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Tron (TRX) Price Analysis: Signs of A Strong Rally To $0.02

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  • Tron price is trading in a positive zone above the $0.0160 resistance zone against the US Dollar.
  • TRX price is facing a short term hurdle near the $0.0172 level.
  • There was a break above a crucial contracting triangle with resistance near $0.0152 on the 4-hours chart (data feed via Bitfinex).
  • The price might accelerate higher towards $0.0185 and $0.0200 if it breaks the $0.0200 barrier.

TRON price is gaining bullish momentum against the US Dollar, similar to bitcoin. TRX price is likely to surpass $0.0175 and continue higher towards the $0.0200 level.

Tron Price Analysis

In the past few days, TRON price followed a bullish path above the $0.0145 and $0.0150 resistance levels against the US Dollar. TRX price even settled nicely above the $0.0155 level and the 55 simple moving average (4-hours).

During the rise, there was a break above a crucial contracting triangle with resistance near $0.0152 on the 4-hours chart. The price is now trading comfortably above the $0.0165 level. Moreover, it is testing the $0.0172 resistance zone.

An initial support is near the $0.0166 level. It is close to the 23.6% Fibonacci retracement level of the recent rise from the $0.0154 low to $0.0171 high. If there are more downsides, the price could test $0.0162.

The 50% Fibonacci retracement level of the recent rise from the $0.0154 low to $0.0171 high is also likely to act as a strong support. The main uptrend support is visible near the $0.0155 level (the last major breakout zone).

Any further losses could lead the price towards the $0.0152 support or the 55 simple moving average (4-hours). Conversely, the price is likely to continue higher above the $0.0172 level.

An initial hurdle on the upside is near the $0.0180 level. The first key resistance is near the $0.0188 level, above which the bulls are likely to aim a test of the all-important $0.0200 resistance zone.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is clearly trading in a strong bullish zone above $0.0165. Therefore, there are chances of a sustained upward move towards the $0.0188 and $0.0200 resistance levels. If not, dips towards the $0.0155 support zone could find a solid buying interest in the near term.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is currently gaining momentum in the bullish zone.

4 hours RSI – The RSI for TRX/USD is now well above the 50 level.

Key Support Levels – $0.0162 and $0.0155.

Key Resistance Levels – $0.0172, $0.0180 and $0.0200.

Tags: TRON, trx Source: https://www.livebitcoinnews.com/tron-trx-price-analysis-signs-of-a-strong-rally-to-0-02/

Blockchain

Top Bitcoin (BTC) Strategist Proclaims Altcoin Season Has Arrived, Names Four Crypto Assets to Watch and One Ready to Retreat

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Crypto analyst Nicholas Merten says he believes a new altcoin season has officially arrived.

On the latest episode of DataDash, Merten says that for the first time in two-and-a-half years, the collective altcoin market has broken through a key line of resistance against Bitcoin (BTC).

“We’ve obviously had a breakout here and the momentum has been building up here. We talked about this for the last few weeks to watch out for this and we finally have gotten it... For this to continue climbing, what are we really going to need here? Is it going to be a lot of small-cap plays?

I think very much so. I think the small-caps and the mid-caps... For the ones that are very valuable from more larger mid-caps like Chainlink as well as down to the small-caps in the DeFi space… I think that they’re really going to lead the way, and, you know, obviously gain some of this market dominance in the long term.”

Merten adds that large-cap cryptocurrencies must continue to move forward and keep the overall altcoin market bullish.

“In the short term, we need to start seeing some of the large-caps move. I’m talking about Etherium, Litecoin –some of these larger, more established cryptocurrencies, to really solidify the breakout…

The monthly [chart] has been signaling this since back here in September when ETH set its last low.”

Merten is particularly bullish on iExec (RLC), Chainlink (LINK), Cosmos (ATOM), and REN, but he thinks that Cardano (ADA) is headed for a pullback after sustaining a huge rally from about 2 cents in March to a high of 13 cents on Tuesday.

