TronWeekly

Crypto World News

You are here: Home / Archives for price

price

Dogecoin tries to fend off bear as price recovery takes a hit

by

The new week has seen the cryptocurrency market obtain a greenish tinge after a dip last week. Major cryptocurrency pumped on Monday allowing some coins such as DOGE to climb out of their bear trap. Dogecoin had plummeted on weekly timeframes with the last recorded 7-day fall being 10.7 percent. Although there was a slight fall in market cap, investor sentiment allowed Dogecoin to stay in 7th place.

At press time, DOGE was trading for $0.22 with a market cap of $28.2 billion. The weekly 10.82 price percent drop brought the DOGE trading volume down to $765.412 million. Its rapid climb over the previous weeks has allowed DOGE to be within striking distance of XRP’s market cap. An increased buying pressure would be the ideal boost that DOGE needs to get out of its bearish predicament.

Dogecoin 1 hour:

doge 1 hr
Dogecoin tries to fend off bear as price recovery takes a hit 3

Readings from Binance showed that Dogecoin’s value had been gradually decreasing since the start of July. After a reverse breakout on the 9th, the cryptocurrency has held a steady price action for the following 48 hours. The immediate support clocked in at $0.19 while the resistance held at $0.256.

According to the RSI, Dogecoin was heading towards some more bear troubles. A sharp dip towards the oversold zone suggested that users were selling their tokens in exchange for less volatile assets. DOGE’s CMF also sided with the bear as the graph fell below the zero line. This came after the cryptocurrency’s struggle to stay in the green zone, something which it has struggled to do this month.

The Parabolic SAR on the hourly chart pointed toward’s DOGE struggle to stay bullish. Markers were below the price candles and could mean a potential bull patch for DOGE soon.

Dogecoin 1 day:

doge 1 d
Dogecoin tries to fend off bear as price recovery takes a hit 4

After picking up in April, DOGE has never looked back to go to its previous levels. Peaking in the middle of May, the cryptocurrency has since fallen to more controlled levels. The earlier hype had even lifted Dogecoin’s value to $0.7 after the hype created by Elon Musk.

The Chaikin Money Flow indicator in the long term told a tale of a cryptocurrency struggling to obtain capital infusion. Investors seem to have lost interest in stocking up DOGE like they did back in April and May. Dogecoin’s RSI moved parallel to the midline in the oversold zone. The last time the graph had climbed above the midline was at the beginning of June.

Long-term PSAR markers stayed below the price candles as Dogecoin continued its sustained hold near the $0.2 mark.

Ethereum bucks the trend as market bigwigs set bearish tone

by

Ethereum recently broke out of its bearish price action after settling below periodic moving averages. The onus was on the largest altcoin in the market to set its tone after Bitcoin also rallied on Monday. As Ethereum crossed the $2000 market again, Bitcoin surged to a week-long high of $34,000.

Last week’s bearish trend had triggered ETH sell-offs that prompted many naysayers to throw shade at the cryptocurrency. The latest climb was proof that the market was undergoing corrections just as seen in the S&P industry. After witnessing double-digit drops, Ethereum has recovered in the last 24 hours by a significant 9 percent.

At press time, ETH was trading for $2001 with a total market cap of $232 billion. Although this was miles ahead of Bitcoin, Ethereum’s market cap was more than the combined caps of USDT, BNB, ADA, DOGE, and XRP.
eth 1hr
Ethereum bucks the trend as market bigwigs set bearish tone 7

ETH 1 hour:

Ethereum’s Parabolic SAR stayed below the price candles: a situation that glowed positive for investors. A bullish uptick showed by the PSAR also elevated the immediate resistance to $2001. The Relative Strength Index re-entered the price zone and settled near the overbought zone. If the RSI’s parallel hold remains, ETH is in for a good price spell.

Even the Chaikin Money Flow indicator followed in the footsteps of the RSI after moving sinusoidally. Although the graph was a good distance away from the zero line, it would do well for the cryptocurrency to have more capital flowing in.

