Tron Trading Negative Despite Kucoin Deal. Ripple (XRP), Ethereum (ETH) Price Analysis - NewsLogical
The crypto market suffered bearish trend in the last 24 hours with several coins shedding out some of their values. As usual, the movement of Bitcoin dictated the movement of the market as the leading coin failed to surpass the $7,360 resistance point. BTC is currently valued at $7,310 as at the time of writing.
As we approach the last month of the year, coupled with the closeness of the next halving, one may want to believe optimistic forecast issued by some analysts that Bitcoin may soon return on the upside trend of the market for a period long enough to make the market really bullish.
Keeping in track with our daily intraday trading analysis, we look at some of the major coins in the crypto market with Ripple (XRP), Ethereum (ETH), Tron (TRX) as our main focus for today.
Tron (TRX) Intraday Analysis
Tron (TRX) was unable to capitalize on the recent announcement that surfaced for the cryptographic project at the early hours of the day. We had earlier reported that Tron collaborated with KuCoin-incubated PoS Mining Pool, POOL-X. The development, as usual, is expected to make the price of the coin surge.
Looking at its intraday price analysis, Tron (TRX) began the day trading at 0.0157 before witnessing positive movements to hit 0.0159, testing the resistance point of 0.020. Afterward, the coin plunged sharply at regular intervals. The coin subsequently dropped below the $0.0154 support levels to trade at its current value of $0.015213.
At the moment we can predict that if the downward trend continues, TRX could find itself in the $0.0149 support levels but an upward trend could see the coin hit $0.0155 resistance point.
Ripple (XRP) Intraday Analysis
Ripple’s XRP token is slightly losing its stability in the market. Looking at the current market trend of XRP, it is clear the 3rd ranked cryptocurrency is on a free fall that can land it below its psychological support, $0.2. At the moment, XRP is priced $0.220 against the US Dollar with 1.18% value loss in the last 24 hours.
The coin started the day trading at $0.225 and later hit a daily high of $0.226 before descending below the support levels of $0.219 mark. On the positive, a sharp rebound for the coin could see XRP return to above $0.23 levels while a negative turn would take the coin near $0.215 mark again.
Ethereum Intraday Analysis
Ethereum (ETH), the leading altcoin, is one of the most important coins in the crypto market. The altcoin was unable to consolidate its price after several attempts to cross its psychological barrier of $152. ETH began the day trading at $150.22 with an attempt to consolidate close to the support levels above $150.
Despite the series of positive movements early in the day, the coin failed to surpass the $152 point and eventually suffered a plunge that saw the coin drop to $147. Despite several attempts to rebound, ETH is currently trading at $147.82.
On the upside trend, ETH could hit its next resistance level at $155, however, a downside fall make drift the coin to support levels $140.