Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- TRON’s development activity continued to tumble.- The move above an important resistance zone could spark a wave of buying TRON [TRX] posted gains of close to 9% in the past week.Bitcoin [BTC] was up by 5% during this time but saw more volatility than TRX.
However, a plunge in BTC prices could drag TRX down.If BTC remains stable or posts gains, TRX will also move upward.Is your portfolio green? Check the TRON Profit Calculator TRX staking continued to decline over the past week and the data from Santiment was not likely to inspire confidence in investors.However, the price action showed bullish signs and lower timeframe bulls can look for trade opportunities.
The move above the bearish order block can excite buyers The market structure of TRX has been bearish on the daily timeframe after the move below $0.066 on 7 March.Since then, the price set a series of lower highs, with the most recent one being the $0.067 level (marked in blue).On 29 April TRON bulls forced a daily trading session close above this level, thereby flipping the structure to bullish.The RSI was above neutral 50, and stood at 61 to show strong bullish momentum.The break in market structure indicated further gains were possible.A look at the 4-hour chart showed a bearish order block in the $0.067-$0.0677 area.On 30 April this block was broken and retested as support on 1 and 2 May.This confirmed that the bearish OB was flipped to a bullish breaker, another sign that TRX was poised for a move upward.
The OBV climbed upward over the past week, but this was not explosive.In 2023, there were times when TRX surged sharply and was accompanied by a spike in the OBV.Traders can watch out for another such spike.How much are 1, 10, or 100 TRX worth today? Negative funding rate and weighted sentiment showed bears in the ascendancy The developer activity has been in a slump over the past ten days, even though TRX rallied from the $0.064 support level.
Weighted sentiment was also negative despite recent gains, and the funding rate showed short positions were in the majority.
The price action showed that the $0.07 and $0.072 levels of resistance can oppose the bulls.On the other hand, a daily session close below $0.0667 will flip the structure in favor of the bears once more.Leave a Reply [Cancel reply](/news/tron-trx-breaks-above-two-month-resistance-despite-btc-weakness/#respond) Leave a Reply Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – The structure was bearish on the 4-hour chart.- Longs dominated, but demand fluctuations could delay bulls’ efforts Polkadot [DOT] saw elevated selling pressure as the FOMC meeting began on 2 May.It dropped to $5.596 before attempting recovery on the same day.At press time, DOT traded at $5.664 and was still within a key support zone and bullish order block.Is your portfolio green? Check DOT Profit Calculator Similarly, Bitcoin [BTC] struggled to close above $28.8k – a key price ceiling in March and early April at press time.
This could delay a strong recovery for DOT unless BTC reclaims $29k.Moreover, a recent report revealed that Polkadot saw an impressive performance on socials.But development activity remained low and could undermine a strong recovery too.More downward pressure – Will bulls withstand it? DOT’s price action was below short and long-term trends (50-EMA and 100-EMA).
In addition, both the EMAs were down sloping, reiterating elevated sellers’ action since mid-April.However, low wicks within the bullish order block and support zone of $5.61 – $5.86 (cyan) show bulls could fight for control for a while.The RSI recovered slightly from the oversold zone, and the support has been steady since mid-March.Near-term bulls could attempt a recovery, especially if BTC reclaims $29k and surges.
In that case, DOT/USDT pair could rally to the bearish order block and supply zone of $6.60 – $6.92.A close below $5.600 (current support zone) could expose DOT to more short-term selling pressure.It could push DOT to retest the March swing low of $5.15.Longs dominated; demand fluctuations persist Coinglass data revealed that buy positions dominated at 52.96% against sell positions at 47.04% in the past 4-hour period.
It showed bulls could have a recovery chance.How much is 1,10,100 DOTs worth today? However, fluctuations in open interest (OI) rates in the past two days could undermine bulls’ efforts.Notably, the OI hit $171.89 million on 1 May before surging to $176.58 million on 2 May.On 3 May (press time), the OI peaked at $177.31 million before dipping slightly to $171.52 million.The demand fluctuations in the futures market could delay a strong recovery.
