Connect with us

Analysis

Algorand, Ethereum Classic, Tron Price Analysis: 23 July

Published

on

Source: Pixabay

Bitcoin is on the move again on the charts, with the world’s largest digital asset rising to briefly touch its resistance at $9559. At press time, BTC was trading at $9496 with a 24-hour trading volume of $17.28 million.

Source: Coinstats

With many of the market’s altcoins joining the bandwagon (Ethereum, for instance, hiked by 7.64 percent in the last 24-hours), some of the industry’s crypto-assets were starting to note a decline, at the time of writing.

Tron [TRX]

Source: TRX/USD on Trading View

16th ranked TRON participated in the collective market surge, but its rally was cut short in a couple of hours. Noting a minor hike of only 1.99 percent, Tron registered a market cap of $1.19 billion on the charts with a decent trading volume of $323 million. However, at the press time valuation of $0.0177, it was trading above the average over the last week.

Further, market indicators suggested that a correction period had set in, with the MACD line under the Signal Line, at press time. In fact, the Bollinger Bands appeared to converge as well, indicative of reduced volatility in the near term.

In keeping track of the potential surrounding yield farming, Tron CEO Justin Sun recently announced Uniswap yield farming oracles to promote the DeFi sector of Tron.

Algorand [ALGO]

Source: ALGO/USD on TradingView

On the other hand, 42nd ALGO hardly appeared to register any positive movement over the past 24-hours. With a minor move of 0.62 percent, it is safe to say that the token has maintained sideways movement on the charts. With a poor trading volume of only $45 million, ALGO tokens registered a market cap of $269 million.

The Parabolic SAR was bearish for the crypto-asset as the dotted markers appeared above the price candles. Further, the Chaikin Money Flow or CMF implied that the capital influx was higher than capital outflows as the index remained above zero.

Finally, the Awesome Oscillator indicated bullishness, but the momentum was extremely weak.

Ethereum Classic [ETC]

Source: ETC/USD on Trading View

Ethereum Classic registered a rise as well, with ETC noting an uptick of 3.61 percent on the charts. The Relative Strength Index or RSI indicated that buyers were maintaining higher pressure in the market, but the Parabolic SAR was changing color in favor of the bears. However, the Bollinger Bands appeared to converge, suggesting reduced volatility for now.

With a market cap of $738 million, Ethereum Classic had better trading volume than Tron at $549 million over the past 24-hours.

In a recent development, the ETC space noted a major setback as according to reports, OpenEthereum has voted to cut down its support for Ethereum Classic to focus attention on other projects. Hence, only 30% of Ethereum Classic’s nodes will support future network hard forks.

Where to Invest?

Subscribe to our newsletter

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.