Tron, Decentraland, ApeCoin Price Analysis – May 10, 2022

The cryptocurrency market saw a massive sell-off within the past couple of days as Bitcoin as stock indices recorded heavy losses. TRON was among the few tokens that recorded upswings over the previous week, but it declined below critical support. Decentraland and ApeCoin might present shorting or selling opportunities in the coming hours.

Tron (TRX)

According to the 1hr chart, Tron maintained upside actions over the previous day but could not rise beyond the resistance level at $0.089. While writing this content, the past 72 hours also witnessed the A/D indicator starting to decline even with bulls attempting to catalyze upward price movements.

That signaled sellers dominating the TRX marketplace. Moreover, the past few days saw declines toward the support floor at $0.0722. The Awesome Oscillator also stayed under the zero-line, highlighting massive bearish momentum. The zone at $0.08 – $0.082 will likely act as a resistance zone.

ApeCoin (APE)

ApeCoin (APE) lost approximately 40% after declining beneath the $14.5 level, a zone that previously served as a range peak. The alternative token overcame the range during mid-April sessions. However, the past couple of days saw APE declining beneath the mentioned range.

ApeCoin affirmed a bullish divergence with the Relative Strength Index on the price charts before rebounding from $8. Nevertheless, a concealed bearish divergence indicates bearish trend continuation. The token’s divergence, plus the Stochastic Relative Strength Index printing a bearish cross, might present a shorting position with top-notch risk management. To the downward, $7 remains a technical target according to the FIB extension marks.

Decentraland (MANA)

MANA has a long-term demand region at $1.23 – $1.4. However, the past couple of days saw Decentraland decisively breaching this barrier. The on-balance volume declined, signaling sellers’ massive strength over the previous week.

While publishing this content, the RSI and the on-balance volume were rising. Though this might not mean trend-reversal, it showed a relief rally towards the $1.1 – $1.15. A concealed bearish divergence (lower high by price and higher high on the Relative Strength Index) is a considerable thing on MANA’s hourly chart. Such a move might see Decentraland’s rebound reversed.

By Edward Richardson
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