The market continues to show positions linked with Bitcoin price correction after testing levels of immediate resistance, and the stock market capitalization of the entire ecosystem has decreased by -2.08% to levels of USD 225.00 billion dollars.
The fact that 80% of the top 100 cryptocurrencies in the market are in red, indicates a good entry opportunity to achieve benefits when accumulating at low prices, especially those altcoins that are well positioned at the top of the general ranking.
In this regard, Stellar remains anchored in the tenth position, followed very close by Tron and Cardano, two other renowned projects that show interesting graphics for a possible price rebound in the medium term.
As we can see, the gap created by Stellar is getting shorter as Tron regained the 11th positions by displacing Cardano from the box, largely thanks to the increase in its volume in recent days, even when its price is falling at half the pace of Stellar.
Tron (TRX): Capital Increase Indicates Possible Rebound
Justin Sun’s cryptocurrency has a spot price of USD 0.016030 quoted at the time of writing with -2.27% value drop in the last 24 hours.
The eleventh cryptocurrency of the market had experienced an increase of more than twenty percent in its volume in the period between October 3rd and 9th of the current year. However, in the last 48 hours, it has experienced a significant decrease in its volume.
The distribution has begun simultaneously after a great period which TRX token accumulated sizable value to reach its peak on October 9, 2019 @ USD 13.74B dollars market cap.
Analyzing the 4H graph for the entertainment focused altcoin, we can see that the TRX \ USD pair projects a fairly defined ascending channel that originated immediately after the fall in the price of TRX from USD 0.015526 to USD 0.01151 levels on September 24, when Bitcoin fell below the 8k line and dragged the entire market down.
Now TRX has managed to stay steadily within the projected upstream channel, generating higher minimums, even now that it is receding, making us assert that it will push less strongly towards the rise. However, it is firmly within the channel to Elliot wave point B located at USD 0.01645, which will be vital for the altcoin because we can break and see a reversal to the midpoint, crossing USD 0.015. Otherwise it will continue its upward trend up to USD 0.0177.
Technical Indicators @ 4H
The Aroon indicator, despite being bearish at this time, is sending signals that a pattern change is about to occur for altcoin, as its bearish signal begins to decline to the bottom.
The CMF, despite being low at this time due to the withdrawal of profits from investors, has had two major attempts to increase the indicator, a signal that we will soon see a significant capital inflow into Tron’s market.
Finally, the cumulative volume index (CVI) has begun to rise slowly for the second time this month, but it is still above the September lows, indicating that a possible rebound could be expected in the market in the next journeys.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.