Tron (TRX), XinFin (XDCE) & Ripple (XRP) technical analysis 21st – 22nd May – Market wide optimism driving up bullish sentiment $TRX

Tron (TRX)

In the weekly charts, Tron is in an uptrend. It has opened the week above last week’s high of $0.076, and has pushed above the $0.08 price level. Volumes too are on the rise, indicating that buyers are strongly coming into Tron at the moment. If this momentum continues, $0.08 could be the next price target, an area that has offered strong resistance in the past. A break below the current price could see Tron get to $0.07, which has been an area of major support in the past.

In the daily chart, Tron validates the upward momentum that is forming on the long-term charts.  We see Tron emerging out of a consolidation phase in the $0.064 and $0.07 price level. Now that the price has broken above this range, we are likely to see it push higher, up to around $0.092, a price level that has offered major resistance in the past. A break above it in the course of the week, could see Tron hit $0.10 as we approach the main net launch.

For someone looking to buy into Tron (TRX), $0.077 to $0.079 price level makes for a good entry point, with $0.092 to $0.10 offering a good exit point for a short-term entry. On the downside, $0.065 is a good downside support. However, based on its fundamentals, Tron (TRX) is likely to continue rising to the upside.

XinFin (XDCE)

In the last 7 days, XinFin has been on a slow and steady rise, with volumes pushing up by the days. The upside is also clear in the higher lows that XinFin has formed, after every dip in the last 4 weeks. With the increasing volumes, XinFin has the potential to push to a high of $0.006, an area, which has seen some element of profit-taking in the past.

For investors looking to make a long entry into XinFin (XDCE), there is a good entry point forming on the daily charts. We see XinFin (XDCE) forming a double-bottom at the $0.056 price level. A double-bottom simply means that this is price level is a strong demand zone. If it holds at this level, and price starts pushing up, XinFin (XDCE) could test $0.006, and even a possible higher push to $0.007. A break on the lower-side could see XinFin (XDCE) test $0.053.

However, this is unlikely given that there are many exchanges listing XinFin (XDCE) at the moment, and this will keep pushing up the price.

Ripple (XRP)

In the weekly chart, the downward trend is losing momentum. The price seems to be unable to break below $0.47, the lowest level that Ripple (XRP) hit in April. That’s an indicator that bulls are slowly taking over Ripple.

This is validated in the daily charts, where we see Ripple trading in a tight range along the $55 –day moving average for the last 8 days. Volumes too have been rising in that period, indicating that Ripple is in a bullish accumulation phase. A break above this price level could see Ripple shoot up to $0.95, which is the next resistance level on the upside.

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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.


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