ETH 1 day:

eth 1 day
Ethereum bucks the trend as market bigwigs set bearish tone 8

In the long term, Ethereum registered a slight improvement in sustained price holds. Although the support broke recently, the cryptocurrency showed signs of quick recovery to go past the $2000 mark. As it stands, Ethereum has to remain vigilant about the support that was formed in March.

The CMF in the long term dipped below the zero line. This phenomenon has occurred only twice since December of 2020, with the last two happening in the space of 40 days. If no brakes are applied on the capital leaving the market, Ethereum may be looking at a slow recovery.

Ethereum’s long-term RSI struggled to break away from the oversold zone but alas the bear’s pull remained strong. The RSI was at its lowest since the beginning of the year with analysts predicting a bull run to overturn the trend. Even the Parabolic SAR sided with the bear as the pressure accumulated below the price candles. This trend usually continues till the price capitulates during the upcoming market week.

Cardano [ADA] reemerges from shallows as the crypto market tries to keep bear at bay

by

The cryptocurrency market’s bleed over the past few days caused several alarm bells to go off as investors struggled to cope with the price crunch. Billions in the market cap were slashed in the last 48 hours as Bitcoin triggered the fall for the rest of its compatriots.

Altcoins such as Ethereum, XRP, and Cardano all had their 2021 gains removed during the bear crunch after which the prices stabilized. At press time, Cardano was trading for $1.26 with a total market cap of $4-.145 billion. The 20 percent drop in weekly movement brought down the daily trading volume to $6.41 billion.

Despite the crunch, many coins have recovered on the charts today. Over the last 24-hours, Cardano climbed by over 13 percent, a performance far superior than most of its peers in the top 10 crypto club.

Cardano 1 hour:
ada1 hr
Cardano [ADA] reemerges from shallows as the crypto market tries to keep bear at bay 11

Cardano holders heaved a sigh of relief over the previous 24 hours as the cryptocurrency settled back to its earlier price groove. As ADA settled at $1.25, the immediate support had been lowered to $1.008. The current resistance in the short term clocked in at $1.45.

The upper and lower Bollinger bands converged towards the candles, a sign of an imminent price breakout. The size of the Bollinger cloud signified the range of fluctuations that had occurred over the previous 48 hours. According to the Relative Strength Index, Cardano was holding strong in the overbought zone after it crashed below the oversold line on June 22.

The Chaikin Money Flow indicator blinked green for ADA as the graph climbed in a linear fashion. This meant that the capital influx into the Cardano market was more than the capital leaving the market.

Cardano 1 day:
cardano 1 d
Cardano [ADA] reemerges from shallows as the crypto market tries to keep bear at bay 12

The daily charts painted the picture of a cryptocurrency stabilizing after a tumultuous start to the week. Cardano’s long term support at $0.81 was untouched in the recent bear run as the price took a turn for the better.

Cardano’s daily Bollinger bands diverged from each other after its pipeline hold on the charts during the price stabilization. The parallel movement by the bands corelated to the lack of major price movements at the start of the month.

Long term RSI indicated a bullish run after the formation of a u-turn on the chart. Analysts stated that the change may be due to more investors flooding the market. The CMF, on the other hand, sharply fell towards the bottom of the zero line.

Proponents of the market have reassured investors that bear runs where natural and that it is a prevlanet phenomenon across all mainstream trading ecosystems. Despite the losses, one phrase echoes strongly in the cryptocurrency space: “buy the dip”.

Ethereum Slips below Support As Market Gets a Visit From Bear

by

A bearish sweep over the weekend left the cryptocurrency market in a lurch as several of the top coins witnessed massive slashes on their market caps. Bitcoin, Ethereum, and the rest of the market all suffered double-digit falls in the last week with some of the more significant action coming from the altcoins.

Ethereum’s earlier upswing had resulted in a large influx of investors with a majority of them still HODLing through the price crunch. At the time of writing, Ethereum was trading for $2019 at a market cap of $234.01 billion. The previous week had pegged the cryptocurrency’s value down by 21 percent as the daily trading volume capitulated at $28.53 billion.

