Yuri Molchan

Bitcoin Still Keeping At $4,000 Level, But Top Ten Coins Declining

On Monday, December 3, almost all of the top 20 coins are still in red, as per CoinMarketCap, after a slight bullish reverse on Saturday, but BTC is still at $4,000
Bitcoin Still Keeping At $4,000 Level, But Top Ten Coins Declining
Contents

The red wave that started on Sunday continues at the beginning of the week. CoinMarketCap tells us that the major crypto coin, father of all other digital assets, Bitcoin, lost nearly 4 percent over the past twenty-four hours. The only coin from the top-20 that is currently in the green is Ethereum Classic (ETC), trading at $5.03.

Top 100 Coins

Top-20 are sliding down the hill

At the time of writing this, Bitcoin is going at $4,014. Anyway, Satoshi Nakamoto’s invention has managed to stay around the $4,000 mark over the weekend, compared to Friday, when it slumped under $4,000.

Ripple (XRP) is still in 2nd place by the volume of market capitalization and is sitting at $0.36, having lost nearly 2.5 percent over the last day.

Ethereum (ETH), having demonstrated a short-term rise last week when its price hit $125, is currently also heading south and its quotes are at the $113.16, though on Sunday the price was a little higher - $120 and $115.

The total volume of the cryptos’ market cap is slightly over $130 bln, compared to $139 bln on Saturday.

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Recent movements within the top-10 list

Last week, Stellar managed to advance on the top-10 scale, pushing Bitcoin Cash from fourth to fifth position. EOS remains in sixth place, though last week it also had briefly occupied fifth position.

Bitcoin Cash SV remains in ninth place, where it managed to get to pretty quickly after being way out of the top-100 list following the BCH hard fork that took place on November 15. Now, BCH ABC (which is still BCH on CoinMarketCap and major crypto exchanges) is trading at $165.68. On Saturday it was selling at $180. BCH SV is sitting at $94.45 at press time.

Current gainers of the top-100 club

Over the past week, the fingers of one hand mostly were enough to count the gainers of the top-100 list. Now the situation is almost the same. The only assets in the green at the moment are: Ethereum Classic (ETC) (+3.35 percent), TrueUSD (+0.18 percent), USD Coin (+0.25 percent), Waves (+4.81 percent), Golem (+11.7), and six more altcoins.

Bitcoin still holding despite recent news

BTC has managed to stay around $4,000 over the weekend, even though the latest news has been not favourable for it. Regulators of several countries have tightened their policy against crypto. The Thai SEC is eyeing a separate regulatory basis for regulating STO (security token offerings). Japanese watchdog FSA is about to launch new regulatory measures for ICOs to defend investors’ money from fraudsters.

The Estonian Finance Ministry, reportedly, intends to adjust the law it has recently passed on AML measures to tighten crypto regulatory rules in order to prevent financing terrorists with crypto.

Also, over the weekend, the G20 countries urged to implement taxation on virtual assets globally and to introduce a legal framework for preventing money laundering.

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Darryn Pollock

Bitcoin Mining Difficulty Drops Significantly — Will it be Enough to Entice Miners Back?

The price drop in Bitcoin has had its effect on the mining industry, and as such, there has been a monumental fall in its difficulty
Bitcoin Mining Difficulty Drops Significantly — Will it be Enough to Entice Miners Back?
Contents

The latest drop in price for Bitcoin, which saw it fall dramatically below the $6,000 mark to settle just under $4,000, has had a detrimental effect on the mining ecosystem of the cryptocurrency. It has seen a host of major mining pools and organisations shut down their miners.

However, as is the nature of Bitcoin and its decentralised network of miners, as the mining input decreases, so does the hashrate, and thus the difficulty of mining Bitcoin also decreases. The hashrate of Bitcoin has been in decline since October, but the continued exodus has seen the difficulty drop by 15 percent, the second-largest drop in history.

Mining is always a fine balance of profitability, and while the price of the asset has made it unprofitable for most miners, it remains to be seen whether this drop in hash, and subsequent ease in difficulty, will be enough to entice miners back and push the hashrate up again.

