TronWeekly

Crypto World News

You are here: Home / Archives for Price Analysis

Price Analysis

Bitcoin [BTC/USD] Price Analysis: Cryptocurrency Surges as the Bull Creates New Immediate Support

by

Bitcoin’s performance on the charts has always dictated changes in the cryptocurrency industry with major tokens following it as an example. This pattern was put on display recently when Bitcoin was joined by other cryptocurrencies on a rising price wave.

The second week of October has given a much-required boost to the world’s largest cryptocurrency as the market cap climbed over the $200 billion mark. This increase comes on the back of repeated claims that the cryptocurrency market would bleed red as the year comes to a close.

Bitcoin’s latest surge came after an extended period where its value did not move above $10,500. Several traders were waiting for this exact moment as they had asked HODLers to maintain their streak while at the same time urging new traders to ‘buy the dip’.  At press time, Bitcoin was trading for $11,260 with a total market cap of $208.5 billion. A 6 percent weekly gain had also elevated the cryptocurrency’s daily trading volume to $22.1 billion.

btc 1

BTC’s technical analysis painted a positive picture as almost all the major indicators sided with the bull. These indicators included the Parabolic SAR, the Relative Strength Index, and the Chaikin Money Flow indicator. The PSAR markers were below the price candles, a sign that Bitcoin was in for a short bullish term. This is the longest purple patch since Bitcoin enjoyed a stellar run back in July.

According to the Relative Strength Index, the Bitcoin ecosystem was cashing in on the latest price hike. The RSI was near the overbought zone for the first time since September and coincided with more people buying BTC. Bitcoin’s buying pressure also surpassed its selling pressure due to the bull run.

Another indicator that signaled green for Bitcoin was CMF, which hit record highs recently. The CMF was at its highest point since August, staying well above the stipulated zero line. Data provided by the CMF is important to track the amount of capital that was coming into the Bitcoin market as well as the amount leaving it.

 

Sesamessed [SEED/TRX] Price Analysis: Cryptocurrency Bets on Future Bull Movements as Bear Takes Hold

by

The cryptocurrency market has been on a rollercoaster ride over the last few weeks, with price fluctuations having an effect on token rankings as well. During the fluctuations, Tether overtook XRP to become the third-largest cryptocurrency on the charts.

Although larger tokens were struggling to climb, some smaller cryptocurrencies were struggling to make their name in the industry. One of these tokens was Sesameseed, a cryptocurrency that had shot to fame after its tie-up with Tron.

Ever since Sesamesed’s inception, the cryptocurrency has been making waves with its sheer number of updates and developments. According to CoinMarketCap, Sesameseed was one of the few cryptocurrencies maintaining a good price standing. At press time, SEED was trading for $0.03 with a market cap that is known to fluctuate on a weekly basis. A 0.45 percent price drop in the 24-hour spectrum had reduced the daily trading volume to $2057.

Technical analysis of Sesameseed showed that the cryptocurrency was not completely immune to the bear attack. The three indicators chosen to assess the situation were Bollinger bands, the Chaikin Money Flow, and the Relative Strength Index. According to the TA, the price had stagnated over the past couple of days with the bear crunch squeezing the immediate support and resistance.

seed scaled

The Bollinger bands had begun to diverge from each other after converging on Tuesday. The divergence that SEED has been enjoying could be a sign that the cryptocurrency had a chance to escape the bear rut soon. According to the RSI, SEED still had some way to go before it could gun for greener pastures.

The RSI was closer to the oversold zone after suffering a fall in the previous 24-hour timeframe. SEED was near the bottom of the graph because more people were selling the tokens due to a change in investor sentiment. Next, we had the Chaikin Money Flow indicator, which described the capital movement in a particular cryptocurrency ecosystem.

Sesameseed’s CMF had fallen below the zero line after a steady hold above it last week. The drop was a result of the capital leaving the SEED market being more than the capital coming into the market. Some experts in the field claimed that the cryptocurrency might see some positive fluctuations as the week comes to a close.