Ethereum 1 hour:

eth 1 hr
Ethereum Slips below Support As Market Gets a Visit From Bear 15

The hourly charts had bad news for Ethereum as immediate support was broken on June 21. As of now, the immediate support and resistance clocked in at $1997 and $2638.3 respectively. Despite the dip, proponents of the cryptocurrency have been clamoring for more people to enter the Ethereum ecosystem.

A majority of the indicators in the following technical analysis pointed to a bearish signal weakening on the threshold. The Parabolic SAR was above the price of candles which was a sign of the bear’s hold on the market. Although the RSI had fallen below the oversold zone, the following capitulation was a positive sign for the investors. Only the Chaikin Money Flow indicator blinked green for Ethereum as it’s crossed the zero line into bullish territory.

Ethereum 1 day:

eth 1d
Ethereum Slips below Support As Market Gets a Visit From Bear 16

Daily charts for Ethereum painted a bearish picture of Ethereum with a break in its 60-day price support. The current price support stands at $1997 with a hold missing in the immediate vicinity. Ethereum’s current price behavior is in tandem with the rest of the cryptocurrency market as billions have been wiped off the market.

The long-term RSI was heading towards the oversold zone as the number of users selling ETH overtook those buying into the market. According to the Parabolic SAR, Ethereum was heading for some more bearish tantrums in the near future. Unlike the hourly charts, the CMF was not forgiving in the long run. The CMF had fallen below the zero line which signified that the capital leaving the ETH market was higher than the influx.

XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance

by

The cryptocurrency market’s relationship with the bull has been a tumultuous one of late with price fluctuations taking over. Although the price dips were not very significant, Bitcoin and a majority of the altcoins such as XRP and Ethereum mimicked the same bearish signals. At the time of writing, XRP ranked 7th on the charts with a market cap that was a billion dollars short of its nearest competitor, Dogecoin.

Clocking in at $0.852, XRP had undergone a minor 2.05 percent price reduction over the past week. XRP’s price changes have also been a result of the Ripple lawsuit and its resulting events. Back in 2020, the United States Securities and Exchanges Commission [SEC] had asked XRP’s parent to divulge details regarding its workings. Despite the pushback, XRP surged over the past couple of months to hit new all-time highs.

XRP 1 hour:

xrp 1 hr
XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance 19

XRP’s short terms gains gave hope to investors that a bear run was impending. The candles turned green right before the immediate support which stood at $0.83. Its immediate resistance was $0.9, far crypto from its earlier all-time highs. All the indicators are taken in the technical analysis point to greener pastures for the seventh-largest cryptocurrency on the charts.

The Relative Strength Index had climbed over the zero line which meant that more people were buying XRP rather than selling it. Next in line was the Chaikin Money Flow indicator which projected a liner growth on the graph. This was in line with more investor money coming into the XRP ecosystem over the past couple of months. The MACD indicators in the short term had diverged towards the top as the histogram blinked green.

XRP 1 day:

The long-term gains enjoyed by XRP have elevated its support and resistance to levels unseen in 2020 or 2019. As it stands, the long-term support and resistance are $0.9 and $1.34 respectively. The aforementioned indicators took a more bearish stance when it came to long-term analysis.

xrp 1 day
XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance 20

XRP’s daily CMF indicators settled on the zero line with no major fluctuations in terms of capital coming in or leaving the market. The RSI signaled a stronger bearish signal as the indicator was much closer to the overbought zone than the oversold zone. A strong market sentiment allowed XRP to be buoyed between the overbought-oversold territory. The MACD indicator had crossed over at the start of the month, after which it continued a divergent path.

Bitcoin wades through greener pastures as investors move big money

by

The past couple of days have written a positive script for the cryptocurrency market as prices began climbing again. Bitcoin and its compatriots enjoyed a surge post last weekend as the world’s largest cryptocurrency surpassed the $40,000, triggering a market-wide bull run.

At the time of writing, Bitcoin was trading for $40,086 at a market cap of $751.8 billion. Over the course of the last 7 days, BTC’s value had jumped by a whopping 22 percent. With a 24-hour trading volume of $46.37 billion, BTC was still miles ahead of its altcoin peer, Ethereum.

