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Will TRON be able to build bullish momentum?

Altcoins keep trading in the range against the backdrop of low trading activity

Bitcoin and all major altcoins are mostly trapped in their ranges in the early Asian hours of Wednesday. The market is a mix of red and green as there are currently no clear pricing patterns. The total market capitalization of cryptocurrencies reached $ 196 billion, almost unchanged from that time yesterday. The average daily trading volume dropped to $ 66 billion. Bitcoin’s market share was 66.2%.

Bitcoin will need to go back through to $ 7,210 to support the upside momentum to the first resistance level at $ 7,384. However, if the price fails to return to the $ 7,200 level, Bitcoin may slide deeper into the red.

Still, the current momentum is bullish against the low volatility, at least until the bulls kepps BTC above $ 7,100.

 

TRON builds upward momentum

Last week, there was an announcement that the era of simulated mining is coming for TRON (TRX). Just days after the DDOS token begins to advertise its game, another asset, TGOLDE, prepares to begin simulated mining. This would be the third token in the ecosystem to take on network resources previously set aside for transaction and distributed app usage.

Looking at the chart, the TRX price has been following a trend line of support over the past 18 months. After touching it in September 2019, the digital asset has started its current uptrend.

In addition, MACD has made a bullish cross on the daily chart, which is a very positive development. The only last time this happened, the TRX went up by about 180%.

 

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Technical analysis of TRON

This week, TRON performed very well and rose about 7% yesterday. In fact, apart from Cardano, TRON is the only other cryptocurrency in the top 20 that has made a profit in the last 24 hours. All the rest are in red.

Now, as the price goes up, we have a resistance trend line at $ 0.0157 on the 4-hour chart. It could limit temporary the bullish momentum. A clear break above it will clear the way ahead of the bulls to the next target at 0.020. Just below it is the 100-day SMA, currently at $ 0.0171, which may also limit the correction.

The price is currently testing 50 SMA on a 4-hour chart. The RSI indicator gradually rises to level 70 after escaping the oversold zone on Sunday. If the upward slope persists, buyers should continue to increase their momentum and may encourage rally to $ 0.02.

On the downside, a failure of TRX to stay above 0.140 could send the price down again under bears control, with probable testing of the last bottom at $ 0.013.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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NEO exploded with a gain of nearly 6%

The Bitcoin bears hit the pause button

The crypto market is trading in familiar ranges with bearish bias after a sharp sell-off earlier this week. Bitcoin and all major Altcoins lost from 1$ to 4% on a daily basis, with NEO a notable exception. The coin managed to beat the market gained over 5% in the last 24 hours.

Yet, after the bearish start of the week, major cryptocurrencies found early support on Wednesday. A Bitcoin breakthrough above $ 8,200 should provide additional support. And in the case of a broad-based crypto rebound, the first resistance level is Tuesday’s high at $ 8,242. The upward momentum is likely to be limited there.

Total cryptocurrency market capitalization remained at $ 223 billion, almost unchanged from this time on Tuesday. The average daily trading volume was $ 77 billion. Bitcoin’s market share was settled at 66.1%.

 

NEO/USD has recovered from the last bottom but is still under $ 12

NEO is one of the best performing cryptocurrencies today, increasing by 5.85% when major coins fall. The formation of a short-term downward wedge model has been fruitful for NEO. The break above the resistance line of the technical pattern opened the door for the bulls to receive returns over $ 13.00. Subsequently, however, NEO erased profits from yesterday’s high, but support at $ 11.00 ignited the current reversal.

The RSI indicator enters the overbought zone (region over 70) on an hourly chart. The continued movement of the RSI to the North will cement the position of the bulls in the market. But it can also mean that potential downside movement may be on the cards.

 

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Intraday forecast for NEO/USD

On the upside, the NEO/USD recovery may initially face resistance at 12.00. A clear break above it could send the price for testing the upper line of the daily Bollinger Bands – $ 12.90, which is closely followed by the psychological level of $ 13.00. This barrier can attract new short-term sellers and bring the price back down. However, a strong move above it will likely push the bulls to their next target near the recent $ 13.40 high.