 

 

Ethereum [ETH/USD] Price Analysis: Largest Altcoin Finds Itself Caught Between Bear and Bull

by

The cryptocurrency market’s rollercoaster movement has been a sight to see for the past couple of weeks with big names making waves on the charts. Despite the lack of stellar price movements, some major altcoins were still maintaining their pedigree with Ethereum being a major example.

After struggling through a bearish phase recently, the second-largest cryptocurrency on the charts bounced back strongly with a decent weekly performance. Ethereum and the rest of its compatriots were all bleeding in the short term but the long term charts still blinked green. 

The Ethereum community has been waiting on the flanks for a long time to witness some major updates within the ecosystem. One of the most hyped developments around Ethereum was Ethereum 2.0 with the launch expected to occur soon. At press time, Ethereum was trading for $353.25 with a total market cap of $39.84 billion. A 1.97 percent dip in value had also lowered the daily trading volume to $14.46 billion.

ethusd

Etheruem’s technical analysis showed a price stagnation that was in tandem with the behavior since the beginning of August. The current immediate support was at $320.4 while the immediate resistance was locked at $476.18. Some members of the Ethereum community expect a price shoot up once its major peripherals are released.

The technical analysis of Ethereum signaled the impact of the bear on the cryptocurrency. The Parabolic SAR was above the price candles which indicated an upcoming bear run. Since the start of August, the PSAR markers have been mostly above the price candles. At the same time, the Relative Strength Index had climbed slightly above the oversold zone. This meant that more people were selling ETH than buying into it.

According to the charts, the Chaikin Money Flow indicator was the only metric that showed bullish reminiscence. At press time, the CMF was above the zero line which meant that the capital coming into the Ethereum market was more than the capital leaving the market. Ethereum was currently following the behavior of the rest of the cryptocurrency market and if the indicators are to be believed, then the bearish atmosphere will be present for some more time.

Ethereum, Bitcoin Cash, Litecoin Price Analysis: Altcoin Stumble as the Cryptocurrency Market Struggles to Attract the Bull

by

The cryptocurrency market’s rollercoaster movement has been seen by many as evidence for its sheer volatility. This rapid movement has not just been linked to the major tokens but also with altcoins that were finding its footing in the market.

After a week of decent gains, altcoins like Ethereum, Bitcoin Cash and Litecoin took a hit on Monday as the bear went on a rampage. Looking at the 24-hour changes, it was clear that altcoin would take more time to reach Bitcoin’s soaring price levels.

Ethereum, the largest altcoin in the cryptocurrency market maintained a decent price point even after a 4.71 percent fall over the previous day. Ethereum’s fall was the third-largest in the top 10 cryptocurrency club after Litecoin and Chainlink.

At press time, Ethereum was trading for $368 with a total market cap of $41.534 billion. The bear attack further dropped the 24-hour market volume to $66.92 million after holding above the $70 million mark the previous week.

Ethereum’s Parabolic SAR was above the price candles which meant that the cryptocurrency was heading into a continued dip. The last time the markers were below the candles was in the middle of August. The Relative Strength Index had also fallen towards the oversold zone after the selling pressure climbed higher than the buying pressure.

eth 4

The Chaikin Money Flow indicator climbed from the zero line after dipping for the first time since the start of June. This was a sign that the capital coming into the Ethereum market was more than the capital leaving the market.

Bitcoin Cash

Up next on the charts was Bitcoin Cash which had fallen to 7th place in the wake of the massive price shifts. At the time of writing, Bitcoin Cash was trading for $224.71 with a total market cap of $4.16 billion. BCH’s daily market volume also fell to $2.4 billion after a 3.6 percent fall in its price.

bch 2

Bitcoin Cash‘s RSI was one of the lowest on the cryptocurrency charts as the graph moved parallelly to the oversold zone. This was the lowest the graph had touched since it had fallen back in July. At the same time, the Chaikin Money Flow was recovering after having fallen below the zero line. BCH users may have regained some trust in the cryptocurrency after a slight climb in prices.