A downturn in hash

The general movement of Bitcoin’s hashrate has almost always been in an upward trend thanks to general price uptrend coupled with rapid advancements in mining technology. However, the drop in October was an overall effect of a bear market which has lasted nearly a full year.

With the price of Bitcoin hovering below $4,000, it is understandable that profit-driven miners are shutting up shop as it is estimated that it costs, on average, about $4,500 to mine a single coin.

With this drop amounting to an 18 percent decrease in difficulty, it is substantial, considering the last time the difficulty decreased was on July 15, and such decreases have been a rare occurrence over the past several years.

image

What to make of it?

There are two arguments that are raging on either side of the Bitcoin coin. Some believe that this drop in price is actually a good thing as it gets rid of all the speculative investors and those who were never in the technology for the right reasons.

However, some also feel that this is the beginning of the end for Bitcoin and other cryptocurrencies. The mining algorithm change is a microcosm of this same argument as some see it as a chance for new and healthy developments, while others predict a death spiral.

Bitcoin mining is an integral part of the cryptocurrency, and the fact that this latest price drop is so significant as to cause at least 100,000 individual miners to shut down, according to Autonomous Research LLP. Fundstrat Global Advisors LLC, is serious business.

However, the fact that the difficulty is decreasing is part of the reason why Bitcoin mining can still remain profitable regardless of the price. It can equalise to a point where it once again is profitable and could entice miners back into the fold, regardless of the price.

eToro Senior Market Analyst Mati Greenspan said recently that the latest hashrate decline is a healthy market development, given the parabolic rate at which it grew over the previous 12 months — even as prices plunged.

“Bitcoin’s hash rate has indeed dropped in the last few weeks but this is not at all concerning,” Greenspan said. “It’s actually comforting as the rate has risen so sharply over the course of the year and is now returning to normalized levels.”

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Thomas Hughes

EOSIO V1.5.0-rc1 — Multithreaded Signature Verification

The new version of their EOSIO is a Release Candidate (rc), which will be promoted to “stable” after community feedback and a few rounds of testing
EOSIO V1.5.0-rc1 — Multithreaded Signature Verification

EOS developers announced their new V1.5.0 Release Candidate, which is focused on improving the performance of the EOSIO blockchain and on keeping it one of the fastest public blockchains available. The release includes multi-threaded signature verification, which will contribute to more efficient key recovery and a smoother experience.

The new version is a Release Candidate (rc), which will be promoted to “stable” after community feedback and a few rounds of testing. It’s nice to see they are working hard on improvement but would be even nicer to see some bullish movement on the charts.

Charts at a Glance – EOS/USD

Charts at a Glance – EOS/USD

Like most other cryptocurrencies, EOS has been tanking and posting continuous losses, currently trading around $3.8 with a loss of over 24% for the last 7 days. The last 24 hours have been a bit brighter (3.22% gain), but at the moment the bounce seems like the bears are simply taking a “breather”, so this is not the end of the downtrend, probably.

Confirmed support lies at 3.50, with immediate resistance at 4.00 and at the 20-period Exponential Moving Average (blue line on the chart). If the pair can climb above the mentioned technical elements, the move up may gain some traction and develop into a stronger climb but otherwise, the sellers will remain in control.

Support zone: 3.50

Resistance zone: 20-period EMA (dynamic resistance) and the horizontal resistance at 4.00

Most likely scenario: unless the pair establishes the current resistance as support, we expect a drop through 3.50

Alternative scenario: sideways movement below the 20 EMA

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🤷 Opinions Katya Michaels

Scaling Blockchain by Going off the Block: Constellation’s Partitioned DAG

Opinions
Finding solutions to encourage widespread Blockchain adoption may require going beyond the block
Scaling Blockchain by Going off the Block: Constellation’s Partitioned DAG
Contents

While the crypto community continues to struggle with the implications and applications of Blockchain technology, cryptocurrencies and token sales are becoming more mainstream, creating the additional challenge of scalability. Ironically, the gradual increase of adoption reveals the obstacles to universal adoption.

Some teams are looking for a solution for Blockchain usability by moving off the block to a different kind of network. Two members of the Constellation team – CEO Brendan Playford and COO Benjamin Jorgensen – spoke to CryptoComes about their way of addressing scalability issues and envisioning the interoperable Internet of Blockchains.

