BTC, EOS, LTC, TRX, ADA Price Prediction: Can BTC's Declining Dominance Result in an Altcoin Movement?

Price Predictions
Sat, 11/16/2019 - 14:27
Denys Serhiichuk
Any chance that Bitcoin and altcoins will move in one direction?
Cover image via www.tradingview.com

The cryptocurrency market has not had a significant movement since yesterday. All of the top 10 coins are facing a downtrend trend, losing about 2% each against the US Dollar. 

Top 10 coins by Coinstats

Below is important data for Bitcoin (BTC), EOS (EOS), Litecoin (LTC), TRON (TRX), and Cardano (ADA):
 

Name

Ticker

Market Cap

Price 

Volume (24H)

Change (24H)

Bitcoin

BTC

$154,146,619,572

$8,539.70

$19,276,085,202

-1.24%

EOS

EOS

$3,176,266,511

$3.38

$1,769,244,181

-2.62%

Litecoin

LTC

$3,726,767,692

$58.51

$3,103,347,610

-2.14%

TRON

TRX

$1,245,945,026

$0.018685

$957,010,571

-3.03%

Cardano

ADA

$1,134,502,002

$0.043757

$75,079,730

1.73%

BTC/USD 

Our recent Bitcoin (BTC) price prediction remains relevant, with expected growth to the $8,800 mark happening sooner than later.

BTC/USD chart by TradingView

Looking at the 4H chart, the leading crypto may touch the bottom at the $8,400 level. While it is too early to project the end of the bearish wave (started at $14,000), a small bounce back to $9,000 might happen in the next few days. Moreover, the relative strength index (RSI) indicator is located at the edge of the oversold area.

At press time, BTC is trading at $8,460.

EOS/USD 

EOS (EOS) is moving according to our earlier forecast, and an expected support level of $3.25 could potentially be reached in a short amount of time.

EOS/USD chart by TradingView

Before the rate updates itself with a new bottom, EOS is about to re-test a resistance level of $3.40 through the end of November. However, the trading volume is decreasing as sellers are losing their positions. This has been confirmed by the moving average convergence divergence (MACD) indicator, which is about to turn green. 

Related
EOS Price to Hit $4.19, If It Breaks Above $3.6, Technical Crypto Trader Believes

Last but not least, the relatively strong position of the altcoin market is reflected in the decreasing market share of BTC.

At press time, EOS is trading at $3.35.

LTC/USD 

While the altcoins have not reacted significantly to BTC's price dynamics as previously, Litecoin (LTC) can't seem to get out of the bearish trend yet.

LTC/USD chart by TradingView

While the trading volume index decreases, the bulls do not have enough strength to even start a local uptick. Furthermore, the lines from the Bollinger Band indicator are moving downward. Respectively, a possible level where buyers might show resistance is at $57.

At press time, LTC is trading at $58.31.

TRX/USD 

TRON (TRX) is the biggest loser from our list. Its rate has dropped by more than 3% since yesterday. 

TRX/USD chart by TradingView

Looking at the 1D chart, TRX is located within the triangle, with a possible downward movement. The dominating bearish sentiments confirm the absence of buyers based on the trading volume index and the failure of TRX reaching a crucial resistance level of $0.02. In this regard, traders might expect TRX to reach $0.015 in a short amount of time.

At press time, TRX is trading at $0.0185.

ADA/USD 

ADA is the only winner today as its rate has gone up by 1.73% in the last 24 hours. 

ADA/USD chart by TradingView

Despite the relative slight upswing, ADA is continuously being pressured by the bears. This is based on data from the 1D chart. Since October 24th, this coin has been on an upward trend; however, one might expect a decline shortly. The MACD indicator has almost reached its local peak, confirming a decline to $0.041.

At press time, ADA is trading at $0.0435.

About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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