Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.- The 4-hour and daily timeframes indicated different biases for TRON.- Cautious traders can wait for 8 May’s price action to develop before making their move.TRON performed well in May and the bulls were successful in forcing prices past a zone of resistance that opposed them from 10 April.TRX gained 6.5% in May, and it was possible that more gains could follow.
How much are 1, 10, or 100 TRX worth today? There were two things that TRON bulls must watch out for.The first was a bearish Bitcoin [BTC] on the lower timeframes.The BTC rejection at $29.8k meant there was a chance that the king would see some more losses over the weekend.The second was the presence of a bearish order block at $0.07-$0.073.Buyers break the mid-April slump to drive TRX upward again A look at the 4-hour charts showed that the price action was strongly bullish behind TRON.
The price recovered well from the setbacks it suffered in mid-April, when the bulls struggled to break the $0.067 resistance.They achieved this on 1 May.
Moreover, it occurred on strong buying volume, as the OBV saw an upward move past a trendline resistance.Yet, the daily timeframe showed that things weren’t smooth and bullish for TRX.Despite the move above the lower timeframe resistance at $0.067, the $0.00705 area was a bearish order block on the daily timeframe.
Therefore, a move to $0.072-$0.073 to boost liquidity before a reversal was a possibility.Hence, both bulls and bears must exercise caution.The evidence at hand showed bullish momentum and buying pressure for TRX, but it was unclear if a breakout past the $0.073 bearish order block can occur.Buyers can wait for a daily session close above this level, while bears can look to short a rejection.8 May’s high and low could shed more light on the situation for the week ahead.Short liquidations contributed to the upward move The Coinglass data showed that short positions consistently saw larger volumes liquidated than the long positions.
This was due to the rising TRX prices, and the move above $0.067 on 2 May and above $0.07 on 5 May.Realistic or not, here’s TRX’s market cap in BTC’s terms The Open Interest has not seen a strong trend in May, despite the price movement past a strong resistance.This cast doubts on whether the bullish sentiment was not completely dominant.The speculators had their tug of war too, and neither camp has won yet.A spike in OI alongside a move above $0.073 would indicate that the bulls had won the battle.The next level of significant resistance for TRON was at $0.0765.Leave a Reply [Cancel reply](/news/tron-trx-climbs-past-0-07-should-bulls-anticipate-another-move-upward/#respond) Leave a Reply – Arbitrum’s dApp activity surged as the protocol continued to generate interest.
– Arbitrum averaged 160,000 daily active addresses in 2023.Arbitrum [ARB] has managed to consistently outperform many other layer 2 solutions in terms of growth over the last few months.The dApps on the network have played a huge role in keeping the improvements consistent.Realistic or not, here’s ARB’s market cap in BTC terms Return of the dApps Axelar, a popular dApp on Arbitrum witnessed a 249.5% spike in gas usage on its network.Other dApps on Arbitrum, such as Gnosis and Perennial also witnessed a surge in activity.Axelar launches GMP this week while reaches the highest increase in gas consumption on @arbitrum pic.twitter.com/8NPCoTL3tK — Emperor Osmo🧪 (@Flowslikeosmo) May 7, 2023 The high interest in Arbitrum dApps contributed immensely to the surge in transactions on the network.According to Messari’s data, Arbitrum averaged 160,000 daily active addresses in 2023 alone.
The protocol managed to have almost double the number of transactions when compared to the Optimism network.The discrepancy in activity was high despite both protocols providing the same utility to users.In terms of transaction fees both Optimism and Arbitrum charged similar fees.The difference in savings made on each protocol by users was also not too large in comparison.One of the reasons for the decline in interest in Optimism could be the falling enthusiasm for its NFTs.
When Optimism Quests NFT was announced, to incentivize new users to the protocol, the activity on the network surged.However, as the Quest initiative came to an end, the activity on the network took a hit as well.
The overall interest across Optimism NFTs fell significantly in the past few months as evidenced by Dune Analytics’ data.Looking at the DeFi angle Coming to the DeFi sector, both protocols showcased positive developments in terms of DEX volumes in the last few weeks.However, the TVL on both networks did not have the same level of congruency.Arbitrum’s TVL continued to soar in the last few weeks, while Optimism’s TVL remained stagnant.Is your portfolio green? Check out the Arbitrum Profit Calculator Even though Arbitrum has been dominating the L2 sector, it is important to note that a lot of the activity on the network was due to the launch of the ARB token.Over time, as the interest in the token fades away and new competitors such as zkSync Era and StarkNet start to gain traction, Arbitrum’s dominance could be threatened.
