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Mixed Signals Leave Traders Uncertain

Published

1 month ago

September 30, 2024

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Tron (TRX) price is showing mixed signals, leaving traders uncertain about its next move. Recent indicators suggest a balance between bullish and bearish forces, with no clear direction emerging yet.

With its market position closely tied to next movements, TRX could either push higher or face a potential decline.

TRX Aroon Indicator Shows Mixed Signals

The Aroon indicator for Tron currently shows an Aroon Up value of 64.29% and an Aroon Down value of 7.14%. These numbers suggest that TRX has experienced recent highs, but the upward trend is not particularly strong, while the lack of recent lows points to minimal bearish pressure.

The Aroon indicator is a tool used to gauge the strength of a trend by measuring the time between highs (Aroon Up) and lows (Aroon Down) over a specific period. When the Aroon Up is above 70%, it signals a strong uptrend. On the other hand, an Aroon Down above 70% suggests a strong downtrend.

Conversely, values below 30% indicate a weakening of the respective trend. In TRX’s case, the current Aroon values signal a somewhat positive momentum but not a dominant uptrend.

Moreover, the Aroon’s frequent oscillation between high and low values reflects an inconsistent trend, where TRX has been switching between upward and downward movements without a clear direction.

This rapid shift between Aroon Up and Aroon Down highlights indecision in the market. Neither buyers nor sellers have maintained control for an extended period.

Tron RSI Is Close to the Overbought Stage

TRX’s current RSI is 61.45, indicating that while it is above the midpoint of 50, it is not yet in overbought territory, which typically starts at 70.

The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements. It ranges from 0 to 100 and helps traders identify overbought or oversold conditions in an asset. When the RSI climbs above 70, it signals that the asset may be overbought. This often leads to a potential price pullback or correction.

While TRX’s RSI is not yet in the overbought range, the sideways movement in price suggests indecision in the market. If the RSI continues to rise and hits the overbought threshold, it could trigger a correction.

This scenario makes it crucial to monitor TRX closely for any signs of upward pressure pushing the RSI toward 70, as such a move could spark a near-term price drop.

TRX Price Prediction: Could Cardano Surpass Tron?

The market cap difference between Cardano (ADA) and Tron (TRX) stands at $280 million, with TRX showing signs of losing momentum after the initial excitement brought on by SunPump. Although the EMAs for TRX still signal a bullish sentiment, the narrow gap between them reveals that the strength of this uptrend may not be as strong as it initially appeared.

TRX vs Cardano. Price, Price Change, Volume, and Market Cap. — TRX vs ADA. Price, Price Change (1 month), Volume (1 month), and Market Cap. Source: Messari.

EMA lines, or Exponential Moving Averages, are key tools in technical analysis. They are designed to smooth price fluctuations and assign greater importance to more recent price action. When shorter-term EMAs remain above longer-term ones, it typically suggests that the asset is in a bullish trend, reflecting sustained upward momentum.

However, when the distance between these lines is minimal, as is the case with TRX, the strength of the trend is called into question. That signals that it may not be powerful enough to sustain further significant upward moves.

Should the uptrend continue, TRX could push toward the next resistance levels at $0.1617 and $0.17, representing a potential gain of approximately 10% from current levels. These price points are critical because breaking through them could attract more buying interest and validate the bullish outlook.

That can be triggered by news like Justin Sun announcing new features, such as a Tron-based NFT platform. However, the narrow EMA gap raises the risk that the trend may lose momentum, and if this happens, TRX might face a reversal. In such a case, the asset could experience a downturn, with potential support levels around $0.1295 and $0.1170.

A drop to these levels would be significant, as it would jeopardize TRX’s standing among the top 10 coins by market capitalization. In such a scenario, ADA could surpass TRX.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Here’s Why PONKE’s 32% Crash Won’t Stop It from a New ATH

Published

29 mins ago

November 5, 2024

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PONKE’s price recently experienced significant fluctuations, marked by a 32% drop from its recent high. This decline, fueled by profit-taking sentiment among investors, has halted PONKE’s attempt to establish a new all-time high (ATH).

Despite this setback, the altcoin is showing signs of resilience and may still have the potential for a strong rebound.

PONKE Has Potential

The Ichimoku Cloud, a technical indicator that helps predict future price movements and identify trends, is signaling a bullish outcome for PONKE. This cloud, when positioned below the candlesticks, suggests that the asset is experiencing upward pressure, which could lead to further gains. The Ichimoku Cloud consists of several components that generate support and resistance levels, measure momentum, and provide a forecast for possible trend reversals.

For PONKE, the cloud is currently situated below the price candles, indicating underlying support. This setup has historically signaled macro-level growth for assets, regardless of short-term price dips.

PONKE Transaction Volume. Source: Santiment

PONKE’s macro momentum also looks promising, as indicated by recent transaction volume data. Following Monday’s 32% drop, transaction volume surged by 54% over the past 24 hours. Despite this increase in volume, PONKE’s price has stabilized rather than declined further, which implies that the majority of transactions are driven by buying interest.

Increased transaction volume amid price stability is generally a positive indicator, as it suggests accumulating interest rather than a sell-off. For PONKE, this trend supports the case for a potential rebound, further bolstered by its Ichimoku Cloud position.

PONKE Ichimoku Cloud. Source: TradingView

PONKE Price Prediction: Aiming High

PONKE’s price is currently at $0.425, down 32% from Monday’s high, having failed to secure the $0.503 level as support. The inability to establish a new ATH and maintain $0.503 as a support level has introduced short-term caution among meme coin traders.

