XRP, Tron, STEEM Price Analysis: 09 July
The cryptocurrency market, for many traders, is now proving to be a good investment. Despite Bitcoin being stuck in a sideways motion for a long time, the same hasn’t been reciprocated by the altcoin market, with many of these alts showing signs of decoupling from the world’s largest cryptocurrency.
XRP, the fourth-largest cryptocurrency in the market, is also one to share a strong correlation with Bitcoin. However, lately, the crypto has been noting sudden gains in its price. XRP’s price was trending close to $0.1729 when market momentum pushed its value to $0.2077. At press time, XRP was being traded at $0.2054, a value the crypto had last touched in the early days of June. At this price point, XRP’s immediate resistance lay at $0.2155, while its support was found to be at $0.1934.
According to the Parabolic SAR, the recent spike in the crypto’s price resulted in XRP leaning towards the bullish side, with its dotted markers well below the price candles, evidence of the trend reversal in the market. It is to be noted, however, that there have not been any major developments in the XRP ecosystem recently.
Like XRP, Tron has also been noting a price reversal of sorts. At press time, Tron’s daily chart was pointing to great strength in the TRX market, with its chart plotting a series of consecutive green candles, interspersed by a few red ones. At the time of writing, the value of the token was $0.0180, with resistance still higher at $0.0198 and support at $0.0155. It must be noted, however, that this boost in price also opened the crypto’s market to more volatility.
A look at the Bollinger Bands would reveal a slight divergence on the charts, a sign of growing volatility in the TRX market. At the same time, the Signal line had slipped under the price candles, a sign that highlighted the bullish behavior of the coin.
TRX was in the news recently after Tron’ Justin Sun revealed that it had acquired an emoji of its own on Twitter, following the footsteps of Bitcoin, Binance Coin, and Crypto.com Coin.
The price of Steem has been pushing up over the past four days, with the crypto valued at $0.2230, at press time. Its resistance was at $0.2360, while the support was found to be at $0.1860. While the coin has been noting an upward trending price for a while now, the same has been punctuated by a series of sudden drops in price, following which, the project has had to bounce back.
This can be established by the fact that Steem’s YTD returns were close to 72%, much higher than most major projects.
According to Awesome Oscillator, the buying momentum in the market has been low for quite some time now and may note a reversal soon.