Ethereum’s Vitalik Buterin, Polygon’s Sandeep Nailwal Donate $100 Million To COVID-19 Research

Vitalik Buterin, co-founder of Ethereum, and Sandeep Nailwal, co-founder of Polygon, have pledged $100 million to help accelerate COVID-19 research and relief efforts in India.  With COVID-19 variants continuing to emerge and spread, and with a very high number of people experiencing long-term symptoms speeding up, research efforts are critical. How The Donation Will Be Used To Support COVID-19 Research The donations from Buterin and Nailwal are some of the largest philanthropic contributions ever made in crypto. Buterin made the announcement in a Twitter thread and according to the thread, the fund will be donated to Crypto Relief, with the funds going directly to researchers working on solutions to combat the long-term effects of coronavirus.  Related Reading: Terra Classic (LUNC) Analysis: Is The $0.00012 Target Within Reach? Crypto Relief is a project led by set up by Nailwal during the height of the COVID pandemic as an emergency relief fund. The polygon co-founder said the non-profit organization is now upgrading into a long-term strategic fund for healthcare donations in India. Buterin also confirmed this change of approach in his Twitter post, noting that dealing with Covid and future pandemics needs to take an integrated global approach. “Work in India continues to be a key part of the solution, but we also need an integrated global approach,” the co-founder said. The money will go to fund research projects related to cutting-edge scientific discoveries & inventions in India and other developing nations. Overall, it’s a win for science, a win for global health, and a win for humanity. ETH price falls to the $1,700 level | Source: ETHUSD on Past Donations Of Vitalik Buterin To COVID Relief Vitalik Buterin has a history of donating to important causes like COVID-19 relief, with him donating cryptocurrencies worth $1.5 billion to several non-profit organizations in 2021. During this period, Buterin donated over $1 billion worth of Shiba Inu coin to aid India’s fight against the coronavirus.  Related Reading: Optimism Bedrock Upgrade: Transaction Fee Savings Hit $150,000 And Counting Buterin made the donation by offloading 50 trillion SHIB tokens worth $1.2 billion, which he was gifted by the creators of the Shiba Inu coin. With India being one of the most badly affected countries during the pandemic, the fund helped provide medical equipment and supplies as the country battled a deadly second wave of COVID-19 infections. Outside of the pandemic, Buterin has donated millions of dollars in crypto to various charities and causes. Last year, he quietly donated $5 million to Ukraine relief efforts following the Russian invasion. Featured image from Coingape, chart from

Terra Classic (LUNC) Analysis: Is The $0.00012 Target Within Reach?

During the past seven days, the price of LUNC, the cryptocurrency of Terra Classic, has displayed a back-and-forth movement characterized by alternating green and red candles. This pattern suggests a lack of dominance from buyers or sellers, indicating uncertainty in the market regarding the direction of the trend.  Related Reading: Bitcoin (BTC) Lower Timeframe Outlook: $26,800 Breakthrough Could Spark Rally The recent legal actions taken by the US Securities and Exchange Commission (SEC) against prominent crypto exchanges like Binance and Coinbase could contribute to this hesitation among market participants. As a result, the Terra classic coin is anticipated to undergo a prolonged period of consolidation in the upcoming days, as the overall trend remains bearish due to the influence of a wedge pattern. LUNC Price Analysis, Impact Of Regulatory Actions On Crypto Market In the midst of regulatory actions taken against major crypto exchanges, caution and uncertainty have permeated the cryptocurrency market, impacting traders and investors alike. This climate of uncertainty is reflected in the LUNC price chart, where alternating green and red candles indicate a lack of clear dominance from buyers or sellers. As market participants await further clarity and resolution regarding the regulatory actions, hesitation in making significant moves has emerged.  Consequently, the Terra classic coin is expected to undergo a period of consolidation, characterized by a relatively stable price, as market participants reassess the situation and evaluate the potential implications of the legal actions on the broader cryptocurrency ecosystem. Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal However, it is worth noting that if the LUNC price continues its upward trajectory, it may potentially lead to a retest of the overhead trendline. A successful break above this trendline would serve as a pivotal signal, indicating the beginning of a new recovery rally for LUNC. Such a breakout would represent a shift in market sentiment and attract more buyers into the market, potentially altering the course of the cryptocurrency’s price trajectory. As the market dynamics continue to unfold, traders and investors will closely monitor the price action of LUNC, paying particular attention to the development of the wedge pattern and the resolution of regulatory actions. These factors will play a crucial role in shaping the future direction of LUNC and the broader cryptocurrency market. Will LUNC Price Rise To $0.00012? Affected by the descending wedge pattern, the LUNC price remains bearish, with the recent reversal signaling a possible decline. This downward movement could lead the price towards crucial support levels at $0.000082 and $0.00007, followed by a lower trendline. On the other hand, a recovery above $0.00012 would require buyers to break above the aforementioned trendline successfully. Currently, the coin is trading at $0.00008718 and appears to be moving sideways, indicating a lack of clear direction from market participants. Featured Image from iStock and charts from and

SUI Price Plummets By 38% In 7 Days – Will It Recover Anytime Soon?

