will be tested soon as the RSI is seen to cross the 49.85 resistance level. The current price of the TRX/USD pair is at $0.064 and has declined by 2.15% in the past 24 hours. In addition, trading volumes have reduced by 1.89 as seen overnight. TRX bears are seen to ascend in the coming days.

A few days ago, technical indicators all show a bearish perspective for Tron which has to retrieve the resistance level at $0.07 to gain back the confidence of investors and step on the gas for a bull run.

But, it seems the odds aren’t in favor of a bullish standpoint considering that the bears have already been collared in the market. Once the support level is hauled back to $0.06, then it’s the break the bulls needed to reclaim the market.

Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com

Can Bulls Tilt The Boat?

TRON’s RSI is transacting at around 40.85 following the failure to maintain the bullish streak impeding the bears’ dominance. Currently, the RSI line reveals a divergence showing that transactions are happening below the 14-day average line.

Advertisement

With that being said, it means trouble in paradise for the bulls who are eyeing the resistance line. The bears seem to have dominated on the red line but can the bulls tilt the boat? Can TRX beat the selling pressure? Tron is gaining in prices today and the bulls are definitely taking the lead hinting that anything is indeed possible.

Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red

Tron has been trying to outstage Ethereum since day one. It’s a platform that supports DeFi applications and smart contracts. Tron is looking to decentralize the internet and outperform Google and Facebook.

Users will need to buy and hold TRX to use the network’s storage, CPU, RAM, and other resources. Following that, users can freely transact on the network.

Featured image from AAX Academy, chart from TradingView.com
Advertisement

btcusd

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Published

on

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As do other tokens.

The token is trying to keep up with the upward tilt. Remarkably, XMR price is trying hard to recover and keep up with the pace but it seems XMR is doing a great job as it’s currently on the green and winging it.

The daily price chart shows that XMR price is trying to soar upwards. Monero is gaining strides as it shoots up close to the top trendline of the channel. In order for XMR to rebound or go through the target resistance, the coin must maintain its current pace in terms of price.

Monero (XMR) Price Surges 4.33%

For XMR to shoot hoops at a bullish pace and breach the ascending parallel channel, the XMR bulls must push through its upward movement. However, it seems the bears are attempting to weaken the XMR market.

Advertisement

With a frail market, it is challenging for XMR and other cryptocurrencies to recover. XMR investors must hold it off until such time that the bulls can maneuver and maintain the current position found at the top trendline of the ascending parallel channel.

According to CoinMarketCap, Monero price is currently trading at $167.68 or showing off an increase of 4.33%. Trading volume was seen to drop by 6.88% as depicted in the intraday trading session. As of press time, bears try to drag the token towards the lower trendline of the ascending channel.

Bulls’ Accumulation Pivotal For XMR Price Rally

It would need more buyers for XMR price to leap quickly closer to the top trendline of the channel. But, the volume change also indicates that boosting the bulls’ accumulation is pivotal for XMR price to surge. For XMR to show significant recovery on the daily price chart, XMR price must move closer to the upper trendline.

The daily price chart for XMR price shows the formation of a rising parallel channel. More so, the technical indicators for Monero show the token’s downward trend in terms of momentum. RSI at 58 also shows a downward movement for XMR which is gearing close to a neutral zone.

MACD is showing the downward movement of XMR as it glides under the signal line following a failed crossover. Hence, XMR investors will need to wait on the sidelines for any changes on the daily chart.

Advertisement
XMR total market cap at $3.02 billion on the weekend chart | Source: TradingView.com    Featured image from The Market Periodical, Chart from TradingView.com

Continue Reading

Bitcoin

TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses

Published

on

TA: Bitcoin Price Takes Hit, Why BTC Remains at Risk of More Losses

Bitcoin price started a fresh decline from the $24,250 resistance zone against the US Dollar. BTC declined below $23,000 and remains at a risk of more losses.

  • Bitcoin started a fresh decline below the $23,500 support zone.
  • The price is now trading below the $23,500 level and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $23,250 resistance to start a fresh increase in the near term.

Bitcoin Price Breaks Support

Bitcoin price struggled to gain pace above the $24,000 resistance zone. The price formed a top near $24,285 and started a fresh decline.

There was a clear move below the $23,800 and $23,500 support levels. The bears pushed the pair below the 61.8% Fib retracement level of the upward move from the $22,846 swing low to $24,286 high. Besides, there was a break below a major bullish trend line with support near $23,320 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading below the $23,500 level and the 100 hourly simple moving average. It is now consolidating above the key $22,650 support zone.

Advertisement
Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $23,250 level. The next key resistance is near the $23,500 zone. A close above the $23,500 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $24,000 resistance.

Downside Break in BTC?

If bitcoin fails to clear the $23,500 resistance zone, it could continue to mov down. An immediate support on the downside is near the $22,650 level.

The next major support now sits near the $22,500 level. A close below the $22,500 level might start a move towards $22,000. If the bears remain in action, there is a risk of a move towards the $21,500 level in the coming sessions. Any more losses might send the price towards $20,500 level.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Advertisement

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $22,650, followed by $22,500.