Blockchain DIY

Katya Michaels: Before you set out to create your own network, you were building a project on Ethereum. What were some of the challenges that inspired you to work on a new solution?

Brendan Playford: I've been in the Blockchain space about four and a half years. I had the fortune of being a very early miner and managed to use mining to get myself out of the place that I grew up in the UK, where there weren’t very many opportunities for people like myself. I saw the way that Blockchain allows individuals to get economic mobility – I’m absolute proof of that, being in San Francisco now.

In 2016, I was listening to NPR around August and all I was hearing was coverage of fake news with Trump. It was relevant then and it's relevant now – monetizing and weaponizing ad arbitrage on Facebook with fake news purposefully produced by a network of writers. The appetite for fake news was so aggressive in 2016, you could publish whatever you wanted and the volume would decimate any legitimate news.

That was the genesis: to build a platform that would allow factual information to be incentivized and recorded in a way where it became self-regulating and self-sustaining. We quickly realized that the high volume and high throughput we needed was totally impossible to do on Ethereum.

In order to publish the 100 - 200 articles a day, have micropayments going out globally to individual contributors and notarize the content on the Blockchain – there was no solution available that could do that.

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Bring your own bandwidth

BP: The nature of Blockchain is synchronous. You have the state replicate across every node, but those nodes are not widely distributed between individuals. Very few people run a full node of Bitcoin or Ethereum. That has led to a somewhat centralized server system based around proof of work or proof of stake where a small selection of the network own it and maintain the state. Although it is very secure, it’s not as decentralized as it was envisaged.

I saw the future not as a synchronous Blockchain, but an asynchronous network that functioned like a graph, with node to node connections. It’s very hard to read a sentence if every word has to be shared between every participant before you can go on to the next one. That's synchronous Blockchain. In a graph, you have a conversation which gossips out to the network. To avoid the information getting distorted with Byzantine actors, you have to create some kind of consensus or architecture to maintain its state.

We set out to build a network that was a horizontally scalable Hylochain. Distributed data systems have been around for years, this technology is not that new. We could create a network with the characteristics of Bittorrent or Tor, that could scale as more participants joined and brought resources – a laptop or a mobile phone –  adding to the throughput of the network.

We have this notion of a mesh net of interconnected devices creating a new Internet. These devices provide bandwidth to the network, and the availability of those resources is incentivized in two ways. One – through the mining period of ten years, and two – by creating a two-sided marketplace where the resources on the network are available for computing services.

We would like to see people coming to the network to use these resources and pay the people providing the devices. That would unlock a huge amount of economic value that's unused right now and create more upward mobility in areas that are less economically developed.

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A different kind of chain: partitioned DAG

KM: The Blockchain’s blocks are what make the technology secure, transparent and immutable. Are the DAGs blockless systems?

BP: If we look at IOTA’s Tangle, I would say yes, that is very much blockless. Hashgraph as well, although it has a notion of direction and a linear transaction history. With our chain, we dove into some really novel new research that addresses scaling. One piece comes from TU Delft university in the Netherlands. It’s called extended trust chain – like a blocked DAG (directed acyclic graph). Effectively, you have a partition, a cluster of 1,200 nodes that all participate in consensus and have a certain scaling characteristic.

There is a checkpoint block that happens in the DAG which creates immutability. The checkpoint block does a locality-sensitive hash on the previous transactions. In that partition, we roll up all the previous transactions from consensus and they get blocked.

In our DAG, we have partitions of 1200 nodes, with the capability of having 10 partitions. Above that, we have a galaxy node that's built up enough reputation over time to be given the responsibility of validating larger blocks of transactions, and also send transactions out to cluster.

Proof of Meme

KM: You have said that networks based on proof of work or proof of stake consensus are like a plutocracy – more power is held by those with more resources. Constellation’s consensus is “proof of meme,” reputation-based, but reputation takes time to build. So the network has the potential to become an oligarchy, dominated by the few people who have been there the longest. It’s conceived as a meritocracy, but could become an oligarchic meritocracy.