The Parabolic SAR was similar to that of Ethereum as the markers stayed above the price candles. It would take another major green run for the markers to push the candles from the top.

Litecoin

ltc 2

Litecoin rounded off the set of most volatile cryptos in the top 10 list as the Charlie Lee founded cryptocurrency traded for $48.01. The 5.5 percent price fall had lowered the market cap to $3.14 billion while the 24-hour market volume had taken a turn for the worse by falling to $2.23 billion.

Litecoin’s technical analysis also painted a sombre picture for the market as all three indicators sided with the bear. The Chaikin Money Flow indicator was the only sign that the market was still confident in rise with the graph climbing slightly. The RSI on the other hand had fallen to its lowest level since March of this year, an alarming sign for holders and investors alike. Meanwhile, the Parabolic SAR continued to stay above the price candles with the last bullish signal coming in August.

Tron [TRX/USD], Cardano [ADA/USD] Price Analysis: Justin Sun’s baby Continues to Shatter Expectations as ADA Struggles with the Rest

by

The cryptocurrency market’s bullish performance over the past two weeks came to an abrupt halt on Thursday when prices dipped in rapid succession. Currencies that enjoyed a winning streak suddenly saw their market caps and volumes fall as the market corrected itself at the close of the first week of September.

Out of the best performing cryptocurrencies, only Tron seemed to maintain its standard as the Justin Sun founded cryptocurrency maintained its bullish regime. At the time of writing, Tron was still climbing on the charts with no signs of abating.

TRON

By Friday, Tron had climbed into the top 10 cryptocurrency club and occupied the 9th position. At press time, Tron was trading for $0.042 with a total market cap of $3.067 billion. After a 15 percent price increase over the past day, the 24-hour market volume had climbed to $7.015 billion. The most remarkable aspect of the Tron surge was the weekly surge of 81 percent during a time when all its compatriots were bleeding red.

trxusd1

Tron’s technical analysis also pointed to a prolonged green run as all the indicators sided with the bull. The Relative Strength Index had broken the overbought threshold as more people entered the Tron ecosystem. The marker near the top of the graph indicated that Tron’s buying pressure was much more than its selling pressure. Meanwhile, the Chaikin Money Flow indicator witnessed a small dip towards the zero line. This may be due to the reduction in the capital coming into the Tron market.

Cardano

On the opposite end of the price, spectrum lay Cardano, the token created by the IOHK Foundation to aid in day to day use cases. At the time of writing, ADA was trading for $0.096 with a total market cap of $2.488 billion. The 15 percent daily dip had also lowered the 24-hour market volume to $548.65 million.

adausd

 

While Tron’s RSI was above the overbought zone, Cardano’s RSI rested right at the oversold zone. This was a clear indication that traders were selling their ADA tokens to move to other cryptocurrencies that were climbing on the charts. ADA’s CMF also took the bear’s side as the graph fell below the zero line for the first time since mid-March. This fall was in conjunction with the recent bear crash that slaughtered any increases achieved since August.

Tron [TRX/USD] Price Analysis: Cryptocurrency Enjoys Record Bull Week as Price Surges by More than 20 Percent

by

The cryptocurrency market has been enjoying a substantial bullish run over the past week as the sentiment has become positive. As the price of major altcoins begins to surge, more and more investors have decided to place their faith in the world of virtual assets.

Tron, the Justin Sun founded cryptocurrency had fallen below it’s ranks over the past few months but since the last week of August, the token has been on the upswing. Over the past 24-hours, the 13th ranked cryptocurrency has risen by over 20 percent with the market cap aiming to break it into the top 10 club.