Historically, PONKE has shown resilience after similar pullbacks, with July’s rally being a notable exception. Given the positive factors from the Ichimoku Cloud and transaction volume, a recovery could be on the horizon. If the meme coin flips $0.503 into support, it may be poised to target a new ATH beyond $0.714.

Read More: What Are Meme Coins?

PONKE Price Analysis. Source: TradingView

However, if PONKE fails to breach $0.503 and turn it into support, the asset could enter a period of consolidation. Should profit-taking continue, a drop toward $0.270 could occur, which would invalidate the bullish outlook and shift market sentiment more conservatively.

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Why MOG Price Is Soaring

Published

1 hour ago

November 5, 2024

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Meme coin Mog Coin (MOG) is trading at $0.0000019, up 14% in the last 24 hours, positioning it as the market’s top gainer in that period.

BeInCrypto’s analysis of MOG’s on-chain activity shows a notable increase in engagement among its long-term holders (LTHs) over this timeframe. This analysis examines the renewed demand and its potential short-term effects on MOG’s price trajectory.

Mog Long-Term Holders Propel Price

The spike in MOG’s Mean Dollar Invested Age (MDIA) over the past 24 hours highlights increased accumulation among its LTHs. According to Santiment’s data, this metric increased by 4% during the period under review.

An asset’s MDIA measures the average age of dollars invested in all its coins held on the blockchain. A rising MDIA signals that holders are keeping assets in wallets instead of actively trading them.

When older coins are sold or transferred, the Mean Dollar Invested Age (MDIA) decreases, signaling profit-taking or a shift in market sentiment as long-term holders (LTHs) start liquidating their positions. Conversely, a spike in MDIA indicates a HODLing trend, suggesting that holders feel confident enough to keep their assets.

Read more: What Are Meme Coins?

MOG Mean Dollar Invested Age. Source: Santiment

Moreover, for meme coins, which can be highly volatile, a spike in MDIA could imply speculative anticipation of a price rally. This is reflected in MOG’s positive funding rate, which signals a rise in demand for long positions. At press time, the meme coin’s funding rate is 0.20%.

The funding rate in perpetual futures markets is a tool designed to keep the futures contract price aligned with the underlying asset’s spot price. A positive funding rate indicates that long positions (betting on a price increase) are paying fees to short positions (betting on a price decrease).

MOG Price Prediction: Meme Coin May Reclaim Year-To-Date High

If these long bets prove accurate and MOG continues its trend, it will aim to break through the $0.0000021 level. This represents the last major resistance before its year-to-date high of $0.0000024. Successfully crossing this level would allow MOG to reclaim its year-to-date peak.

However, if market sentiment shifts from bullish to bearish, this BULLISH projection could be invalidated. In that scenario, MOG’s price may lose its recent gains and potentially fall toward $0.0000015.

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These Are the Top Altcoins

Published

3 hours ago

November 5, 2024

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Today’s trending coins list includes a major top 10 cryptocurrency alongside two altcoins that made the list just yesterday. While some of these altcoins saw notable gains over the past 24 hours, another experienced a sharp decline.

That said, the altcoins trending today, November 5, include Dogecoin (DOGE), Ethervista (VISTA), and Grass (GRASS).

Dogecoin (DOGE)

Dogecoin tops the list of today’s trending coins simply because it has outperformed every other cryptocurrency in the top 10. At press time, DOGE’s price is $0.17, representing a 10% increase in the last 24 hours.

This increase is linked to rising speculation that a win for the US former president could boost Dogecoin’s price. On the technical side, DOGE formed a bullish flag, suggesting that the consolidation period is over and that the price might continue to climb.

Read more: 10 Best Altcoin Exchanges In 2024

DOGE 4-Hour Analysis — Dogecoin 4-Hour Analysis. Source: TradingView

Should that be the case, then Dogecoin’s price could surpass the local top at $0.18. On the flip side, a breakdown below the $0.15 support might invalidate this prediction. In that scenario, DOGE’s price might drop to $0.12.

Ethervista (VISTA)

Yesterday, Ethervista was on the list of trending altcoins. But contrary to its performance on Monday, it is part of today’s trending coins because of a notable rebound.

Over the last 24 hours, VISTA’s price has increased by 15% and currently trades at $47.86. On the 4-hour chart, the altcoins appear to be seeing an increase in buying pressure, indicated by the recently climbed Accumulation/Distribution (A/D) line.

Ethervista trending coins today analysis — Ethervista 4-Hour Analysis. Source: TradingView

This notable increase suggests that bulls are protecting VISTA’s price from going down again. If this continues, then the altcoin could rise to $61.03. However, if distribution takes over, that prediction could be invalidated, and VISTA might drop to $21.41.

Grass (GRASS)

Last on today’s trending coins list is Grass, which has consistently appeared here since its launch on October 28. However, unlike yesterday, the altcoin is not trending because of an increase in price.

Instead, the token has been swinging sideways, suggesting the trader’s indecision. This current condition could be linked to the uncertainty in the market as Bitcoin (BTC) and other top altcoins remain range-bound. From a technical point of view, GRASS bulls need to defend the $1.55 support to prevent a notable decline.

Grass price analysis — Grass 1-Hour Analysis. Source: TradingView

If successful, the altcoin’s price might jump to $1.78. On the other hand, a breakdown below this support level could cause a significant correction that could send GRASS down to $1.28.

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