Tron (TRX) Price Analysis – February 22

Tron, TRXUSDTron chart by tradingview

TRX/USD Medium-term Trend:Ranging                                 

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRON continues in a range-bound market in its medium-term outlook. The bulls are currently in charge within the range with a marubozu 4-hour opening candle at $0.02502.TRXUSD rose to $0.02543 in the supply area before a pullback to $0.02507 in the demand area.

The price is above the two EMAs and the stochastic oscillator signal pointing up at 51% suggesting an upward movement in price within the range.

TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.

TRX/USD Short-term Trend: Bullish

Tron, TRXUSDTron chart by tradingview

The cryptocurrency is in a bullish trend in its short-term outlook.  The bulls were back in control towards the end of yesterday as confirmed by the gravestone doji shortly after today’s opening session.

TRXUSD was up at $0.02544 in the supply area after the breakout from the two EMAs crossover. The target is at the key supply area with stochastic oscillator signal pointing up at the overbought region.  The bullish pressure may become stronger as more candles open and close above the two EMAs in the supply area.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Little-Known Cryptocurrency Pumps 500x in Four Days. Are Altcoins Back?

Colin Muller

Micro-cap altcoin Opyn yCurve Insurance (OCRV) saw a monstrous surge last week, evoking reminders from bygone eras of the cryptoasset industry.

chart.pngSource: Livecoinwatch

Between May 19 and May 23, cryptocurrency price trackers registered a price jump from $0.0055 to $2.84—or about 500x—on OCRV. The cryptocurrency appears to only be trading on the decentralized exchange Uniswap.

The unreal price fluctuation seems to have been caused by “shilling” of the coin on 4chan. OCRV itself is a token powering the Opyn platform’s DeFi insurance system.

Altcoins Return?

Such dramatic events in the altcoin space may be signalling strength in the alt market. Generally speaking, high levels of investment in altcoins signals increased risk-taking in the crypto markets, and is a sign of confidence.

rising altcoins -- still?BTC chart by TradingView

We have seen a general increase in altcoin market share since about September 2019, depicted above. This trend took a big hit in February and March of 2020, as the coronavirus spread around the globe and hit financial markets—including crypto markets.

In a general sense, the trend seems to have remained intact, consistently rising from 5 to 8% in the six months depicted. The flip side is Bitcoin's dominance, which if rising signals a reluctance for risk taking (and often a falling Bitcoin price). This had been consistently ebbing since last September, but now seems stuck in the mid-60s.

In a decimated global economy, nobody quite knows what to expect from the cryptoasset industry. With some hints of altcoin strength, though, the prospects remain interesting.

Featured Image Credit: Photo via Pixabay.com