Connect with us

Tron

TRON price analysis: TRX trapped in bearish dive at $0.087

Published

on

The TRON price analysis is showing bearish momentum. Bulls showed some performance at the start of the day when they took the price of TRX/USD up to $0.094 level in the early hours, where it met resistance and bears took over, and the price started getting down with every passing hour during the entire day.

The bears stooped the price down to $0.086 at the time of writing as selling pressure continuously increases over time, and more and more traders are selling off their assets.
The TRX/USD pair lost a value of 6.4 percent during the last 24 hours and about 15 percent over the course of the last seven days.

TRX/USD 1-day price chart: TRX devalued 6.4 percent in 24 hours

The 1-day TRON price analysis chart reveals the TRX/USD is under selling pressure today. Bears are dragging the price down successfully as bears reversed the bullish uptrend of the last two days. This is a massive decline in cryptocurrency value. The price has gone down significantly as TRX lost more than six percent value today. The support of $0.084 seems strong.

TRON price analysis: TRX trapped in bearish dive at $0.087 1
TRX/USD 1-day price chart. Source: TradingView

Furthermore, the volatility is high as the Upper end of Bollinger bands is at the $0.10 mark and the lower end is at the $0.078 mark, respectively. The moving average (MA) is at the $0.096 mark, and the Bollinger bands average is at the $0.091 mark.

Both the averages are above the price level. The relative strength index (rsi) is also below the centerline, moving further below at a score of 47, further marking bearish uphold.

Advertisement

TRON price analysis: TRX continue losing strength, to retest the support at $0.084

The 4-hours TRON price analysis report shows a decline in coin value as one after one red candlesticks are appearing on the hourly chart for bears. The bears are on route to retest the support present at $0.084. The volatility is decreasing, which might be helpful for TRX.

TRON price analysis: TRX trapped in bearish dive at $0.087 2
TRX/USD 4-hours price chart. Source: TradingView

The Bollinger bands end are traveling towards each other, with the upper band present at the $0.098 mark and the lower band present at the $0.083 mark. The Bollinger bands average is at the $0.09 mark above the price level.

In contrast, the other important indicator moving average (MA), is present at the $0.092 mark that also above the price level marking a bearish cycle. The relative strength index (RSI) has gone down near the critical undersold level and shows a score of 36.

TRON price analysis: TRX trapped in bearish dive at $0.087 3
TRX/USD technical indicators chart. Source: TradingView

Further going deep in the TRON price analysis, the technical indicators show a mostly neutral trend with a little deviation towards the bearish side. Out of 26 technical indicators, nine are on the selling side, and seven are on buying side, whereas 10 stand neutral.

The moving averages are perfectly neutral, with seven indicators each on buying and selling side while one stands neutral. The oscillators indicate bearish signals as two indicators are on the selling side and zero on the buying side, and nine stands neutral.

Advertisement

TRON price analysis: Conclusion

From the above 1-day and 4-hours TRON price analysis, it can be perceived that Tron is on a bearish slide. Though price value has decreased significantly, the price can still go further down the hill if selling pressure sustains. The support level of $0.084 is a crucial point in determining the future of the TRX/USD pair.

News Source

Cardano

Cardano and Tron Will Soon Be Removed From eToro

Published

on

The trading app has cited unspecified regulations as the reason behind the delistings.

  • Trading platform eToro has announced that it will delist Cardano (ADA) and Tron (TRX) for American users.
  • The company did not explain why those assets were targeted or which regulations influenced its decision.
  • The new policy will take effect in late December.

Trading app eToro has announced that it will remove Cardano (ADA) and Tron (TRX) from its listings before the end of the year.

Policy Will Hit eToro Users in December

The new policy means that eToro users will not be able to open positions in those cryptocurrencies beginning on Dec. 26.

Additionally, users will not be able to receive staking rewards for the two cryptocurrencies beginning on Dec. 31.

Advertisement

These restrictions will only apply to users in the United States, according to the policy update posted by eToro on Tuesday.

The company cited “business-related considerations in the evolving regulatory environment” as the reason for the delistings, but did not say which regulations influenced its decision.

Neither TRX nor ADA has been targeted by regulatory action. It is possible that new reporting requirements for crypto brokerages in the U.S. have played a part in eToro’s decision, but this does not explain why TRX and ADA were specifically targeted.

Advertisement

Crypto Market Is Largely Unaffected

Though early reports suggested that each token had seen losses, both had recovered by the time of writing. As of 3:30 PST on Nov. 25, Both ADA and TRX saw gains of roughly 0.5% over 24 hours.

Given that Cardano ranks among the top six tokens, it seems unlikely that other exchanges will follow eToro’s lead and delist it. TRX ranks somewhat lower as the 32nd largest cryptocurrency, but it does not seem to be a target for delistings, either.

In fact, both coins have recently gained new listings elsewhere. Cardano’s ADA token was listed on Bitstamp on Wednesday, while Tron saw a TRX ETN listed on Deutsche Börse in September.

Advertisement

Furthermore, eToro is primarily a stock trading app with crypto features, meaning that its regulatory concerns may not reflect those of dedicated crypto exchanges.

