TRX is yet to make a decisive leap over key resistance following the massive losses it incurred on Friday. It has since grappled with less interest from investors, resulting in less volatility.
Nonetheless, other assets are on the rampage. Bitcoin SV had such a massive increase during the previous intraday session. The session started at $46, but the asset shot up as buying volume increased. It peaked at $51.6 and closed with gains exceeding 9%. It tried continuing the surge during the current intraday session but retraced after it peaked at $53.
Other assets like Bitcoin are also seeing massive increases at the time of writing. The apex coin traded a few dollars shy of its all-time high while hitting a new ATH on some exchanges. BTC ETFs were some of the catalysts in the ongoing bullish trend.
Nonetheless, the global cryptocurrency market cap is up by over 5% as trading volume surges. One reason for the ongoing uptrends is the upcoming polls in the United States. The crypto market is thrilled that its likely candidate will win the election, resulting in a loosening the regulations around it.
Let’s see how some assets in the top 20 performed over the last seven days and how indicators are fairing.
DOGE/USD
Dogecoin is one of the top gainers from the ongoing campaigns. It receives a special boost anytime Elon Musk speaks at conferences. One such event took place during the Donald Trump rally in New York. When asked a question, the billionaire replied “D.O.G.E,” the ticker of the largest memecoin.
Price rallies over the last 48 hours was partly a result of this statement. The latest surge takes the altcoin to new high. It started the day at $0.161 but surged and flipped $0.17 but halted its advances as it approached $0.18. Currently trading at $0.168, it is up by almost 5%.
The latest surge is smaller compared to the previous day’s trading actions that saw the coin register one of its longest candles. It shot up after a brief decline from $0.144. DOGE broke above $0.16 and ended the day with gains exceeding 12%.
Nonetheless, indicators are blaring warnings due to teh most recent surge. One such is the relative strength index. It is above 70 at the time of writing, hitting a high of 80, making the coin overbought. The latest reading hints at an impending change in trajectory.
The Bollinger bands also prints the same signal as DOGE recently broke out of the upper band. Such breakout happen when the uptrend nears its end.
TRX/USD
Tron saw a notable spike in buying volume at the start of the day following a small decline. The buyer pushed prices to a high of $o.167, a few clicks from the $0.17 barrier. Nonetheless, the pivot point standard shows that it briefly surged above a critical level. However, it is grappling with massive correction that threatens to send it lower than its opening price.
A closer look at the one-day chart shows the asset remain within the first and second pivot resistance. It failed to breakout from this trend and may continue this pattern until it decisively flip the $0.17 barrier.
Indicators are split in theirs readings. The Bollinger band shows that the asset is trading closer to the upper band. It recently broke above it a few hours ago but is currently below it. The ADX shows notable momentum that may result in further price increases.
This is also the same trend on the moving average convergence divergence. It shows the 12-day EMA on the uptrend following its bullish divergence a few days ago. The relative strength index is also on teh uptrend as the coin sees small increases in buying pressure.
TON/USD
Toncoin has since shown notable effort at recovery since its drop below the bollinger bands. It registered green candles over the last three days as it resumes trading within the highlighted metric and the current intraday session is no different.
It started trading at $5 but had a notable increase buying volume, resulting in a short burst. The altcoin recently surged above the middle band. It peaked at $5.14 but faced massive rejections, resulting ina massive decline. It currently trading at its opening price.
The bulls fail to sustain the momentum as they did on Saturday when price hit a high of $5 from a low of $4.73. Nonetheless, it is up by over 4% since Friday.
Indicators are positive at the time of writing. One such is the moving average convergence divergence. The 12-day EMA edges closer to intercepting the 26-day EMA as trading conditions slightly improve.
Other metrics like the average direction index show notable improvement in traders sentiment as traders are becoming increasingly bullish. This is also the same reading on RSI. It is rising in response to the ongoing buying pressure.
Previous price movement shows that the altcoin may linger below $5.20 for a bit. Nonetheless, it may attempt $5.40 after breaking it.
ADA/USD
Cardano is up by over 2% at the time of writing. It joined the rest of the crypto market in the surges and peaked at $0.357 after it started the day at $0.34. The most recent increase is not an isolated case as the altcoin has been on the uptrend over the last four days.
One of the highlights happened on Saturday when it opened trading at $0.32 but dropped as it threatened to break below the critical support. Nonetheless, it recovered and peaked at $0.335. Although it had small declines, the day ended with gains exceeding 2%. Nonetheless, it is up by over 7% in since the uptrend started.
The average directional index is yet to react to the most recent change in market sentiment as its still declining. Nonetheless, the relative strength index is on the rise in response to the growing increase in buying volume. It has since increased from 37 to 50 at the time of writing.
MACD prints buying signals at the time of writing. The 12-day halted its downtrend as trading conditions improved and is on the uptrend. It may intercept the 26-day EMA, completing the bullish convergence and kicking off a divergence.
The Bollinger band shows that the asset is trading within the upper and middle band, a huge improve from how it performed on Friday.
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