In the long-term, this week’s low of $ 11.03 serves as strong support, reinforced by the SMA 200 on the daily chart. With a clear breakthrough there, the sale could continue to the psychological level of $ 10, where the bottom line of the daily Bollinger Bands is located. The next support area is created by the merger of SMA 50 and SMA 100 at $ 9.30.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Bitcoin bulls need to clear $ 9,000 to mitigate the downward pressure

The overall picture of the crypto market

The cryptocurrency market has a mixed picture on Wednesday. Bitcoin and all major Altcoins are trading in ranges with bearish bias against the backdrop of declining trading activity. The total market capitalization of cryptocurrencies dropped to $ 239 billion from $ 240 billion the previous day. Bitcoin’s market share dropped to 66.0%.

BTC is again at a crucial stage, with expectations from many traders for a rally at the end of 2019. But market players are also worried that the price may plummet again to 8,400. Altcoins have made unpredictable rallies since liquidity is restored for a smaller selection of coins and tokens.

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Bitcoin is still looking for a bottom

BTC/USD had a bearish start earlier today after the bullish Tuesday. So far this Wednesday, the price of the largest digital asset has dropped from $ 8,832 to $ 8,715.1.

At the time of writing, Bitcoin is trading lethargically above $ 8,700. But the $ 9,000 resistance must be broker in order the bulls to clear their way to the next $ 10,000 target. In the area of ​​$ 9,020 is the upper limit of Bollinger bands on the four-hour chart and 23.6% Fibo correction level from $ 10 329 to $ 8 636.4.

At the same time, the resistance trend line of the downward price channel since the end of June on a daily chart has been tested many times, but unsuccessfully so far. A clear break above this downside channel could finally put BTC on a recovery path towards $ 14,000.

On the downside, there are 3 support levels at $ 8,760, $ 8,675 and $ 8,540. The $ 8,760 area collects the average Bollinger Bands curve, the 10-day SMA of the hourly chart, and the bottom of the previous 4-hour candle. A clear break below this support area will lead the bears to test $ 8,675. If the bearish momentum extend, it is possible to see a test of $ 8,540, where is a 50% Fibo correction of the rally from 3,227 to the high of June 13,960.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Litecoin went up above $ 60

Bitcoin settled above $ 9,300

The crypto currency market has a mixed picture on Wednesday as Bitcoin and all major altcoins fluctuate in narrow ranges during the early Asian hours. Total market capitalization reached $ 251 billion. The average daily trading volume was $ 89 billion. And Bitcoin’s market share reached 66.8%.

BTC/USD hit a weekly high at $ 9,621.8 on November 4 and has been retreating ever since. At the time of my writing, the main digital coin is trading for $ 9,425, down 1.02% on a daily basis. The SMA 100 on the daily chart is located around $ 9,606 and seems to be limiting the recovery. It needs a clear break above it and a weekly high to allow the bulls to gain likely traction for the next goal at $ 10,000.

 

LTC sees optimism return, with the potential to rise again to three-digit prices

Currently, Litecoin is far from its peak value, reaching above $ 360 during the bull market of 2017 and early 2018. However, LTC has the potential for more significant profits, as the coin is considered as undervalued.

The crypto currency is seen as a relatively insignificant asset, although it has established stable liquidity. This makes Litecoin relatively attractive and has the potential for rallying, especially in times of BTC stability. LTC is one of the coins in which active and rapid price movement is associated with an increase in price action.

The coin has also recently saw a spike in daily transactions, to over 67,000 transactions a day, above the average of 18,000 a typical day. Litecoin has also shown its ability to rise in price amid pure speculation. More than 46% of all LTC volumes receive inflows from Tether (USDT), allowing the price to move independently. Also, keep in mind that LTC is still one of the assets that almost doubled its value in 2019, though still behind BTC’s performance.

 

Technical analysis of Litecoin

Litecoin is currently trading at $ 63.58, with increase of 3.75% over the last 24 hours. Yesterday, LTC extended its bullish move to the high at $ 64.02, but failed to keep above that level. That is why this peak is now acting as a short-term resistance.

If we look at the four-hour chart, Litecoin’s struggle to defend the $ 60 support is at its peak. In addition, the price moves within a formed rising triangle pattern. The first scenario is for Litecoin to break above the resistance of the triangle ($ 64) and open the door to $ 70. On the other hand, if the coin fails to clear the $ 64 hurdle combined with a correction below the trendline support, Litecoin can easily approach to $ 50.

In hindsight, a drop to $ 50 would not have a completely negative impact. It is likely that a new LTC demand will be created in the area and the basis for a potential rally towards $ 100 at the end of the year.

The Relative Strength Index (RSI) shows that the price is oversold in the short term (H4) and the reversal is at the beginning. Bulls hold relative control according to the Moving Average Divergence Convergence (MACD).

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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