“We can see here that in the short term ADA is a little bit overextended. It’s had a great rally here so it might be time for it to play a little bit of catch-up.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Source: https://dailyhodl.com/2020/07/09/top-bitcoin-btc-strategist-proclaims-altcoin-season-has-arrived-names-four-crypto-assets-to-watch-and-one-ready-to-retreat/

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On-chain analyst explains why Chainlink (LINK) is in a “parabolic advance”

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This Exchange News was brought to you by OKCoin, our preferred Exchange Partner.

The crypto market has seen a flurry of activity over the past week. Altcoins from Cardano (ADA) and Compound (COMP) to VeChain (VET) and Chainlink (LINK) are all strongly outperforming Bitcoin. They’re outperforming the market leader by literally dozens of percent.

Some hot crypto assets have found a top: COMP has dropped 50 percent from its all-time high and ADA’s rally stopped abruptly at $0.14.

Yet there is an analyst that says Chainlink will buck the trend, citing technical and on-chain evidence indicating LINK is in a “parabolic advance.”

The evidence suggesting Chainlink is in a “parabolic advance”

According to Cole Garner, an on-chain analyst and forex trader, Chainlink is likely in the midst of a “full-blown parabolic advance” after setting new high after new high over recent days.

Extrapolating the price action from LINK’s last major bull run in 2019, he suggested that the crypto still has room to rally by at least 50 percent against Bitcoin.

Chainlink/Bitcoin
Chainlink/Bitcoin chart by Cole Garner, from TradingView

This positive sentiment is corroborated by a swath of on-chain, exchange, and sentiment signals, including:

  • LINK’s Mean Dollar Invested Age is curling down. Every time this metric has curled down in the past year, the cryptocurrency proceeded to rally even further, going parabolic.
  • The amount of the altcoin on exchanges has trended lower and lower over the past two years, indicating a decrease in potential selling pressure.
  • Chainlink’s order book on Binance is showing that investors are still “skewed long.”
  • LINK’s on-chain volume is still not yet at bubble levels.
  • Chainlink is the leading “emerging trend” in crypto social media circles.

Don’t count out a LINK sell-off

Despite these signs, not everyone is convinced Chainlink’s rally is sustainable.

As reported by CryptoSlate previously, blockchain analytics firm Santiment reported on Jul. 5 that LINK’s market value to realized value (MVRV) ratio is at an all-time high value. This has only been exacerbated since then as the altcoin has continued its ascent

This indicator at such a high value indicates that “almost everyone holding LINK is in profit,” which Santiment asserts is a “dangerous” trend.

MVRV ratio Chainlink

Shortly after Santiment released this data, one of the company’s contemporaries, Glassnode, found that $15 million worth of LINK was sent to Binance in 5,000 different transactions. Some thought this was going to be a catalyst for a dump, but a retracement never really took place.

The issue with the MVRV indicator is that it assumes a large portion of investors eventually take profit on their trades. As is the case with Synthetix, Bitcoin, and other cryptocurrencies, there are often investors that are willing to hold their assets at all costs, rendering the MVRV indicator somewhat moot.

Chainlink, currently ranked #12 by market cap, is up 4.69% over the past 24 hours. LINK has a market cap of $2.17B with a 24 hour volume of $933.3M.

Chainlink Price Chart

This Analysis was brought to you by OKCoin, our preferred Exchange Partner.

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Source: https://cryptoslate.com/on-chain-analyst-explains-why-chainlink-link-is-in-a-parabolic-advance/

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Brave Announces Partnership With bitFlyer to Provide Better Services

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Vandana Malik

Vandana MalikI have received my Master of Arts degree in English from GEHU, Dehradun. Currently working as a content writer with Agio Support Solutions and earlier worked as a news editor at Business News and Information Services Private Limited. An enthusiastic content writer, aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing my own knowledge as well.

Source: https://www.cryptoknowmics.com/news/brave-announces-partnership-with-bitflyer-to-provide-better-services

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