BP: You are absolutely right. To address this, we have devised a clustering algorithm. Over time we're going to get a curve, almost like a histogram of reputations from zero to let's say a hundred. In the hundred block you have participants who came in at the beginning, in the zero block you have those who came in most recently.

How do we get those new participants up to the higher reputation while maintaining security of the network? We want to give them a fair opportunity to progress.

Imagine taking that histogram and clustering participants into cohorts – first year entry, year 1 to year 9, year 9 to year 20… We create a weighted algorithm that takes a portion of nodes from each cluster and puts those into consensus. You're always going to be taking some from the zero cluster and as they perform consensus properly, they will move up.

We actually have a test net out, modeling the clustering algorithm to see what it would look like in five years and make adjustments to that. We are looking for ways to avoid that oligarchy as much as possible. We are using the REGRET reputation model, but we may find that there's a better measurement we can use in our machine learning algorithm.

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Post-Blockchain?

KM: Some critics say that Blockchain is a solution looking for a problem. Despite many proposed use cases, they are not being realized. What will it take to bring real usability to Blockchain? Or are we in a post-Blockchain stage already, moving to more scalable technology?

BP:

I think a lot of negative press comes from the tendency to overpromise and underdeliver. As thought leaders and pioneers in the space, all of us need to be conscious of that and make sure that when we do say these things openly, that there is some substance behind them – whether with academic groundwork or actually delivering a viable product.

Hundreds of ICOs and dapps launched in the last year where the promises will not happen. They just won’t deliver. That exacerbates the problem.

Are we post-Blockchain? I don't think we are. I think we're about to enter into the Internet of Blockchains era. You will have Bitcoin for store of value. You will have Ethereum for certain uses, and Zcash for certain uses. Don’t underestimate the Bitcoin core guys. There is a roadmap that they have and it is highly likely we will not see all the solutions at once.

You want to bring about change gradually and slowly, and you want to bring about adoption in a sustainable way. What we’d like to see with our architecture is an underlying fabric that connects and mixes these chains. It's not one Blockchain to rule them all.

There will be individual solutions like Constellation that applications can interface with. Over the next 5, 10 years Bitcoin will still be around, Ethereum will still be around. There’ll be other technologies that will enable the interconnection of these chains.

Enterprise adoption

Benjamin Jorgensen: One of the main hurdles for adopting Blockchain is the cost benefit analysis for major enterprise companies to shift out of their legacy platforms and come onto Blockchains.

We look to the Fortune 500 companies to guide us, but if you consider the history of venture in Silicon Valley, you see that innovation is always done at the grassroots level.

Blockchain does solve problems. We've identified that it gets rid of middlemen. It allows for a distributed ledger so that people can own their own data, going back to what we initially set out to do. Major commercial banking isn't going to shift a significant portion of their business under the Blockchain because of the cost benefit analysis, hiring and firing new people, getting rid of services, the time it takes to ramp up. I think we're going to see a new era of businesses come to the forefront and actually recreate this new world.

KM: Perhaps it's a space for businesses that are going to be natively Blockchain.

BJ: Absolutely. We know that by implementing Blockchain you can significantly improve margins. The initiative is probably going to come from new businesses that are able to create something that's leaner, faster and stronger, and scale rapidly to catch up to those Fortune 500 companies. We've seen this before in the venture space with traditional startups.

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Internet of Blockchains

KM: Going back to having different Blockchains for different uses – obviously that depends on good solutions for Blockchain interoperability. Are we getting close to that in terms of technology?

BP:

Every Blockchain is just data held in a space where it’s notarized as factual and correct. If we can create some way of formally defining and verifying each chain in this ecosystem mathematically, every developer who builds on one chain or across chains will have a framework.

Think about banking – we have SWIFT for a reason. It is the standard that allows transactions between banks. We have to have a SWIFT for Blockchain. When you start to see those frameworks come out and be supported by native languages like Java with plugins for other compilable languages, that’s when we'll see an explosion.

BJ: You have to look at the implications of this - why does it matter to have Blockchain interoperability? Where Constellation’s transaction speeds are really coming to the forefront is around the IOT space. Connecting software devices, automation, AI, micropayments. They're going to have to be able to communicate in a seamless manner. Maybe it’s not a problem, but it's an opportunity.