– Aptos attempted to fuel more development through its grant program.- APT struggled with low volume but growth prospects may support it in the long-term.Aptos [APT] is among the newer blockchain networks to enter the highly competitive industry.
Nevertheless, it is currently trying to push for more adoption of its services but this will require it to on-board new projects.Is your portfolio green? Check out the Aptos Profit Calculator Aptos is trying to play catch up with other top smart contract networks with its current plan to support more development on its network.Its latest announcement revealed that Aptos awarded over $3.5 million to more than 50 projects as part of the first phase of its grant program.An exciting finish to Phase 1 of the Aptos Ecosystem Grant Program! In total, we’ve awarded 50+ projects over $3.5M in funding – and we’re just getting started.
Phase 2 applications are now open! We encourage all Web3 builders to apply.Learn more ⬇️https://t.co/lCfpbyXYYj — Aptos (@Aptos_Network) May 2, 2023 Blockchains deploy such grants to attract more projects.Since Aptos is using the same playbook, this means we might see a surge in development activity in the next few months.But just how much has Aptos grown in its short existence? It has achieved an impressive TVL in less than 12 months.
For perspective, Aptos had a $3.47 million TVL in October 2022 and it peaked at $64.4 million at its ATH on 19 April.It has since cooled slightly to its $52.08 million press-time level.The TVL outflows reflect the return of declining confidence across the crypto market, especially in the last two weeks.As far as more on-chain observations are concerned, Aptos development activity slowed down significantly and was at its lowest level in the last 4 weeks at press time.
The recent grants issued as part of the Aptos grants program may stimulate more development activity in the future.But is this enough to support demand for Aptos’ native cryptocurrency APT? Well, more development will unlock more network utility which may in turn boost investor sentiment.So far APT’s weighted sentiment was still within its monthly lows.The low sentiment reflected lack of confidence, especially in APT’s ability to bounce from the current level.
This is backed by low volumes, which also indicate the current state of the market.As a result, APT has struggled to recover from its current range.How many are 1,10,100 APTs worth today APT has been hovering just above its short-term support near the $9.28 price range for almost two weeks.APT’s MFI demonstrated some upside which indicated some accumulation.However, the price is still at risk of losing its current support if the market conditions worsen.On the other hand, the support may hold and act as a bounce-off point in case the market sees a bit of demand recovery.
– Shiba Inu’s market structure on the daily timeframe remained bearish.- Dipping daily trading volume showed buyer reluctance to challenge the price slump.
Shiba Inu [SHIB] has been trading within the $0.00001019 and $0.00001169 price range on the daily timeframe for the past two months.It recently broke out of the range, briefly dipping to $0.975 before retracing to $0.00001, as of press time.With Bitcoin [BTC] making a 3.1% rally within the past 24 hours, it might present an opportunity for Shiba Inu to record some bullish gains.Read Shiba Inu’s [SHIB] Price Prediction 2023-24 Shiba Inu bulls have struggled to find any momentum SHIB’s daily trading volume has been on a downward slide, since the start of April.This may be due to the rise of new meme tokens, such as $PEPE with investors jumping on the market bandwagon.
A look at the Visible Range Volume Profile on the four-hour timeframe offered some insight into Shiba Inu’s price action.The Value Area High (VAH) and Value Area Low (VAL) stood at $0.00001137 and $0.00001051 respectively.The Point of Control lay close to the resistance level at $0.00001092.A bearish order block just above the VAH has been a huge barrier for SHIB bulls, as the price hasn’t been able to go above it for two months.Shiba Ina’s price dipped under the VAL from that order block and struggled to find any upward momentum.The Relative Strength Index (RSI) and On-balance Volume (OBV) indicators also echoed the bearish sentiment.
The RSI has remained under the neutral 50, since 26 April and the OBV has declined over the same period.The long-term outlook didn’t suggest that a bounce in Shiba Inu prices was imminent with the selling pressure likely to take the price lower.A potential target for bears will be the $0.807 support level.How much are 1,10,100 SHIBs worth today? Exchange netflow could lead to higher selling pressure According to data from CryptoQuant, the net deposits on exchanges for SHIB were high compared to the seven-day average.High net deposits on exchanges could infer more selling pressure.
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