Bitcoin daily split

btc 1hr
Bitcoin wades through greener pastures as investors move big money 23

The hourly chart indicated a bullish path for Bitcoin, atleast till the close of the week. Hourly support held at $38,445 while the resistance had charted new territory at $43,289. The trend line on the hourly chart is representative of the market action right now, albeit on a smaller scale.

The MACD lines ha converged at the start of the bull run after which their movement has been largely parallel to one another. Corresponding histogram readings further added to the theory that the bull run was a fluctuating phenomenon. Bitcoin’s RSI indicator had fallen from the edges of the overbought zone and continued a mostly genial path.

This meant more and more people were buying into the Bitcoin market triggering an influx of capital as seen on the Chaikin Money Flow charts. Bitcoin’s short-term CMF stayed above the zero line, a sign that the capital coming into the market was more than the capital leaving it.

btc 24
Bitcoin wades through greener pastures as investors move big money 24

Bitcoin’s 24-hour range was slightly different with higher resistances and supports. At press time, the daily support was $32,477 while the resistance still held at Bitcoin’s ATH. The MACD lines on the daily chart were a stark contrast to the hourly charts.

Although Bitcoin needs to sustain its current price hike to make it big in the long term, all the signs were pointing to it. The Relative Strength Index metric recently climbed over the zero threshold towards the overbought zone. This was of significance because it had stayed below it for the past 30 days.

The aforementioned charts paint the picture of a cryptocurrency slowly but surely entering a bullish phase. Bitcoin’s price candles in the short term have seen more green than red for the first time in weeks and that is a definite ace in the sleeve for investors everywhere.

Tron continues its rodeo as market excitedly calls for new updates

by

Over the past couple of days, the cryptocurrency market has seen a divisive shift in the sentiments with a lot of users jumping on the digital asset bandwagon. It is not just Bitcoin that was on a bull tear as altcoins such as Ethereum, XRP and Tron also enjoyed their time in the sun. 

Justin Sun’s Tron, having been in the shadows for some time, has begun to wave in the digital asset industry. The price of Tron was not the only factor that emerged, as a number of personalities also started their buzz around the popular cryptocurrency.

The new year began with a number of positive updates from across the industry, with major players doubling down the wave. Justin Sun had also recently talked to Bloomberg about the age of memecoins and how it could act as a stepping stone to further developments.Tron also changed their energy and bandwidth spectrum from 40SUN to 140SUN. This came after the Tron Foundation approved the No.51 request to vote for the blockchain.

At press time, Tron traded for $0.056 after a 62.93 per cent increase in value over the previous week. The 20th-ranked cryptocurrency held a market cap of $3.9 billion and a 24-hour trading volume of $4.47 billion. Cryptocurrency fans expect BSV to overtake in terms of a market cap of $4.13 billion.

The hype around Tron has reached such a crescendo that even mainstream stars like Lindsey Lohan have begun to talk about it. On February 11, Lindsey Lohan tweeted about Tron and its features, betting on a bright future. The Hollywood star said the following:

“Exploring #DeFi and already liking $JST, $SUN on $TRX. Super fast and 0 fee. Good job @justinsuntron”

Tron has positioned itself as a competitor of Ethereum with the sole aim of improving the trading ecosystem. The first major resistance level of Tron broke at $0.052 at an intraday low of $0.04112. Right now, analysts expect Tron to test the resistance at $0.055 before any price drawdown occurs. Only time will tell if the price swing is still going the bull’s way.

Cryptocurrency Trading Volume Numbers Enroute All-Time High Records as Bull Continues to Run

by

The cryptocurrency market has seen an upturn of fortune over the past few months with bull markets elevating the industry to new heights. Bitcoin remained the spearhead for the green run with market caps and volumes hitting all-time records.

In the midst of this market upheaval, users have made sure that they are wholly involved in ushering in a new decentralized age. Latest research recently showed that the trading activity on cryptocurrency exchanges had climbed to uncharted territories, even surpassing the 2017 bull run.