The price of SUI has experienced a significant decline in the past week, dropping by 38.13%. In the last 24 hours alone, the price has fallen by 21.51%. However, there is a glimmer of hope as the price slightly increased by 1.53% in the past hour. Currently priced at $0.58 per SUI, the token is 61.12% below its all-time high of $1.50. The question now remains whether SUI can regain its footing and initiate a recovery. SUI Coin Faces Bearish Pressure  The global crypto market cap has dropped below $1.10 trillion again, leading to a negative trading sentiment across most cryptocurrencies. SUI coin, in particular, has experienced a significant decline of over 10% in the past 24 hours, with its price falling below $0.70. The asset’s technical analysis suggests a bearish trend, characterized by high selling pressure and struggles for buyers to reverse the downward momentum. Related Reading: Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why On the 4-hour timeframe chart, the SUI coin has been in a downtrend, seeking stable support. It trades below its short-term and long-term moving averages, with the 50-day MA at approximately $0.837 and the 200-day MA at $1.020. This positioning below the moving averages signifies a consistent decline in the coin’s price, potentially indicating a lack of buying pressure and weakened market sentiment. The immediate support level for the SUI coin is at $0.50, while the resistance level stands at around $0.76. Recent rejection below the resistance level has fueled the downtrend. Furthermore, the Relative Strength Index (RSI) on the 4-hour timeframe chart confirms the bearish sentiment, with an RSI of 17.9 indicating oversold conditions. Sellers currently outnumber buyers, further adding to the downward pressure on the SUI coin. Partnership With Red Bull Racing: Can This Be A Catalyst For SUI Token’s Revival The recent multiyear partnership between Sui and Formula One’s Oracle Red Bull Racing team has the potential to rejuvenate the Sui token price. As Sui becomes the blockchain partner of a renowned and globally recognized racing team, it gains exposure and credibility within the crypto and motorsport communities. This association can drive increased demand for Sui tokens, heightening the token’s value. The collaboration aims to deliver engaging digital experiences for racing fans, creating a loyal user base and bolstering Sui’s reputation. With Red Bull Racing’s previous involvement in the crypto industry, its partnership with Sui signifies a shared interest in exploring the potential of cryptocurrencies and blockchain technology. Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal While the partnership’s success and its impact on the Sui token price depend on several factors, including market conditions and investor sentiment, this collaboration holds promising prospects for the revival of the Sui token. Monitoring future developments and market reactions will provide valuable insights into the effectiveness of the partnership in driving the Sui token’s resurgence. At press time, SUI was trading at $0.5904 with a 24-hour drop of 19.8% in its price.  Featured image from iStock, charts from

