SOL rebounds, TRX due for fifth straight session – market updates
Solana was one of the notable moves on Tuesday as the token rebounded from losses earlier in the week. The move comes even as US inflation numbers miss expectations. Consumer prices came in at 6.4%, higher than the 6.2% forecast by many. Tron rose for the fifth straight day on Tuesday.
Solana (SOL) is up as much as 5% on Tuesday as prices climbed back above a current support level.
Earlier in today’s session, SOL/USD surged to an intraday high of $21.70, set a day after trading a low of $19.87.
With today’s move, the token regained its price floor of $20.00 after a failed breakout attempt earlier in the week.
Recent momentum at Solana has been largely bearish and follows a downside crossing of the 10-day (red) and 25-day (blue) moving averages.
However, the bulls have turned to halting further sell-offs as Relative-Strength-index (RSI) held a floor at 42.00
Right now the index is trading at 47.46 with 50.00 as the next visible resistance point.
Tron (TRX) climbed higher for a fifth straight session on Tuesday, breaking a recent ceiling.
After hitting a low of $0.06414 earlier in the week, TRX/USD raced to an intraday high of $0.06638 earlier in the day.
Tuesday’s surge took Tron to its highest level since last Thursday after prices breached a ceiling of $0.06565.
Looking at the chart, the overall sentiment in TRX has been largely bullish over the past few weeks, with the moving averages trending higher.
This could be tested in the coming days if the RSI, currently at 61.53, approaches a ceiling at 63.00.
Previous bulls may attempt to lock in profits as we approach this point, which in turn will give way for sellers to re-enter the market.
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What will the Federal Reserve do when the inflation slowed down less than expected? Let us know your thoughts in the comments.
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Source: Crypto News Deutsch