12.3 C
Manchester
June 15, 2021
Image default
Guide & Analysis

Price analysis: Cardano, Filecoin and Tron – June 1st

Cardano [ADA]

Source: ADA / USD, TradingView

The 4-hour chart better captured Cardano’s decline, although the cryptocurrency has risen 5% in the past 24 hours. The chart showed a rebound from the support lines at $1.34 and $1.58, but the ADA failed to break above $1.83. This led to some downward movement as the ADA returned to its defensive line at $1.58. Interestingly, this support brand showed a confluence between the SMA-20 (red) and the SMA-200 (green). EMA lines can also provide an extra layer of defense against a crash.

Consolidation was ahead for the ADA considering the contracted nature of the EMA lines. However, if these bands cross, an uptrend can be expected. According to the Squeeze Momentum Indicator, buying pressure still prevailed for a price swing. On the other hand, a collapse would highlight $1.34 support.

Filecoin [FIL]

Source: FIL / USD, TradingView

The 12-hour chart was used to analyze the trend of Filecoin before the cryptocurrency liquidation and the event’s result in its price. The lowest highs since April 1st signaled weakness in the market and the ceding of $132-123 support triggered a break of a downward triangle. Although FIL appeared to find support at around $94, the recent crypto bloodbath has accentuated its losses and dragged it to $55-65. Since then, FIL has struggled to post earnings and has fluctuated widely between $77.3 and $65.

With bullish momentum building in the Awesome Oscillator, further collapses were unlikely. In case of a breakout, the levels to watch include $94 and $110. However, the RSI was still below 40 and needed to rise to reverse bear market conditions.

Tron [TRX]

Source: TRX / USD, TradingView

Tron has formed a symmetrical triangle on the 12-hour chart and a breakout is expected in the coming days. A rise above the upper trendline could trigger a bullish for the TRX, but a resistance zone is between $0.08-0.101 and gains may be limited within this channel. A bearish scenario could drag the TRX between $0.058 and $0.062. A twin high peak configuration on the Awesome Oscillator suggested an increase in buying pressure in the future.

The MACD also highlighted some bullish conditions as the fast moving line was above the signal line. On the other hand, consolidating between $0.058 and $0.680 would likely negate the symmetrical triangle.

Source: AMBCrypto

Related posts

XRP recovers everything by rising more than 340%. Was it the answer to the SEC?

Shahrukh Ahmed

Bitcoin loses key support as bears continue to force the market down

Shahrukh Ahmed

Crypto market recovers: Bitcoin targets $38,000 while Ethereum hits $2,800

Shahrukh Ahmed

Leave a Comment