Optimism Bedrock Upgrade: Transaction Fee Savings Hit $150,000 And Counting

The Optimism Bedrock marks a significant milestone in the network’s evolution. This groundbreaking upgrade, successfully launched on June 7, ushers in a plethora of major advancements, most notably an impressive reduction in network costs. By implementing a so-called optimized batch compression and leveraging Ethereum as a data availability layer, the Bedrock upgrade has achieved a remarkable 56.1% decrease in transaction fees. These findings, meticulously compiled by OP Labs, Optimism’s core developer, highlight the tangible benefits that users have already begun to experience. In just a matter of days, the Bedrock upgrade has resulted in nearly $150,000 in savings for users, showcasing the immediate impact and financial advantages brought forth by this transformative enhancement. Optimism’s expected total user savings since migration, or during the first month in US dollars, is around $210,929. Bedrock upgrade has drop in transaction fees. Source: This development has brought about a significant cost advantage for Optimism, facilitating the swift confirmation of transaction batches on the Ethereum network. As a result, the average transaction fees on Optimism have experienced a substantial decrease, plummeting from $0.57 to a mere $0.16. Bedrock Upgrade: Paving The Way For Superchain Revolution While the reduction in transaction fees is undoubtedly a remarkable improvement, the Bedrock upgrade holds greater significance as a crucial component of the developer’s ambitious vision—the creation of a groundbreaking “Superchain.” This visionary concept revolves around establishing an interconnected network of chains, leveraging Optimism’s OP Stack software. To commemorate the Bedrock upgrade, we’re releasing an open-edition NFT with our friends at @manifoldxyz. Minting will close on Friday, June 16th at 11:59 PM UTC, so you have just over a week to collect this piece of Optimistic history! — Optimism (✨🔴_🔴✨) (@optimismFND) June 8, 2023 The Superchain aims to integrate these individual chains into a cohesive ecosystem, enabling seamless communication and fostering collaboration within a unified environment. By harnessing the power of the Bedrock upgrade, Optimism takes a significant stride towards realizing this revolutionary vision, setting the stage for a new era of interconnected blockchain innovation. Optimism Makes Strides In Market Share And TVL Optimism’s impressive performance in the market has recently come to light, with L2 Beats unveiling its significant standing. At present, Optimism holds the second-largest market share, commanding approximately 18% of the market, showcasing its growing influence and acceptance. Moreover, Optimism has achieved a substantial Total Value Locked (TVL) figure, surpassing $1.6 billion. This noteworthy metric signifies the platform’s robust engagement and high level of activity, underlining the trust and confidence users have placed in Optimism.   Source: L2Beat Meanwhile, on-chain data on Optimism has revealed a decline in the 30-day active addresses metric. As of the current reporting period, the number of active addresses within this timeframe hovers around 147,000, indicating a noticeable decrease. These figures offer valuable insights into the level of interaction and user participation on the platform at the time of reporting. It will be interesting to see how the introduction of the Bedrock upgrade might influence these metrics, potentially shaping the future trajectory of user engagement on Optimism. Featured image from TokenInsight

Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal

Dogecoin (DOGE) has recently found itself at the center of a storm caused by the US Securities and Exchange Commission’s (SEC) lawsuit against major exchanges Binance and Coinbase. As media outlets spread fear, uncertainty, and doubt regarding the legal proceedings, the market capitalization of this meme coin has experienced a significant drop. However, despite the turbulence, on-chain data reveals that the long-term loyalists of the Dogecoin community remain resolute in their support. In the face of the dwindling media mentions and the calming of the storm, a compelling question arises: could this be the opportune moment for bullish investors to seize the dip and spur yet another impressive price rebound for DOGE? Related Reading: Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why Dogecoin (DOGE) Holders Show Resilience Amidst Market Turbulence According to detailed on-chain analysis, it appears that the recent sell-offs and price drops in DOGE were primarily driven by short-term traders rather than committed long-term holders. A comprehensive Santiment chart illustrates this phenomenon, showcasing a notable increase in Mean Coin Age within the Dogecoin ecosystem during the same period when massive sell-offs occurred. DOGE Mean Coin Age. Source: Santiment Examining the data between June 1 and June 9, the Mean Coin Age for DOGE has experienced a 5% increase, rising from 54,317 to 57,219. This upward trend in Mean Coin Age during a period of price retracement serves as a promising signal, indicating growing confidence among long-term DOGE holders. Remarkably, approximately 70% of the total circulating Dogecoin supply is currently held by steadfast long-term investors who have held their positions for more than a year. With such a significant portion of DOGE in the hands of committed holders, it follows logically that if they continue to hold onto their coins, the price of DOGE is likely to rebound in the near future. DOGE Social Volume Down: Potential Opportunity For Bullish Investors? Over a span of just four days, from June 5 to June 9, the Social Volume of DOGE has witnessed a staggering decline of 72%, plummeting from 8,219 mentions to 2,308. Santiment’s Social Volume metric serves as a reliable indicator of market sentiment by tracking the frequency of a project’s mentions across various channels, including Twitter and relevant crypto-media platforms. DOGE Social Volume. Source: Santiment When Social Volume experiences a substantial decrease like the one observed above, it signifies that many stakeholders are currently overlooking the asset. This situation presents an opportunity for strategic investors seeking to capitalize on market bottoms. It is common for bullish investors to strategically enter the market when sentiment hits a new low, aiming to purchase assets at their lowest possible value. $doge is like 🚀🚀🚀🚀🚀 today , a little promising and defying the gravity — THOMAS (@thomasnegeri) June 9, 2023 Interpreting this drop in Social Volume as a potential turning point for the DOGE price dip, optimistic investors may consider this as an encouraging signal. If this bullish outlook materializes, the crypto community believes that DOGE will regain its upward momentum and ascend the charts once again in the days to come. As of now, CoinGecko reports the current price of DOGE at $0.060480, down 11.3% in the past 24 hours. The cryptocurrency has likewise experienced a decline of 16.7% over the course of the last seven days. Featured image from Getty Images

Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why

Cardano (ADA), along with numerous other major altcoins, experienced a significant downturn in recent days, causing considerable losses for investors. However, the downward trajectory of prices observed across the cryptocurrency market did not provide a reassuring signal for a potential reversal in the near future. As panic and uncertainty gripped the crypto space, holders of Cardano and other altcoins found themselves questioning the stability and future prospects of these digital assets.  What factors contributed to this market-wide decline, and what lies ahead for Cardano amidst this turbulent period? Related Reading: Bearish BNB Signs Hint Downtrend May Persist Beyond Expectations Bearish Trend Emerges As Cardano (ADA) Price Plummets A recent report shed light on the alarming bearish scenario for Cardano (ADA) on its price charts.  Currently valued at $0.248073 according to CoinGecko, ADA has suffered a significant decline of 22.2% within the past 24 hours, further exacerbating the downward trend. Over the span of the last seven days, the cryptocurrency has experienced a staggering downturn, plummeting by 34.2%. Source: Coingecko A recent report emphasized the bearish landscape depicted by Cardano (ADA) on its charts, specifically noting its current price, and the breach below the $0.348 mark. This development set the stage for bears to take control of the market across higher timeframes. The report highlighted the significance of this downward movement, as it not only signaled a shift in momentum but also posed challenges for Cardano’s price recovery. Related Reading: ApeCoin Holders Suffer Financial Pain As 95% Endure Negative Returns With the breach of the crucial support level, bears gained the upper hand in dictating market dynamics, particularly on longer timeframes. This bearish sentiment cast a shadow over Cardano’s performance, making it increasingly difficult for the ADA token to regain lost ground and establish upward momentum. The report’s analysis underscored the implications of bears dominating the market, emphasizing the obstacles Cardano might face in its price trajectory. In an attempt to alter the prevailing trend, the bulls made a late May push and managed to establish a high at $0.386. However, their efforts to sustain this shift in market sentiment were futile as they failed to capitalize on this change in character. The failure to maintain the bullish momentum has left Cardano investors and market participants on edge, grappling with concerns about the cryptocurrency’s future trajectory. Cardano (ADA) market cap currently at $8.5 billion. Chart: SEC’s Security Label And Lawsuits Intensify Market Jitters Adding to the already gloomy market sentiment, the US Securities and Exchange Commission (SEC) dealt a significant blow to Cardano by classifying ADA as a security. This categorization triggered a wave of apprehension among investors, leading many to flee from the cryptocurrency markets.  Cardano’s IOG Dismisses SEC’s Claim that ADA is a Security #Cardano #cardanofeed #ADA #crypto #cardanocommunity #bitcoin #CoinMarketCap #blockchain #cryptocurrency #CardanoADA #btc $ADA — Cardano Feed ($ADA) (@CardanoFeed) June 9, 2023 Compounding the unease, the SEC filed lawsuits against Coinbase and Binance, further exacerbating the panic surrounding the already bleak market outlook in the crypto sphere. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk) Featured image from iStock