Smart contract usability

KM: A lot of people have misconceptions about smart contracts – how they work, what they can and can’t do. A smart contract is limited to the Blockchain. In order to access relevant outside data, there have to be solutions for bringing that data onto the Blockchain. How close are we to real smart contract usability?

BJ: When you think of a smart contract, you think it's legally binding, when it's really just a document that says: these two terms have been met, let's exchange the value that comes in. Tennessee courts just reaffirmed that a certain document that's on a smart contract with certain verbiage actually can be upheld in courts. We're just getting to that point where it's going to have a legally binding impact.

BP: This goes back to appropriate use cases. What is a contract? It’s just written verbal logic. What is code? Code is logic. So we figured out this way of notarizing a bit of logic on a chain and then replicating that state across nodes.

Ethereum relies on oracles to provide this data, but there's no way that thousands of data points would be able to transact and go onto Ethereum with the current throughput without being somehow aggregated and centralized.

A chain like Constellation could collect that data together, creating a data marketplace that becomes the oracle for Ethereum in a cross-chain sense. Ethereum could call Constellation through an ACI (application chain interface) for that data, which will be known to be provable and factual, instead of relying on a sensor and a centralized server. If you're connecting to Constellation, that will give a decentralized source of truth.

How far are we away from a place where you could rely on sensor data to provide an outcome of a smart contract? I would say five years. There’s a curve with this kind of technology, Metcalfe's law.

We’ll start to see the first commercial applications, the beginning of a mesh network where there is a source of truth that connects everything, all underpinned and underwritten by reputation. That's what we're building.

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🤷 Opinions
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📈 Pricewise Vaido Veek

Bitcoin Price Consolidates, EOS Looking to a Rally, Cardano Climbing Up: Crypto Price Analysis, Sept. 4, 2018

Pricewise
Bitcoin moves sideways between the two strong levels and waiting for a breakout but which way?
Bitcoin Price Consolidates, EOS Looking to a Rally, Cardano Climbing Up: Crypto Price Analysis, Sept. 4, 2018
Contents

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Bitcoin possibly breakout opportunities

Currently, we are still between those two “resistance” lines (blue lines). To give you an indication where we might go then we have an “Inside bar” candlestick pattern (black lines from the wick).

We already have a higher close from this important candle but we need also a close above the wick, above the black line and if we get a close above $7,350 then we have two confirmations- breakout from the “Inside bar” main candle and break above the strong resistance levels.

If we lose the bullish momentum and we start to make a bigger pullback downwards then those confirmations are close below the Inside bar candle range ($7,200) and close below the trendline (black diagonal line).

image

If the market stays stable EOS may start to rally upwards!

From the last month, we got a nice "Hammer" candlestick pattern (bullish pattern), bounce upwards was from $4 and the close was $6.4. Last week EOS made a little bit over 30 percent growth (open $4.9, close $6.6) and it made a break above the major down-trendline. Currently, the weekly chart shows us also a very positive sign, we have a "Morning Star" candlestick pattern which will indicate bullishness. If Bitcoin and the whole market stays stable then we could definitely see some rally upwards because, we have two strong candlestick patterns on the higher timeframes - super strong sign.

image

On the four-hour chart the current price is above the EMA's (50,100,200) but if we want to move upwards then we have to take down the July low which is around $6.5 and above the July low is also a very strong resistance what you need to watch: the round number $7 and there are also old supports which now becomes a resistance. So, above us, you have to watch two levels $6.5 and $7. If we take those levels down then we may go almost straight to $10 because 100 & 200 EMA are pointed upwards and ready to make a death cross.

Cardano (ADA)- steady climb upwards

On the four-hour chart, Cardano shows us steady rise upwards. Now we have clean higher highs (HH) and higher lows (HL) which should be a positive sign. 50 and 100 EMA starting to cross which is also a good sign that the rise may continue if we see a bullish price action. Currently, the price is above the 50 and 100 EMA and above the round number $0.1. Those levels should start to work as a support.

image

If we drop a little bit lower than we could find a support from the minor trendline. So, if we find a support from this strong crossing area where EMA's, round number and the trendline meet each other and we start to go higher than our next resistance area is $0.113- there is the June low and possible higher high the road to the $0.113 could be a bit messy because we have to take down the 200 EMA on the four-hour chart.