– The memecoin’s price declined by over 9% in the last 24 hours.- Market indicators were bearish, suggesting a continued price decline.Pepe [PEPE], the most trending memecoin in the recent past, saw its daily chart turn red after days.According to CoinMarketCap, PEPE’s price declined by over 10% in the last 24 hours.At the time of writing, it was trading at $0.2557, with a market capitalization of just over $1 billion.
Is this an end to the memecoin hype led by Pepe? Realistic or not, here’s PEPE market cap in BTC’s terms Whale activity soared While the memecoin’s price was pumping, several whales accumulated substantial amounts of PEPE.For instance, as per Lookonchain, A whale bought 962.3 billion PEPE, worth $2.46 million at press time, with 70 WBTC and 470 ETH in the past two days, with an average buying price of $0.3122.A whale bought 962.3B $PEPE($2.46M currently) with 70 $WBTC ($2.07M) and 470 $ETH ($937K) in the past 2 days, with an average buying price of $0.3122.He has lost ~$541K at the current price!https://t.co/GDBdXcVyGt pic.twitter.com/7s1Ns90OOc — Lookonchain (@lookonchain) May 7, 2023 During that time, PEPE’s performance on the social front was also commendable.
Santiment’s chart revealed that PEPE’s social volume was substantially high.Considering the spike in weighted sentiments, it was likely that most of the memecoin’s mentions were bullish.The aftermath of PEPE’s price decline However, the whales might have changed their minds during the price decline.
Santiment’s chart pointed out that whale transaction counts increased during that period, suggesting increased whale sales.PEPE’s supply on exchanges increased considerably over the last 24 hours.This was accompanied by a decline in supply outside of exchanges, further proving that the memecoin was under selling pressure.However, a slight relief was that the memecoin’s trading volume declined while its price went down.The market has turned bearish on PEPE A look at PEPE’s four-hour chart suggested that the sellers were ahead of the buyers.The memecoin’s Relative Strength Index (RSI) registered a decline and was heading towards the neutral mark of zero.Its Money Flow Index (MFI) also followed the same trend as it registered a decline.
How much are 1,10,100 PEPEs worth today? The Bollinger Bands revealed that PEPE’s price was entering a less volatile zone, which minimizes the chances of a sudden northbound breakout in the near term.DOGE and SHIB are also struggling While PEPE’s price declined, other top memecoins, such as Dogecoin [DOGE] and Shiba Inu [SHIB] also continued to suffer.
Both of their prices registered 24-hour declines of 1.4% and 3.6%, respectively.At press time, DOGE was trading at $0.07705 while SHIB was valued at $0.9414.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
– The bulls were exhausted after an intense struggle at a support zone over the past two weeks.- This development could see SHIB drop another 15% lower in May.
Shiba Inu has fallen lower down the price charts after the rejection at the $0.0000117 resistance on 16 April.The Shiba Inu community had some gripes with the dev team as well, which came to the forefront after the decision to restrict the listing of Bone ShibaSwap [BONE].
Read Shiba Inu’s [SHIB] Price Prediction 2023-24 A recent price report highlighted the importance of the support zone at $0.00001.In recent hours this area gave way after the bulls were exhausted holding on.Where could SHIB go next? Short sellers can wait for a retest and rejection at the bearish breaker The H4 bullish order block at $0.00001 was highlighted in cyan.It has confluence with a higher timeframe support level at $0.0000998 as well.
However, this level was breached in the past 48 hours.Moreover, the March lows at $0.965 were lost as well.This development showed strong bearish sentiment in the market.
The former bullish order block will likely act as a bearish breaker upon retest and could offer short sellers an opportunity to short the asset.The RSI was at 28 to show sizeable downward pressure, although the CMF was yet to cross over beneath the -0.05 mark.Is your portfolio green? Check the Shiba Inu Profit Calculator Therefore the CMF hinted that selling pressure was not yet dominant, but the price action highlighted bearish intent.A retest and rejection from the $0.00001 area will likely see Shiba Inu fall to the $0.79 level.SHIB sentiment was heavily bearish over the past week The Open Interest began to rise alongside falling prices after 29 April, which showed that speculators actively shorted the Shiba Inu market, and was a sign of extreme bearish sentiment.Over the past few days, the short-selling appeared to have tapered off.Yet, the sentiment continued to favor the sellers.
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