At the time of writing, Tron was trading for $0.0360 with a total market cap of $2.61 billion. The double-digit growth has also elevated the 24-hour market volume of $2.74 billion. In the past week, Tron surged by 56.24 percent- the second-biggest gain in the top 20 club after NEM. Only Ethereum’s gain came even close to Tron’s with a weekly gain of 24.6 percent.

tron charts

 

A technical analysis of Tron showed that the cryptocurrency was going to be enjoying a bullish trajectory for some more time. The Relative Strength Index had broken above the overbought zone over the last week. This was an indication that the buying pressure had increased significantly causing more people to buy more TRX tokens.

The Chaikin Money Flow indicator also pointed to the bullish side. The graph had jumped much higher than the zero line, a sign that the capital coming into the Tron market was more than the capital leaving the market. This was indicative of the usual pattern where more people fall into the crypto sphere whenever there is a price increase.

Even the Bollinger bands indicated a bullish upswing for TRX. The upper Bollinger band and the lower Bollinger band both diverged from one another. If this trend continues, there would be another price breakout soon.

It is not yet confirmed if the bullish run would continue, but it certainly is a good time to look at it as an investment opportunity. Justin Sun and the Tron Foundation would also agree that the price is reflective of the developments occurring within the cryptocurrency organization.

 

OmiseGo (OMG) Token Surges by 156% Following USDT Integration to Hit $8.79

by

OMG tokens might be the hottest crypto asset in the market right now. On August 20, Tether announced the integration of its stablecoin, USDT, on the OmiseGo (OMG) Network. Following the announcement, the price of OmiseGo’s native token, OMG, skyrocketed by almost 160 percent to reach $8.79.

Back in June, after the first partnership with Tether, the price of OMG tokens shot up again; but then it was 20 per cent to a much lesser extent. OMG tokens were struggling to hit the $1 price level in early 2020.

OMG token price bullish

Its price rested around $0.50 following the market meltdown back in March, until major U.S. cryptocurrency exchange, Coinbase, listed the token. The news propelled OmiseGo tokens past the $1 resistance to $2 level before correcting.

OMG tokens price action fluctuations this year are primarily owed to rumours of its partnership with Tether, which are now authentic. Currently, USDT occupies the number three spot, as the third-largest cryptocurrency by market capitalization after usurping Ripple’s XRP yesterday. Furthermore, USDT is also the most traded stablecoin and the most predominant ERC20 token.

The rumours of the partnership were verified back in June, pushing OmiseGo price by 20 percent within hours, hitting the $2 level. Last weekend, OmiseGo tokens were trading just under $2. Following Tether’s announcement yesterday, the price of OMG tokens rallied by a massive 156 percent in 24 hours to reach a multi-week high of $8.79, according to Coinmarket cap.

OMG token

OmiseGo USDT integration ease Ethereum Network congestion

At the time of writing, the market value of OMG tokens is $8. The current price comes after a slight receding from highs of $8.79. Tethers integration with OmiseGo has arrived at a perfect time when the DeFi market is hot; and Ethereum is struggling to handle the pressure, as transaction fees on the Ethereum network skyrocket.

After BTC, USDT is the most popular trading pair and handles most transactions on the Ethereum network. OmiseGo’s capacity to multi-trades into a single trade can help unclog the Ethereum Network, relieving the entire ecosystem from high network fees and delays.

Chainlink, Litecoin, EOS Technical Analysis on 16th August 2020

by

The collective cryptocurrency market appeared to be in a consolidation phase. The market cap was registered at a whopping $373 billion, a level unseen since May 2018. While Bitcoin has faced multiple rejections at the coveted $12k-level, several altcoins have, however, sprung up in action.

Joining the bandwagon are coins such as Chainlink [LINK], Litecoin [LTC], and EOS, which have witnessed a substantial rise in their values over the last 24-hours.

