Altcoins
Altcoins Gaining Strength: FTM and TRX Prices Battle Bearish Heat – Here’s What to Expect
Bitcoin price appears to be in ‘Dire-Straits’ while some altcoins such as Fantom and Tron are gaining strength. Ever since the price of Ethereum has shown strength, altcoins have been on the edge reach new highs in the second part of the year.
Tron (TRX) price analysis.
The March pullback heavily dragged the TRX price by more than 25%, marking the lows at $0.104 but defending the support at $0.1. After bouncing off the lows, the price maintained a healthy upward consolidation but remained stuck at $0.11 for almost a couple of weeks. However, the token is hovering within a crucial range and therefore a slight increase in buying pressure could start a new bullish period.
TRX price has been forming consistently lower lows and highs as the bearish force continues to swell. However, the Bulls have offered strong contention as levels remain elevated despite the bearish heat. The token remains stuck along the 0.23 FIB levels and is trying to break out of the 200-day moving average, which acts as a strong resistance. Since the RSI has maintained a strong upward trend, the probability of the price breaking out of the trend line and reaching 0.38 FIB at $0.122 is imminent.
Fantom (FTM) Price Analysis.
After losing more than 40% of its value in the last 30 days, the FTM price has triggered a healthy rebound and is trying to stabilize a strong upward trend. The purchasing volume increased to some extent, which increased the volatility of the token. As a result, the price seems poised to create a 25% upside to mark its presence inside one of the important resistance zones.
FTM price has rebounded from the support of the growing and expanding channel and is expected to maintain an upward trend for the next few days. The RSI has started a rebound while the MACD is about to undergo a bullish crossover and a sustained recovery could bring the levels into a positive range. This could happen when Fantom (FTM) price is believed to maintain a healthy recovery until it reaches the resistance zone between $0.732 and $0.76, while the $1 milestone remains distinct.