Bitcoin (BTC) Lower Timeframe Outlook: $26,800 Breakthrough Could Spark Rally

Bitcoin (BTC), the largest cryptocurrency in the market, made a fake attempt to breach the $27,500 barrier on Tuesday. Since then, it has been trading sideways, moving within a narrow channel.  The 50-day Moving Average, which is the nearest resistance, is at $27,200. Meanwhile, the strongest support is at the 200-day MA, placed at $25,200.  For Bitcoin to initiate a fully formed bull run in the market, it is essential to hold this support level, if BTC bulls expect another attempt to breach the $30,000 mark and propel the market in full force, the $25,200 support level is crucial, and it needs to be held to achieve this goal. Related Reading: Here’s How Current Bitcoin Capitulation Compares With Past Crashes XRP And LTC Poised For Breakouts As Bitcoin Eyes $28,000 The lower timeframe picture for Bitcoin is straightforward, according to cryptocurrency analyst Michael Van de Poppe. He believes that for BTC to continue its upward trend, it needs to break through the $26,800 level. If that level is breached and flipped, Van de Poppe predicts that $27,500 is a likely next target, with the possibility of further breakouts on XRP and Litecoin (LTC). Van de Poppe’s analysis is based on technical indicators and market trends. He highlights the significance of the $26,800 level as a key resistance level that must be overcome for BTC to gain momentum. The cryptocurrency has been trading in a narrow range, and a breakout could signal a shift in market sentiment. Van de Poppe’s predictions align with the overall bullish sentiment in the cryptocurrency market, with many analysts expecting BTC to continue its upward trajectory. However, there are also concerns about potential price corrections and volatility, which could impact short-term market movements. BTC In Period of Stability, Revisiting 200-Week MA Despite Downside Volatility According to cryptocurrency analyst Rekt Capital, BTC is currently in a period of stability. If this stability continues, BTC could revisit the $27,600 level and potentially break out. However, BTC is still retesting the 200-week Moving Average despite downside volatility below it during the week. Furthermore, BTC is currently trading below a series of Lower Highs, which is represented by the blue line in the chart. To move higher, BTC needs to invalidate this series of Lower Highs. On the other hand, the 200-week MA is acting as support, as indicated by the orange line in the chart. Together, these factors are creating a pennant-like structure, which is a pattern that typically indicates price compression and is often followed by a period of volatility. Rekt Capital’s analysis suggests that BTC is at a critical juncture, with the potential for a breakout or a breakdown depending on how it interacts with the 200-week MA and the series of Lower Highs. Related Reading: LUNC Token Continues To Surge During Market Uncertainty, What’s Behind It? Despite the potential risks, many investors remain bullish on BTC and other cryptocurrencies, with the overall market continuing to show strength and resilience. As institutional adoption of cryptocurrencies continues to grow, the demand for BTC and other digital assets is expected to increase, potentially driving prices higher in the long term. Featured image from iStock, chart from

Bitcoin “Throwback” Could Trigger Flawless Technical Bottom Formation

Bitcoin price is struggling after failing to make it above resistance last month. Combined with the recent pressure on the crypto market applied by the US SEC, things aren’t looking great for bulls. However, the correction has stopped precisely at a key level that could indicate a “throwback” is in process. If confirmed, BTCUSD could trade above $40,000 per coin in the near future. A Closer Look At The Technical Bottom Formation In Crypto The study of technical analysis uses past price history to predict probabilities in future market movements. Certain patterns have been discovered time and time again, that produce reasonably replicable results. From the size or shape of the pattern, analysts can derive roughly how far the associated breakout should travel. Related Reading: Bitcoin Retests Moving Average That Marked All Major Market Bottoms Bitcoin price action over the last year has formed what appears to be a technically flawless inverse head and shoulders pattern. The inverse head and shoulders is a bullish reversal pattern that appears at the bottom of a trend as it change direction. It consists of a left shoulder, head, a right shoulder, and a neckline. The head must be lower than each shoulder, and the neckline is of extra importance, because that’s where the abundance of orders are associated. Is this a throwback to the neckline? | BTCUSD on What Exactly Is A Bitcoin Throwback, And Why Does It Matter? A throwback occurs after a breakout of the neckline, when the market isn’t convinced of the bullish move. The neckline holding is a sign to others that the pattern could confirm, and more traders pile in creating a breakout and strong move higher. When using the example as a comparison, the resulting breakout could reach as much as over $40,000 per BTC. Related Reading: Rare Crypto Signal Emerges That Could Spark Another 2017-Style Boom When bullish patterns fail, the result is called a “busted” pattern and can cause a further crash as long traders are stopped out below the neckline. Stop loss levels are placed below the neckline, because a confirmed pattern will not breach below this point. Therefore, for the pattern to confirm, holding the neckline is especially critical. Will we see this bullish chart pattern ultimately confirm, or fail? This chart appeared in issue #7 of CoinChartist VIP alongside a dozen other exclusive crypto charts. Tony is the author of the CoinChartist (VIP) newsletter. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from

Crypto Investor Sentiment Refuses To Budge, But Can The Weekend Change This?

