cryptodailytrading.com

[8 Feb] Weekly Crypto Price Prediction – Bitcoin, Ripple, Ethereum, Tron

  • Thomas Hughes
    📈 Price Predictions

    The prices of TRX, the native token of the Tron network, has moved up more than 100% in the last few weeks and looks like it could go much higher


[8 Feb] Weekly Crypto Price Prediction – Bitcoin, Ripple, Ethereum, Tron
You may also like:

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

The cryptocurrency market may be down but it’s not out. The total market cap of cryptocurrencies has fallen sharply over the last year, but the number of users continues to grow.

Tron Price Prediction - TRX Surges, Can the Move Last?

The prices of TRX, the native token of the Tron network, has moved up more than 100% in the last few weeks and looks like it could go much higher. The move is driven by the Tron Foundation’s partnership with BitTorrent and the subsequent launch of the BitTorrent Token on Binance last week.


BitTorrent is the world’s largest and most used peer-to-peer file-sharing service. The company services all systems including MAC, Windows, and Linux with the so-called fasted Torrent-based file-sharing software in existence. Now that it is part of the Tron network the new BTT tokens can be used to access faster transfer times and other premium services.

The new tokens were criticized prior to launch as making BitTorrent more complicated for infrequent users. The launch of the token belied those fears as the new BTT’s were sold out in mere minutes after launch. The demand for the tokens helped to increase their value and Tron’s as well. Looking forward, this collaboration and other efforts from the Tron Foundation are likely to drive this token higher while others continue to languish at their lows.

TRX/USD chart

Bitcoin Price Prediction

The price of BTC/USD continues to wallow near the long-term low. The price has been drifting sideways to down over the past few days and looks like it will move down to retest support near the $3,175 level. That test will be important, a fall below support would be very bearish and could wipe another $1,600 of the price of the world’s reserve cryptocurrency.

BTC/USD chart

Ethereum Price Prediction

ETH, the native token of the Ethereum network, may have found support. The token has been trending sideways over the past week, near the long-term low, and is today moving up from said level. The move is not overly strong, but it is bullish and could lead to higher prices in the near-term. Longer-term, Ethereum is still under pressure while we wait on system upgrades and hard-forks that seem as though they will never come.

Ethereum Price Prediction

Ripple Price Prediction

XRP is still showing signs of support above the key level of $0.2830. The token is set up for a move higher, a move that may prove to be large, based on the advances Ripple has made over the last year.

XRP/USD Chart

The first hurdle will be the short-term moving average, near $0.32, but once that’s broken moves up to $0.3966 is expected.

Cover image via u.today
Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles

Bitcoin Price Is Heading to Its Next $7,000 Target! When Will BTC Break Resistance?


Bitcoin Price Is Heading to Its Next $7,000 Target! When Will BTC Break Resistance?
You may also like:

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

After a short pause, Bitcoin has decided to take a few steps up to reach the new resistance level. What’s the chance for BTC to hit new price levels? Read Bitcoin price predictions from Twitter users to find out what they think about the short-term prospects of this cryptocurrency.

BTC will continue rising

There are many positive forecasts claiming that BTC will reach new heights in the nearest future:

$5,600 is the next threshold to reach:

👉MUST READ TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — A Bounce Back Again on the Market. How Long Can It Last?
TOP 3 Price Predictions: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) — A Bounce Back Again on the Market. How Long Can It Last?

The bullish shift hasn’t ended yet:

Tendencies remain positive:

Expect new bullish runs:

👉MUST READ PayPal's Wences Casares Predicts That Bitcoin Could Reach $1 Mln. Here’s How and When It’s Possible
PayPal's Wences Casares Predicts That Bitcoin Could Reach $1 Mln. Here’s How and When It’s Possible
 

Time for retracement?

At the same time, many users see that there’s some BTC volume declining, which means it’s very likely to dump a bit:

Another piece of proof:

A lot depends on Bitcoin’s ability to stay above the $5,000 level:

Reaching a new height and dumping is another very likely scenario for BTC:

However, the next height before a correction might be somewhere about $7,000:

Time will show whether BTC will be able to overcome the new resistance. At the moment, it’s not the right time to enter the market. Wait for BTC to dump a bit – it is very likely to happen.

Cover image via 123rf.com
Subscribe to the official U.Today Telegram channel. Get news first!
👓 Recommended articles