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June 27, 2022
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Price analysis: Bitcoin, Cardano and Tron – May 27

Altcoins continue to follow Bitcoin as it struggles to break the $40,000 barrier

Bitcoin is recovering, but the price has shown resistance at $40k. The BTC price was currently trading at $38,412. As the BTC deals with its immediate resistance, altcoins have also been placed on a recovery path. The BTC’s failure to overcome its resistance pushed altcoins like Tron [TRX] and Cardano [ADA] to a low ground.

Bitcoin [BTC]

Source: BTC/USD on TradingView

Bitcoin has been leading the trending market as it influences the position of most altcoins in the market. The digital asset started to recover from its losses, consolidating between $34k and $40k. The Visible range indicator suggested that $34,073 was considered an active trading level for traders in the current BTC market.

However, the price remained above this level and the BTC was trading at $38,138, which was emerging as another active trading range. The BTC may continue with consolidation as the ADX pointed to the trend being “very strong”. If the price movement repeats, the BTC price may move near the support at $34k.

Cardano [ADA]

Source: ADA/USD on TradingView

Cardano’s market failed to hold the peak of $2.51 and the price dropped to $0.9179. The price took a turn and pushed the bears out of the market, at least temporarily. The price was facing resistance at $1.80 and the ADA market suggested the asset could exceed that level.

Although there was minimal selling pressure at this price point, the Relative Strength Index suggested that buying and selling pressures were uniform. This was a sign of a stable market. As indicators suggested, the price could move above $1.80 or at least consolidate at this level.

Tron [TRX]

Source: TRX/USD on TradingView

Tron’s price was forming a double bottom at $0.0957, however, the price plummeted further. As altcoin recovers, several obstacles have been marked. First, the resistance at $0.0844 was its first hiccup, but the market has seen the trades take their positions at this point.

With volatility remaining high, a sell-off was triggered at the current price. However, the market fell as the price began to collapse before the May 19 drop. Price bars crossed under the MA-50, which intensified the downtrend. The MACD line remained below the signal line but was pointing to another intersection. Meanwhile, the Stochastic RSI also moved above the signal line when the TRX was oversold.

Source: AMBCrypto

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