A cumulative assessment of trading volumes on cryptocurrency exchanges laid out the fact that November 2020 was one of the most successful months in the industry’s history. The data was compiled from a melange of exchanges that included CEX, BTSE, ItBit, Luno, Binance, Gemini, and Kraken. November witnessed the total cryptocurrency trading volume almost hit the coveted $300 million mark. The previous month, October 2020, barely clocked in $130 million in terms of crypto transactions.

Binance held the top spot in terms of volume as the Changpeng Zhao founded exchange dealt with almost $180 million in transactions. Coinbase came next in line with users trading close to $30 million on the platform. In October, Binance only dealt with $70 million in transactions as the entire ecosystem shrunk to a 3-month low. If you compare the November volume with that of January’s, you will notice that there is a staggering 4x increase. The exchange that exceeded expectations in this market was LMAX Digital with a relatively smaller exchange capturing the third-largest market share.

Despite the current march, the market still has some way to go before breaching the main record. The ATH was created in November 2017 when the ecosystem’s trading volume hit $330 million. Fans of the industry were positive that a new number would be established in the coming weeks. The rise in positive sentiment was due to the fact that Bitcoin was still above the $25k mark for more than a week.

At press time, Bitcoin was trading for $26,936 with a total market cap of $401.54 billion. A 2.7 percent dip in trading price had lowered the daily BTC volume to $67.402 million. Ethereum, on the other, had climbed by more than 13 percent over the previous 24-hour timeframe.

The 3 Reasons Behind Bitcoin’s 2020 Bull Run: What Was Behind It?

by

What’s behind Bitcoin’s 2020 bull run?

Bitcoin has been on a real rollercoaster ride in 2020 – after the uncertainty surrounding the global pandemic sent the cryptocurrency crashing below $5,000 in March, the world’s largest cryptocurrency has produced an almost miraculous recovery towards the all-time high $20,000 level.

Looking at the Bitcoin price chart on CoinMarketCap, we can see a strong upwards trend emerging in the second half of 2020. Bitcoin surpassed the $10,000 milestone in late July, and hasn’t returned below that key price level since.

As Bitcoin fans, let’s take a break from constantly checking live crypto prices in the hopes of finally seeing BTC break above $20,000, and take a look at some of the most important factors that have contributed to Bitcoin’s amazing performance in 2020.

Growing institutional presence in Bitcoin

The 2017 cryptocurrency rally was in large part driven by retail investors, i.e. everyday people who decided to invest some of their money in cryptocurrency as the asset class started showing a strong performance.

The cryptocurrency landscape is quite different in 2020, as we’re seeing a much stronger presence of institutional investors – these are companies and wealthy investors that have the means of single-handedly moving millions and potentially billions of dollars into the cryptocurrency market.

One of the clearest examples of the involvement of institutions in the cryptocurrency market is Grayscale, a company that creates products for investing in cryptocurrency that can be bought in a similar way to buying a stock.

In each consecutive quarter of 2020 so far, Grayscale has broken its own previous records in terms of the amount of money that flowed into its cryptocurrency investment products. In Q3 2020, quarterly inflows broke the magical barrier of $1 billion for the first time in Grayscale’s history, with the company revealing that 84% of the inflows originated from institutional players (primarily hedge funds). The company’s Grayscale Bitcoin Trust, which provides investors with exposure to Bitcoin, recorded $719 million in inflows during the quarter.

Established players in the financial markets are also becoming involved in cryptocurrency. Major banks like BBVA and Standard Chartered are reportedly working on cryptocurrency custody and trading solutions, while DBS Bank, the largest bank in Singapore, is working on a trading platform for digital assets. With these major names entering the picture, it will become easier than ever for more institutional players to allocate a part of their capital to the emerging cryptocurrency asset class.

The Bitcoin as a store of value narrative is strengthening

In the early days of the project, Bitcoin was being presented as a form of digital cash with the potential to displace the fiat currencies that we use today on an everyday basis. However, as Bitcoin’s scalability limitations became apparent, the narrative has largely shifted towards Bitcoin being a store of value.

