Connect with us
Active Currencies 14015
Market Cap $2,457,614,982,716.60
Bitcoin Share 50.82%
24h Market Cap Change $-5.02

Tron, Steem, Maker Price Analysis: 05 December

2min Read

Share this article

The Crypto Fear and Greed Index showed extreme greed with a reading of 93 for the day and has stayed above 80 since early November. MicroStrategy purchased another $50 million worth of BTC averaged to $19,474 per coin, while Grayscale added another $140 million to its Bitcoin holdings in the past 24 hours. Tron had bearish momentum behind it but stood resiliently at the $0.03 level of support. Steem did not show significant buying or selling volume in recent hours and was in a short-term downtrend, while Maker saw significant volatility in recent days.

Tron [TRX]

Tron, Steem, Maker Price Analysis: 05 December

Source: TRX/USDT on TradingView

TRX formed a symmetrical triangle (orange), and a smaller falling wedge (white) within the larger pattern. The price also refused to drop beneath the $0.03 region, with a dip to $0.0295 being bought up in recent sessions.

The MACD formed a bearish crossover and dropped beneath the zero line, to reflect the series of lower highs the price set over the past few days.

A close below the triangle would not rule out an upward breakout, as an upward breakout sometimes sees a fakeout to the downside on stop-loss hunts. $0.028 has been a pocket of liquidity, and the loss of this region would reinforce bearish pressure.

On the other hand, a dip to $0.029 before a surge past $0.03 can be expected for TRX in the coming days.

In other news, Ampleforth Foundation announced that AMPL expanded beyond the Ethereum network by integrating with three new blockchains, namely Tron, Acala, and NEAR.

Steem [STEEM]

Tron, Steem, Maker Price Analysis: 05 December

Source: STEEM/USDT on TradingView

On the 1-hour charts, the OBV has basically flatlined except for a spike upward followed by a sharper drop. The trading volume has been minimal.

The price steadily declined after it failed to rise past $0.2 resistance on the 2nd of December. The RSI has dropped into bearish territory. In recent hours, it recovered to test the neutral 50 line, but was likely to be rejected and the price to continue to descend toward $0.17 level of support.

The longer-term outlook was bullish, with the 20-day moving average moving just above the $0.17 level to serve as support

Maker [MKR]

Tron, Steem, Maker Price Analysis: 05 December

Source: MKR/USDT on TradingView

Maker has been quite volatile on the shorter timeframes. Using D1 to screen the noise, we find that the crypto asset is still trading within the range between $500 and $600, a range it has been within since late September.

The Awesome Oscillator also agreed and showed no significant momentum to either direction, affirming the oscillatory movement of MKR.

The past couple of days saw the price rise from $528 to $595 and drop to $522. Hence, the region at $500-$520 can be regarded as a region of demand, and $595-$610 a region of supply to execute long and short trades.


Having studied Chemical Engineering, Akashnath's focus is on the UK and Indian markets and especially crypto assets. He is devoted to technical analysis and is always on the lookout for investment opportunities.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.