Major Resistance Levels – $23,250, $23,500 and $24,000.

Advertisement
Continue Reading

Bitcoin

TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

Published

on

TA: Bitcoin Price Holds Support, Why BTC Might Attempt Fresh Increase

Bitcoin price gained pace above the $23,500 resistance against the US Dollar. BTC could start a fresh increase if it stays above the $23,500 pivot level.

  • Bitcoin started a decent increase above the $23,500 level.
  • The price is now trading above the $23,500 level and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $24,000 resistance to start a fresh increase in the near term.

Bitcoin Price Remains Supported

Bitcoin price was stable above the $23,000 and $23,200 levels. The price formed a base above the $23,200 level and started a fresh increase.

There was a clear move above the $23,500 resistance zone. The bulls were able to push the price above the $24,000 resistance zone and there was a close above the 100 hourly simple moving average. There was a spike above the $24,200 level.

A high was formed near $24,285 and the price is now correcting lower. There was a break below the $24,000 level. Bitcoin price dipped below the 23.6% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high.

However, the price remained stable above the $23,600 level. There is also a key bullish trend line forming with support near $23,500 on the hourly chart of the BTC/USD pair.

Advertisement
Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $24,000 level. The next key resistance is near the $24,200 zone. A close above the $24,200 resistance zone could start a steady increase. In the stated case, the price may perhaps rise clear the $25,000 resistance.

Downside Break in BTC?

If bitcoin fails to clear the $24,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $23,600 level.

The next major support now sits near the $23,500 level. It is near the 50% Fib retracement level of the upward move from the $22,845 swing low to $24,285 high. A close below the $23,500 level might start a move towards $23,000. Any more losses might send the price towards $22,500 level.

Technical indicators:

Advertisement

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $23,600, followed by $23,500.

Major Resistance Levels – $24,000, $24,200 and $24,500.

Advertisement

Continue Reading

Top posts

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
btcusd2 hours ago

Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?

Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As...

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
Binance Coin2 hours ago

TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout

The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the...

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’ July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’
analyst3 hours ago

July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’

After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI)...

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum
$6.13 billion TVL4 hours ago

Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum

Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s...

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40 Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40
Analysis5 hours ago

Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40

Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month...

German Crypto Exchange Nuri Files For Insolvency German Crypto Exchange Nuri Files For Insolvency
Bankruptcy6 hours ago

German Crypto Exchange Nuri Files For Insolvency

Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year...

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed
Baidu9 hours ago

Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed

Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently...

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain
Sponsored9 hours ago

Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain

sponsored In 2011 the UN released a report declaring the internet a Human Right, but over a decade later millions...

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher
rates9 hours ago

Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher

Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...

USDT volume on exchanges up 20% in 3 months USDT volume on exchanges up 20% in 3 months
Binance9 hours ago

USDT volume on exchanges up 20% in 3 months

USDT volume on exchanges up 20% in 3 months Oluwapelumi Adejumo · 6 mins ago · 2 min read According...

Axie Infinity holders have reasons to celebrate market drawdown Axie Infinity holders have reasons to celebrate market drawdown
Altcoins11 hours ago

Axie Infinity holders have reasons to celebrate market drawdown

The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has...

What’s changed in GameFi in the last month? – July Report What’s changed in GameFi in the last month? – July Report
Analysis11 hours ago

What’s changed in GameFi in the last month? – July Report

What’s changed in GameFi in the last month? – July Report Footprint Analytics · 2 hours ago · 7 min...

How To Make Money From Ethereum Name Service? How To Make Money From Ethereum Name Service?
Cryptocurrency12 hours ago

How To Make Money From Ethereum Name Service?

Learn how you can use ENS to become rich We all love to reap the benefits of advanced technologies, but...

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT) Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)
Cryptocurrency12 hours ago

Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)

In this article, we examine why the coin on the block, Degrain, has been thriving while Litecoin and Polkadot have...

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol
Blockchain12 hours ago

HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol

The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Last week, HUMAN Protocol announced the introduction...

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem
Digital Plaza13 hours ago

Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem

Korean electronic goods producer Samsung Electronics recently signed a memorandum of understanding (MOU) with six companies that will collaborate to...

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That
Cryptocurrency13 hours ago

Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That

Shiba Inu is outperforming in the crypto market and gaining the attention of ETH whales Shiba Inu is the most...

Tornado Cash’s Token TORN Plunged Yesterday; Snap Inc Is In The Early Stages Of Planning Layoffs: Tech Market Roundup Tornado Cash’s Token TORN Plunged Yesterday; Snap Inc Is In The Early Stages Of Planning Layoffs: Tech Market Roundup
Latest News13 hours ago

Tornado Cash’s Token TORN Plunged Yesterday; Snap Inc Is In The Early Stages Of Planning Layoffs: Tech Market Roundup

Here are some quick tech catch for you so that you stay updated with the latest crypto and tech news...

Trending

Daily Bitcoin MiningEarn At least $50 daily with just your phone