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TRX Price Analysis: Price Gains Foothold at $0.05 To End the Week

This follows with the rest of the crypto market, as mild recoveries are seen across the board. TRX bullish breakout above the Mar. 20 top at

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TRON (TRX) price has flipped bullish after printing bearish candles for 4 days in a row during a persistent downtrend from the start of the week.

*TRX/USD is edging higher again after the rebound off the lows at $0.051
*TRON is trading in a positive zone above $0.052 and $0.059
*Justin Sun thinks NFTs and DeFi are the waves of the future

TRX/USD is edging higher again after the rebound from the lows at $0.051. TRON’s recent bounce from the ascending trendline support and then a close above 0.057 have put the uptrend back on track. This follows with the rest of the crypto market, as mild recoveries are seen across the board. TRX bullish breakout above the Mar. 20 top at $0.068 would trigger a new round of rally. Presently, TRON is trading in a positive zone above the $0.052 and $0.059 support levels as the price gains foothold above $0.05 to end the week on a positive note. Ranking 22nd largest, TRON market valuation stands at $4.3 billion with a 24-hour trading volume of $2.22 billion.

TRON CEO Believes Next-Generation Traders Will Prefer NFTs and DeFi

TRON CEO Justin Sun believes NFT and DeFi are the waves of the future. He stated that the new generation of investors is not like their predecessors, where everything is going digital. This came after American actress and singer Lindsay Lohan spoke about plans to launch a new exclusive NFT on the TRON blockchain. TRON is also looking to expand its support for DeFi and NFT in the coming days. The CEO recently revealed that the TRC-721 specification, TRON’s first indispensable token (NFT) standard, is now publicly available. TRON’s NFT standard aims to open up new possibilities for applications built on its blockchain and its debut dates back to Dec. 2020.

TRX Daily Chart: Bullish TRX/USD Daily Chart

TRON has risen back well from the prior day’s low of $0.051. This keeps alive the chances of seeing $0.070 on the upside before any reversal is seen. Technical indicators suggest buying signals on the daily time-frame chart. The RSI has popped up from the mid 50 reading, swaying bullish. TRON price is likely to continue to climb in an ascending trend line pattern during the coming sessions.

From a bigger picture, the upside may be capped by the immediate resistance at $0.068 and then at the yearly high of $0.070. A corrective fall in the range between $0.051 to $0.060 may be seen as a result. Support awaits at $0.051 located at the MA 50, followed closely by $0.046 and then $0.037, a cushion from February.

TRX 4-Hour Chart: Bullish TRX/USD 4-Hour Chart

Looking at the 4-hour chart, the TRX/USD pair traded as low as $0.052 before starting a fresh increase. There was a break above a key bearish trend line leading to the subsequent breach above the MA 50 resistance at $0.059. The pair is now trading well above the 4-hour moving averages of 50 and 200. However, the immediate resistance at $0.068 could provide an impediment for TRX/USD bulls in the shorter term.

Once surmounted, the TRX/USD pair is likely to accelerate higher above the yearly high at $0.070. If there is a fresh decline, the $0.062 level is likely to act as immediate support. The main support is now forming near the MA 50 zone at $0.059. Any more losses might call for a drop towards the MA 200 level at $0.052 where the bulls may give the upswing another chance.

Key Levels
Resistance Levels: $0.075, $0.070, $0.068
Support Levels: $0.056, $0.051, $0.046

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.

TRON has risen back well from the prior day’s low of $0.051. This keeps alive the chances of seeing $0.070 on the upside before any reversal is seen. Technical indicators suggest buying signals on the daily time-frame chart. The RSI has popped up from the mid 50 reading, swaying bullish. TRON price is likely to continue to climb in an ascending trend line pattern during the coming sessions.

Source: https://coinpedia.org/price-analysis/trx-price-analysis-price-gains-foothold-at-0-05/

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Coinpedia

Solana Price in Discovery Mode, SOL Price to Hit $150 Soon!!

Solana has pulled off an incredible comeback. The new ATH this week fueled its ascension into the top ten. The altcoin on the other hand, has reached huge

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Solana has pulled off an incredible comeback. The new ATH this week fueled its ascension into the top ten. The altcoin on the other hand, has reached huge milestones in a short period of time and has developed tremendously.

SOL price has risen dramatically in the last seven days, reaching an all-time high of over $80 on August 18th. The total market capitalization is at around $21 billion.

SOL Price Analysis

The Solana coin is creating divergence with price movement and technical characteristics on the weekly chart. The coin is rising in value as it forms greater highs and lower lows patterns. The current Solana price prediction mood is bullish.

The coin’s price has been fluctuating between $68 and $75.90 on a daily basis. Meanwhile, the token remains barely over $71 as bulls aim for a return to $80.

The SOL bulls may be taking a break. A short-term slump does not always imply that the asset has reached its peak. This is why. To begin with, the general mood remained upbeat. Awesome Oscillators green final bars mimicked a similar phase.

The MACD, which was slanted upwards, was also quite positive. The Relative Strength Index [RSI] has slowed towards the extreme overbought zone but has not yet turned down, indicating that the SOL market is still dominated by buyers.

$150 for Solana?