And to be fair, Bitcoin does have many properties that make it very appealing as a store of value – it has a hard cap on its supply (only 21 million BTC can ever exist), new BTC coins are mined at predictable and constant rates, and the network is extremely resistant to censorship and outside interference. In comparison with gold, the most well-established store of value asset, Bitcoin also has the advantage of being almost infinitely divisible and BTC can be cheaply transferred anywhere in the world on a 24/7 basis.

As Bitcoin increasingly becomes perceived as a legitimate store of value, we’re now seeing some companies opting to purchase BTC to protect the value of their holdings against inflation and aggressive money printing. The most prominent examples of this include MicroStrategy, which has purchased over $450 million worth of Bitcoin (with plans to buy more), and Square, which has bought $50 million worth of BTC.

Legendary investors like Paul Tudor Jones and Stanley Druckenmiller have also expressed bullish views on Bitcoin, and have both compared the world’s leading cryptocurrency to gold.

The Bitcoin halving

2020 was the year of the third Bitcoin halving, which happened on May 11. The halving decreased the Bitcoin block reward from 12.5 BTC to 6.25 BTC, constricting the flow of newly mined BTC. The Bitcoin protocol is designed so that miners gradually receive fewer rewards over time until the total supply of BTC is mined. Don’t worry, this won’t happen very soon – according to estimates, the last Bitcoin will be mined in 2140.

While there were fears that the Bitcoin mining industry could suffer heavily because of the halving, the reality is that the Bitcoin network’s hashrate is now significantly larger than it was before the halving in May. Bitcoin halvings happen every 4 years and are generally accompanied by very strong bullish sentiment. As far as fundamental factors are concerned, it’s tough to find something that draws more attention to Bitcoin than its halvings.

Conclusion

The best part about the trends outlined above is that their influence on the Bitcoin market will likely only continue to strengthen in 2021 and beyond. Bitcoin is currently in a very strong position, and we can’t wait to see what the next year brings to the table. While it’s impossible to predict the future exactly, Bitcoin HODLers have plenty of great reasons to be bullish right now.

Ethereum and XRP Set to Make it Worthwhile for Users During Current Market Price Fluctuations

by

Cryptocurrencies across the board saw massive fluctuations in their prices recently with the bull taking over the market. This price surge was also joined by market cap bumps which at one point elevated Bitcoin’s cap to record levels.

Although a majority of the story was about Bitcoin’s surge, it is imperative to not forget the performance put forth by the altcoin market. Cryptocurrencies like Ethereum and XRP rocketed up the charts to reach zeniths unseen for more than two years. It was now time to see what lay in store for these coins over the next couple of weeks.

At the moment, Ethereum was sitting pretty at the number two position while holding a value of $505.5. The largest altcoin had broken the $600 threshold during the bull run which occurred alongside the launch of Ethereum 2.0. Currently, Ethereum’s market cap clocked in at $57.43 billion while the daily trading volume had increased to $24.1 billion. The price had fallen to $505, with critics pointing to another ‘bubble bust’.

Ethereum supporters chimed in by claiming that the network had witnessed steady growth over the past couple of years, citing it as one of the reasons for the launch of ETH 2.0. Some popular crypto twitteratis added that the Ethereum team must be appreciated because launching v2.0 was like “launching a rocket mid-air”. As an added trivia, Status tweeted:

The Ethereum team was confident that they understood the needs of the market and that price hikes were not the be-all and end-all of the industry. Another altcoin that rode the bull wave was XRP, as Ripple’s native cryptocurrency shredded through long-held price resistances. In the space of 2 days between November 20 and November 22, the value of XRP shot up from $0.299 to $071. This spike further allowed XRP to reclaim the third position from Tether.

As it climbed to its yearly high, the value of XRP fell again to near to the 50 cent mark. At press time, XRP was trading for $0.53 with a total market cap of $24.26 billion. The XRP ecosystem was also privy to large scale day trading with the 24-hour trade amounting to $21.569 billion. Despite talks of XRP being considered as a security, the third-largest cryptocurrency has managed to stave off opposing forces.

Ripple CEO Brad Garlinghouse pointed out that a majority of XRP customers were international customers and not just US-centric. With more than 90 percent of users from around the globe, XRP will do well to focus on functionalities rather than just price.