Crypto investor sentiment has been in the same place for over a month as investors have been hard-pressed to make a decision. This comes amid heightened regulatory headwinds with the United States Securities & Exchange Commission suing the likes of Binance and Coinbase. But could a change be coming soon? Crypto Fear & Greed Index Remains Neutral Following the market surge of Q1 2023 where Bitcoin was able to reclaim the $30,000 level, the market has been in a somewhat downward spiral since then. This has cumulated in investors being unwilling to place bets on whether the market will move up or down, bringing the Crypto Fear & Greed Index to one of its longest stretches in neutral territory. Related Reading: Cardano (ADA) Declines As Market Recovers Amid Security Charges Presently, the index is sitting at a complete dead center of 50 on the scale which ranks sentiment from 1-100. 1-25 marks the extreme fear territory, 26-46 marks the fear level, 54-75 means greed and 76-100 is extreme greed. The 47-53 range is reserved for the neutral territory. At this point, the index points to a lack of activity from investors. This is understandable given that investors are currently waiting for more clarity from regulators to determine if investing in the digital assets right now is a good idea or not. Fear & Greed Index spends over one month in neutral | Source: The index has now spent the better part of the last month in this neutral territory as the tug-of-war between the bulls and the bears come to a standstill. So there is no significant movement expected in either direction while it remains this way. Can The Weekend Shift Market Sentiment? The weekend has historically been a period of time characterized by low volatility due to reduced market participation from investors as they take a break from the markets. However, there have also been times when the weekend has come with the most bullish or bearish movements for the market. Total market cap sitting at $1.074 trillion as investors capitulate | Source: Crypto Total Market Cap on As the market heads into another weekend, the possibility of a shift occurring during this time, although not very high, remains present. This is because, with low momentum, it is easier for the markets to swing one way or another with less volume than required on a weekday. Related Reading: Here’s Why Ethereum Could Be At Risk Of Falling To $1,000 Again Given this, there could be a rapid surge if bulls are able to beat the $27,000 level for Bitcoin in the next couple of days. But bears are awarded just as much opportunity during this time, especially if Bitcoin fails to hold the $26,000 support. Nevertheless, a swift movement in either direction could shake investors out of their current wary state to jump back into the market once more. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from

Tron Upward Price Momentum At Risk Unless Key Resistance Is Breached

Over the past few weeks, the price of Tron (TRX) has experienced an upward movement. However, it has struggled to break through a crucial resistance level for a significant period of time. In the last 24 hours, TRX saw a 1% increase, while on the weekly chart, it recorded a 3% gain. The bullish momentum has been maintained since surpassing the $0.68 price level. The technical outlook suggests a potential shift towards bullish influence. Related Reading: Cardano Price Threatens Multi-Month Low Unless Bulls Defend This Support Demand and accumulation indicators have shown improvement in the daily timeframe. While Tron has managed to resist the broader market sentiments affecting other altcoins, it remains vulnerable to fluctuations in the Bitcoin price. To sustain its daily gains, it is crucial for TRX to surpass the immediate resistance level. Failure to do so may result in a reversal of its upward trend. The increase in the TRX market capitalization indicates that demand has started to revisit the market. Tron Price Analysis: One-Day Chart At the time of writing, Tron (TRX) was trading at $0.078. The altcoin faced overhead resistance at $0.079, and a successful move above this level would likely propel TRX above the $0.080 mark. However, if it is rejected at $0.079, the coin could experience a significant decline. It is worth noting that TRX has previously faced rejection at the $0.083 level, which will serve as an important resistance. On the downside, the nearest support for Tron is located at $0.074. If TRX fails to hold above this support level, it may drop further to $0.068. The trading volume of TRX in the last session was green, suggesting that buyers have started to establish control over the price. Technical Analysis Following a period of decreased investor interest earlier this month, Tron (TRX) is currently showing signs of recovery in terms of demand on the daily chart. The Relative Strength Index (RSI) indicates that buyers are exerting dominance in the market, as it is above the half-line. This suggests a positive sentiment and increased buying pressure. Additionally, the price of TRX has moved above the 20-Simple Moving Average (SMA) line, indicating that buyers are in control of the price momentum in the market. This further supports the notion that buyer dominance is prevailing. To sustain this buyer momentum, it is crucial for TRX to break past the $0.079 resistance level. If TRX successfully surpasses this level, it may continue its upward movement Contrary to rising demand, TRX has maintained sell signals on the daily chart based on the Moving Average Convergence Divergence (MACD) indicator. The MACD histogram formed red bars, indicating sell signals for the altcoin. This suggests a potential decline in price if TRX fails to move above the immediate resistance level. Related Reading: MATIC Price Shows Bullish Formation – What’s Next? Furthermore, the Chaikin Money Flow (CMF), which measures capital inflows and outflows, is below the half-line. The upcoming trading sessions will be crucial for TRX to determine its future direction. Featured Image From UnSplash, Charts From