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TRON (TRX), DASH and NEO: Cryptocurrencies Exploring New April Highs

TRON (TRX) Price Analysis

TRON TRX price is enjoying the positive sentiments that are returning to the cryptocurrency market. TRX/USD is up 4.7% in the last 24 hours on Wednesday, although it is currently correcting lower with a support above $0.044 level. There was an upside movement that was started at $0.0415, TRON price traded in an ascending lock-step pattern trading higher highs and higher lows.

A break above the highlighted resistance level at $0.0425 paved the way for a stronger bullish momentum breaking key resistance areas at $0.0445 and $0.046 respectively. The upside was, however, capped by growing selling pressure at $0.0465, giving way to a downside correction that broke below the 23.6% Fib retracement level with the previous swing high of $0.0465 and a low of $0.040. The price bounced at the immediate support level formed at $0.0445 and it has now breached the above retracement level at it attempts to correct higher.

The MACD momentum indicator is showing signs of continued bearish pressure on the 30’ intraday chart. The RSI is also pointing downwards to signal that the sellers have the upper hand in the near-term. TRX/USD is at $0.044, but major support will be provided by the 61.8% Fib retracement level with the previous swing high of $0.0465 and a $0.040 low. TRON TRX 100 SMA will also stop further declines towards the major support level.

DASH Price Analysis

DASH price, on the other hand, has been capped below the short-term resistance level at $395 but the bulls are eyeing $400. DASH/USD breached the resistance level at $380 to explore new highs in the month of April. The cryptocurrency has recently broken above the 61.8% Fib retracement level with the previous swing high of $456 and a $283 low on the 240’ timeframe chart.

There is a bullish momentum forming around $394 as the Bulls battle to break above $395. The RSI is pointing towards the upper levels to signal that the buyers have the upper hand. The previous resistance level at $380 will provide support in the event of a trend reversal. However, DASH/USD major support rests at $360 zone.

DASH price is up more than 4% in the last 24 hours, besides, it has maintained its market capitalization above $2.8 billion in the last 5 days. Significantly, DASH’s market capitalization went as high as $3billion on Monday. Its trading volume has also been rising steadily, however, it is still below 100K. The cryptocurrency market is enjoying the current bullish trend after an extended selling period from the beginning of the year. DASH could correct higher above $400 in the near term.

NEO Price Analysis

NEO price is forming a double top pattern on the 4-hour chart and exchanging hands above $70 for the second time this week. During the trading on Tuesday NEO/USD tested the resistance level but did not manage to push past the selling pressure. The crypto instead started to correct lower losing momentum past the highlighted support zone close to $66.00.

The price is currently flirting with $71, at the same time; a bullish trend is forming close to this area. NEO/USD must find a support above $70 to gain momentum towards $80. NEO price is trading above the supporting trend line as the RSI slightly changes direction to the upside to signal that buying pressure is present. A short-term support has been formed at $69.00 level, but a stronger support remains at $66.00.

 


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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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