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Tron, Waves, Coin Price Analysis: 03 October

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BitMEX recently noted 32,200 Bitcoins withdrawn, nearly 19% of the exchange’s Bitcoin vault. However, BTC did not cede ground at $10,500, a development that was a sign of resilience and a maturing market. Tron’s bulls have their work cut out for them as the longer-term bearish momentum stifled their attempts at recovery. Waves could also note another wave of selling pressure in the few hours. Further, Coin was bearish in the near-term and could be set to lose a level of support.

Tron [TRX]

Tron, Waves, Coin Price Analysis: 3 October

Source: TRX/USDT on TradingView

The CMF showed that capital was flowing into the market, indicating that buying pressure outweighed the selling pressure. And yet, the OBV failed to register a higher high.

This could happen in the next few trading sessions as the price reclaimed the $0.026-level as support. A rise in OBV above the white line might suggest a breakout. However, it should be remembered that on the longer timeframe, TRX has been bearish.

Further local lows can’t yet be discounted, especially since the $0.03-level has not been tested by TRX in the past few weeks. Instead, TRX set lower highs and its price action pointed to a prevalent downtrend.

In other news, eToro announced that investors could earn staking rewards on TRX, with the company taking a minor portion of the yield as a fee.

Waves [WAVES]

Tron, Waves, Coin Price Analysis: 3 October

Source: WAVES/USDT on TradingView

The RSI for WAVES on the 4-hour chart reached oversold conditions when the price closed at $2.73. $2.6 was a level the bulls hoped to defend to continue the uptrend. However, the surge upwards was short-lived as the selling pressure rose, alongside many other crypto-assets in the space.

WAVES tested the $2.3-support during this drop. However, the bounce off the support level occurred on very low trading volume, as indicated by the cyan arrow. This suggested that the bounce was short-lived, and the price could be headed for another drop.

The RSI corroborated such bearish momentum with a value of 42, Coin [CRO]

Tron, Waves, Coin Price Analysis: 3 October

Source: CRO/USDT on TradingView

CRO closed beneath $0.150 and quickly slid down to the support at $0.145. The 20 and 50 SMA (white and yellow respectively) formed a bearish crossover to signal a near-term downtrend.

The Awesome Oscillator also concurred and highlighted bearish momentum for the crypto-asset.

It is likely that the support at $0.145 would be lost over the next days.


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.
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