Chainlink [LINK]

chainlink technical analysis

Chainlink has been in the spotlight for quite some time now and has been one of the best-performing assets among the top coins. As the weekend dawned, LINK soared to a new all-time high. Meanwhile, it recorded a surge of 13.21% over the last 24-hours which catapulted its value to $18.93 at the time of writing.

Moreover, it registered a market cap of $6.64 billion along with a 24-hour trading volume of $2.538 billion.

As the fifth-largest altcoin continued to build on gains, the green closing bars of Awesome Oscillator indicated a positive course for the coin’s price in the near-term. Further exhibiting a bullish trend was the Chaikin Money Flow indicator as it hovered in the bullish territory.

Litecoin [LTC]

litecoin technical analysis

Over the past year, Litecoin fell to the eighth position. After subsequent downfalls, LTC appeared to be slowly moving ahead and targeted a local top. At press time, the cryptocurrency noted a market cap of $4 billion with a 24-hour trading volume at $3.28 billion. LTC was being traded at $61.41 and was up by 6.91%.

The indicators failed to back up the latest surge in the coin’s valuation. This was evidenced by the bearish Klinger Oscillator. After a brief tryst with the bears, the MACD appeared to be heading for a bullish crossover.

EOS

EOS technical analysis

Despite not much significant developments on the tech side, EOS was the second-best performing asset in the last 24-hours among the top 20 coins, trailing behind LINK. It was up by 11.12% over the last 24-hours which drove its price to $3.75, at the time of writing. Furthermore, EOS recorded a trading volume of $5.12 billion over the past day while its market cap stood at $3.50 billion.

The dotted markers of Parabolic SAR hovering below the EOS candles depicted a bullish phase for the tenth-largest coin. Following the latest upsurge, the Relative Strength Index [RSI] shot up to the overbought region. This could essentially lead to a decline in demand among the traders of the coin with a subsequent decline in its price in the near future.

Cardano [ADA] Price Analysis: Cryptocurrency rallies as long term bearish dips undergo reversal

by

The bull may have returned to the cryptocurrency market again as a majority of the assets were blinking green on the charts. This positive run has not just boosted Bitcoin but also altcoins such as Ethereum, XRP, and Cardano.

Cardano, currently ranked 11th on the charts had a tough 2019 in terms of price. But at the same time, Charles Hoskinson claimed that internal developments were going on in full swing which will enable the cryptocurrency to grow in the months to come. At press time, Cardano was trading for $0.046 with a total market cap of $1.196 billion. The IOHK founded cryptocurrency held a 24-hour market volume of $86.003 million after 11.4 percent climb over the previous week.

1 hour:

Cardano [ADA] Price Analysis: Cryptocurrency rallies as long term bearish dips undergo reversal
One Hour Chart

The hourly chart for Cardano showed a steady increase in its value over the past few days. ADA has been waiting for this climb and investors will be relieved to see that a bullish run was upon them. The immediate support was at $0.041 while the ADA resistance held at $0.046.

Cardano’s upper and lower Bollinger band moved parallel to each other after a bearish outbreak on January 19th. The parallel movement meant that the cryptocurrency was going through a sustained hold, mostly skewed towards the bullish territory.

The Chaikin Money Flow indicator was below the zero line for the first time in two days. The graph staying below meant that the capital coming into the Cardano market was lesser than the capital leaving it. Investors have been on the fence about diving into the sector because of rapid fluctuation, but the small rise indicated that ADA’s fortune may be turning.

The signal line and the MACD line both showed a bearish connotation. At the same time, the MACD histogram blinked red. Prior to this, Cardano enjoyed a more bullish atmosphere according to the MACD graph.

1 day:

Cardano [ADA] Price Analysis: Cryptocurrency rallies as long term bearish dips undergo reversal
One day Chart

Cardano’s one-day graph painted the picture of a cryptocurrency escaping from the bear’s clutches. The analysis showed that Cardano was enjoying a significant price climb for the first time since October 2019. The immediate support in the long term was at $0.041.