Summary: Definitely EOS looks better than Cardano because Cardano, in the higher timeframes, doesn't look so bullish as EOS but at least ADA shows us some recovery with a steady grind upwards.

Hopefully, this helps you out a little bit to confirm your own analysis. Definitely, do your own research!

📈 Pricewise
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📈 Pricewise Vaido Veek

Crypto Market Analysis: October 12, 2018

Pricewise
Bitcoin has found some sort of support, NEO can start to approach the 2018 low level, TRON is the strongest coin on the market
Crypto Market Analysis: October 12,  2018
Contents

*** Please note the analysis below is not investment advice. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of U.Today. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Looks like Bitcoin has found some sort of support

After yesterday's downwards movement the market has been silent. There were some movements downwards in the night (UTC+3) but nothing remarkable, and now, the prices are the same as they were in yesterday's evening.

Looks like Bitcoin has found some sort of support

Currently, BTC has found a support area from $6,250. It made several attempts to go through this but only 15-minute candles are closed below the mentioned level. Higher and important time frames are all rejected upwards from $6,250. So, the chart has collected some data and the support is confirmed.

The last four-hour candle was very bullish and we can see a bullish candlestick pattern which is called "Engulfing". The Engulfing pattern consists of two candles and the last bullish candle 'eats' the previous low candle completely. Those candlestick patterns are usually very good when they are on the strong support or resistance area. Currently, it is a confirmed support area and let's see how it plays out.

To see a bullish BTC we need to witness a Bart move — a quick move downwards, a little consolidation and a quick move upwards. On the other hand, in order to confirm a bear trap, we need to see an upward movement today. Postponement to the weekend will bring a low percentage due to very low volume on weekends.

At the moment the price has formed a Bullish Engulfing pattern and the reason to go higher is solid. However, if we get a one-hour or a four-hour candle close below the $6,235-$6,250 then it is a bearish confirmation and we could see another 'leg' downwards.

NEO (NEO/USD) could start to approach the 2018 low level

Almost all the altcoins have made a breakout below the major counter-trendline which indicates bearishness and at the moment NEO is 13 percent down from the yesterday's crash and it trades below the mentioned trendline and below the support levels.

NEO (NEO/USD) could start to approach the 2018 low level

It has broken all the important support levels and the only one that is left is an August low level which is also 2018 lowest point at $13.68. If the market doesn't show us a power which will guide us to the higher prices then NEO will start approaching the 2018 low level.

Around this area are also Fibonacci extension levels, at $14.27 there is a 141 percent extension and at $13.33 there is a 161 percent extension.

To invest into the NEO is a bit risky because the current bounce came from nowhere and we don't have a clear picture of what it could do next and currently NEO price movement depends very strongly on Bitcoin movement.

TRON (TRX/USD) is the strongest coin on the market

One of the strongest coins on the market is TRON. Yes, it also came down pretty sharply as all altcoins did but the price action is wise and technically Tron has a very good shape. Some altcoins printed new 2018 low (ETC) and some of them are approaching the 2018 low levels, but not TRON. It is far from the 2018 low point and it has multiple strong supports before that level.

TRON (TRX/USD) is the strongest coin on the market

It can sound unbelievable but the current bounce came from the new higher low (HL) area. This is a big statement and shows that Tron is 'healthy'. Besides that the bounce came from the new HL area, there is also other criteria: the golden Fibonacci retracement level 62 percent and the trendline since June 19, which worked nicely as a support after a breakout above the trendline on Oct. 4. We can say that this was a retest.

If the bounce momentum continues then the next resistance is the March low, the counter-trendline and the 200 EMA crossing area at $0.0228. If the price manages to push through from the mentioned levels then it is out of the danger zone and back above the 200 EMA and above the major counter-trendline which will indicate that the momentum will continue and we go and retest the green area above the current price.

Here are dangers also, the resistance — crossing area — is pretty strong and if the market doesn't show the power to go upwards then it can mean that we go and test the lower levels and the major supports which are marked with red boxes.

📈 Pricewise
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