Smart Contracter, a well-known crypto trader, is forecasting fresh all-time highs for Ethereum competitor Solana.

A 130 percent gain for Solana from its current price of $65.15 isn’t outlandish, according to the crypto analyst. The Analyst estimates a $150 price tag for Solana after five waves, using Elliott Wave, which predicts price swings based on crowd psychology that tends to emerge in waves.

“This SOL ath [all-time high] breakout is looking like a monster wave three in the making. $150 is not unreasonable in my opinion.”

The MACD, which was slanted upwards, was also quite positive. The Relative Strength Index [RSI] has slowed towards the extreme overbought zone but has not yet turned down, indicating that the SOL market is still dominated by buyers.

Source: https://coinpedia.org/price-analysis/solana-price-in-discovery-mode-sol-price-to-hit-150-soon/

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Bitcoin Price Facing Vital Resistance As Golden Cross Expected On 13th August!

Bitcoin(BTC) price after rallying above $46500, it consolidation again around the strong support levels in order to head close to $50,000

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Bitcoin price rallied remarkably and successfully added yet another $2000 with a nearly 6.1% jump. Moreover, the price also achieved the important resistance levels around the 200-day MA at $44,864. The rally marked a bullish re-establishment but with the beginning of the fresh day trade, BTC price initiated with consolidation. Whereas most of the altcoins appear extremely bullish.

The past weekend turns out to be a pivotal period that dragged the crypto space out of the reach of the bears. BTC price currently is reattempting to surge above $46000, keeping the bullish momentum well in place. On the other hand, the ETH price comfortably resides above $3100 after the occurrence of the Golden Cross.

Also Read: Bitcoin Price Analysis: Is Short Term Correction Evident Before the Golden Cross? Popular Analyst Says YES!

However, the Golden Cross on Bitcoin is expected to occur in a coming couple of days on 13th August 2021 as predicted by analysts.

Currently, the exchange outflow ratio has fallen to the lowest point since June 2019. Therefore a sense of confidence among the holders is withnessed as large exchange sell-offs are less common when less supply is at risk on exchanges.

Despite Bitcoin price closed above the important daily 200-MA, buyers appear to be exhausted in fueling the bull run. However, if the consolidation drags the price down, a higher low between $44,000 to $44,300 could preserve its uptrend. And hence, the BTC price could ultimately coil up towards $50,000, $48,000 could be the initial stop.

Also Read: Ethereum Price Flips Before Hitting Crucial Support Zones, Bull Market Resumes!

Despite Bitcoin price closed above the important daily 200-MA, buyers appear to be exhausted in fueling the bull run. However, if the consolidation drags the price down, a higher low between $44,000 to $44,300 could preserve its uptrend. And hence, the BTC price could ultimately coil up towards $50,000, $48,000 could be the initial stop.

Source: https://coinpedia.org/bitcoin/bitcoin-price-facing-vital-resistance-as-golden-cross-expected-on-13-august/

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Coinpedia

Polygon (MATIC) Price Retraces Well, Is It A Dead Cat Bounce Or A Recovery?

The Polygon price struggling to sustain the uptrend, the possibility of a fake breakout haunts the Matic Price Rally

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Matic Netwrok gained immense popularity and recognition with the rebranding to Polygon, earlier this year. Additionally, the Matic price rally also gained mainstream attention and adoption of-let. However, surrounding the immense market uncertainty, Polygon price slumps to its lowest levels.

The price has tanked more than a couple of time in a months time. Therefore healing is much delayed than expected. No doubt the price initiated with recovery within a short time frame, yet the multiple plunges have impacted the momentum of the uptrend. And hence, the probability of forming higher highs has fallen down to lower highs.

matic deadcat

As mentioned in the chart, the MATIC price experiences an extreme squeeze as the resistance levels are lower after each slump. The recovery rate has also gone down which clearly indicates the loss of bullish momentum. With the price attempting to uplift again, it would be mandatory to raise a huge leg up. Else, if the price follows the previous pattern, the dead cat bounce may lead the price to revisit the levels below $1.

AlsoRead: MATIC Price Targets $2.40 Level! Polygon Flashes Buying Signals!

Is It Safe To Enter The Matic Price Trade?

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

However, the recent dip may have opened the doors to initiate a ‘buy’ trade. As the price is expected to jump high soon. As per the analyst, Altcoin Sherpa, there was a nice dip towards the demand zone. Moreover, the analyst believes the price may reach the weakly highs around $1.7.

$MATIC: Nice dip to the demand zone again w. a good reaction. Would like to see it flip this current level before buying. Decent buy volume from yesterday; we’ll see if this can test higher. #MATIC pic.twitter.com/LDCPEowSh8

— Altcoin Sherpa (@AltcoinSherpa) June 23, 2021

Interestingly, the analyst also predicts a dip after the price attains the upper resistance levels. And hence, the $2 target still remains still misty. As the bulls remain still calm and maybe waiting for the right time to uplift the Matic price.

The short-term price analysis for the Polygon price, however, does not give a fully green signal to enter the trade. As the instability prevailing the crypto space does point out to observe the price movements closely and enter at the right time.

Source: https://coinpedia.org/price-analysis/polygon-matic-price-recovers-well/

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