The Chaikin Money Flow indicator had shot up massively above the zero line for the first time in a long time. The CMF was now at its highest point since June 2019.

The MACD indicator witnessed a bullish crossover in the long term. The upward rise on the chart went hand in hand with the bullish MACD histogram.

The Bollinger bands for Cardano reactivated recently after a sustained price hold. The upper band and the lower band diverged from each other, indicating a bull run. This was also the first major Cardano bull run in 5 months.

Conclusion:

The current atmosphere seems to be bullish for Cardano after half a year of a bearish trudge. A majority of the aforementioned indicators sided with the bull and the cryptocurrency will be happy to know it is part of the altcoin surge. Although the price was climbing at the time of writing, holders need to be wary of the dynamic cryptocurrency market.

 

Bitcoin SV’s Insane Price Week: The good, The bad and The Ugly

by

The previous week was something of an anomaly for Bitcoin SV, with the cryptocurrency skyrocketing like never before. This shoot-up occurred just as the rest of the cryptocurrency market also got wind of a bullish run.

Let us now look at how fantastic the journey was for Bitcoin SV and make more sense of the flippening that took place.

The Price Hike Origin:

On January 14, Bitcoin SV’s price started climbing up the chart at a rate that was similar to the ones triggered by Bitcoin’s climb. The value of the cryptocurrency continued to climb over the next couple of hours and by January 15, the price had jumped from a steady $170 to $311.

The All-Time High Moment:

This continued to be the price hold for some more time and then Bitcoin SV witnessed its biggest jump. In a matter of hours, BSV went from $330 to $435.72. This perpendicular climb sent the entire cryptocurrency market into a frenzy with many calling BSV the next big thing. Compared to other cryptocurrencies climbing on the charts, BSV was one of the few enjoying double-digit growths along with Litecoin.

The eight percent jump in such a short span of time also resulted in some members of the community calling BSV a ‘bubble’. The BSV supporters were, however, focused on the ‘flippening’.

The Flippening:

Ever since the hard fork that resulted in Bitcoin Cash and Bitcoin SV, both its communities have been at war against each other. BCH has always stayed above BSV on the price charts and supporters of the latter always believed that it would one day overtake its nemesis. This phenomenon is what is known as the ‘flippening’.

The moment actually occurred on January 16 when Bitcoin SV’s growth finally surpassed that of Bitcoin Cash near the $320 mark. BSV communities erupted in joy as proponents such as Calvin Ayre, Craig Wright, and Samson Mow reaffirmed that it was the real Bitcoin.

What has happened since then?

As communities rallied behind BSV, some other members continued to state that the price rise would be short-lived. That was exactly what happened when Bitcoin’s price started falling. Bitcoin continued to collapse by 18 percent on the 24-our time frame while some alts rallied. During this time, Bitcoin SV crashed by 40 percent from its local peak causing many to panic.

At press time, BSV was trading for $263.5 with a total market cap of $4.8 billion. It had also ceded the 4th place back to Bitcoin Cash which was trading for $365.46.  BSV’s 14.7 percent dip on the daily chart also caused its 24-hour market volume to fall to $3.46 billion.

Bitcoin SV's Insane Price Week: The good, The bad and The Ugly
One Day Chart

The inconsistency of the altcoin market was also pointed out by several analysts in the digital assets space. Nicholas Merten, a popular crypto analyst had tweeted on January 15, saying:

“Ignore the price moves of $BSV. Only $35.6M of the volume is from exchanges open to US traders. The other 99.4% of daily volume is made up of mainly no-name exchanges and known wash trading exchanges that still deceive this space. They can basically dictate a false price.”

Many others have also echoed this concern, asking communities to just focus on logic and developments rather than just numbers. Bitcoin SV may have gone through an ‘irrational’ surge over the past week, but people who made profits surely would not have cared.