News Source

Advertisement
Continue Reading

Tron

Tron Price Prediction: eToro Limiting Trade To US Users May Pull TRX Below $0.088

Published

on


Tron price comes under immense pressure with eToro limiting access for U.S. users. Tron price slumped into the red during on Wednesday amid news that eToro, a social trading platform will delist it in the United States. Following the announcement, TRX shed off over 8.83% from $0.1038 to an intraday low of $0.0946 on November 24. Tron (TRX) teeters $1.68 at press time.

eToro To Limit Tron Trading in The U.S.

eToro announced earlier this week that its users in the U.S. will soon not be able to open new positions or receive staking rewards from Tron (TRX) and Cardano (ADA). The announcement that was made of Tuesday November 23 said that the platform “will be limiting ADA and TRX for users in the US.” Citing regulatory concerns, but did not explain why the two cryptos were singled out.

The crypto trading platform stresses that it will not force users to sell their positions yet, however, users will not be able to open new ADA or TRX positions starting on December 26, 2021 while staking for TRX and ADA will end on December 31, 2021.

Advertisement

The news extended Tron’s last week losses clearly defined by an inverted-V chart pattern after losing the 50-day Simple Moving Average (SMA) support.

Tron Price V-Shaped Top Correction Aims For $0.0889

TRX price action has been spelling out a V-shaped top chart pattern after turning down from the November 15 high around $0.13. The losses intensified on Wednesday following the news from eToro, forcing TRX to retest support at $0.0987 embraced by the 100-day SMA. The pattern’s downtrend line has capped the price, with Tron currently exchanging hands at $0.0991.

If this pattern holds, it is expected that TRX will complete the V-shaped top correction to tag the October 28 low at $0.8896, an 11% drop from the current price.

Advertisement

The bearish narrative has been reinforced by downward movement of the Moving Average Convergence Divergence (MACD) indicator and its movement below the zero line into the negative region.

In addition, the position of the RSI at 43.69 close to the oversold region shows that Tron price is firmly in the hands of the bears.

TRX/USD Daily Chart Live Chart

Advertisement
Tron price

On the flipside, a daily closure above the 50-day SMA at  $0.1028 may trigger an upswing. If this happens,  Tron price could rise to re-test the resistance at at $0.1084 and the November 15 high at $1.329

News Source

Continue Reading

Cardano

Hoskinson on Crypto Exchange eToro’s Upcoming De-Listing of Cardano ($ADA) in the U.S.

Published

on

Earlier today, eToro announced on its website that due to regulatory concerns, it would be “limiting ADA and TRX” for users based in the U.S. and that these users would “no longer be able to open new positions in, or receive staking rewards for, Cardano (ADA) and TRON (TRX)” but would be “able to close existing positions.”

Here are some important things to be aware of:

  • Users based in the U.S. will not be able open new $ADA or $TRX positions starting on 26 December 2021.
  • Users based in the U.S. will not be able to enjoy staking rewards for $ADA and $TRX since staking support for these two assets will end on 31 December 2021. Final rewards (in USD) will be paid out on 15 January 2022.
  • Users based in the U.S. will still be able to maintain their existing $ADA and $TRX balances on the exchange. They will also be able to close their positions at any time, i.e. sell their $ADA and/or $TRX holdings for USD.
  • eToro is trying to make the eToro Money crypto wallet compatible with $ADA and $TRX (hopefully early in 2022).

This unexpected move by eToro forced Hoskinson to take to YouTube to clarify some of the confusion surrounding this news.

In summary, Hoskinson said that (1) neither the Cardano Foundation nor IOHK had been contacted by any financial regulators about $ADA; eToro’s move is the result of lack of regulatory clarity around cryptoassets; and although it is unfortunate that eToro felt it had to take this action, the de-listing of $ADA on the eToro platform in the U.S. will have no meaningful impact on the liquidity of ADA for the following reasons:

Advertisement
  • $ADA is one of the most liquid cryptoassets in the market;
  • eToro was not handling a huge amount of $ADA trading volume; and
  • last Thursday (November 18), Bitstamp, which is one of the largest (if not the largest) crypto exchanges in Europe, announced that it was preparing to list $ADA.

As CryptoGlobe reported, in a blog post published on November 18, Bitstamp explained the listing schedule for $ADA:

  • November 23: ““Deposits and withdrawals open but trading is not enabled yet.
  • November 24 (around 11:00 A.M. UTC): “You will be able to place and cancel limit orders, but they will not be matched.
  • November 24 (around 03:00 P.M. UTC): “Order matching will start and trades will be executed normally.

Then, “once the order books gather sufficient liquidity”, Bitstamp will “enable all order types and card purchases for the new trading pairs as well.”

This means that on November 24, we should see the trading of $ADA to go live on Bitstamp.

According to data by CryptoCompare, $ADA is currently (as of 23:30 UTC on November 23) trading around $1.748, down 1.69% in the past 24-hour period.

Source: CryptoCompare

One possible reason for this move by eToro is that they are concerned that by offering staking support for $ADA and $TRX, it could give these these two cryptoassets security-like attributes, which could mean eToro US getting into trouble with the U.S. SEC. It is worth bearing in mind that currently eToro offering staking support for only three cryptoassets: $ADA, $TRX, and $ETH 2.0.

source: eToro

News Source

Advertisement
Continue Reading