BTC, LTC, TRX Price Prediction - Was Recent Rally Fake One?

Price Predictions
Sun, 12/01/2019 - 12:22
Denys Serhiichuk
How might the first day of winter affect the cryptocurrency market? Analyzing the technical picture of the top coins
Cover image via www.tradingview.com

The cryptocurrency market has started the first day of December with a decline. All of the top 10 coins are in the red zone. The total capitalization has declined to $200 bln.

Top 10 coins by Coinstats

The main market data of Bitcoin, TRX, and Litecoin.

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin

BTC

$133 365 086 003

$7 377,67

$18 780 058 003

-4.35%

Litecoin

LTC

$2 979 285 566

$46,74

$2 680 823 327

-3.18%

TRON

TRX

$1 030 296 641

$0,015451

$1 102 449 618

-1.67%

BTC/USD 

Our yesterday's price prediction has proven to be accurate as Bitcoin even went below the mark of $7,300. 

BTC/USD chart by TradingView

This week, Bitcoin faced a slight correction, which is similar to the previously observed bearish trend in November. The cryptocurrency managed to rise by a total of 1.68%. 

Related
Bitcoin Price Slides to $7,200. Is $8,000 Still Possible?

Analyzing the chart, the MACD suggests that the bearish trend is losing its position in the short-term. Regarding the nearest price projection, traders should attain the level of $8,000 soon. However, Bitcoin might face slight rollbacks on the way to the resistance zone

Bitcoin is trading at $7,340 at press time.

LTC/USD 

Although Litecoin has lost much less of its value compared to Bitcoin, its price has reduced by 3% over the previous day. 

LTC/USD chart by TradingView

On the 1D chart, Litecoin is located at its local bottom after bearish November. Currently, the situation resembles October when the ’digital silver’ traded sideways. If such a scenario happens again, LTC might locate in the range between $42 and $52 in December. 

Litecoin is trading at $46.48 at press time.

TRX/USD 

TRON followed our previous forecast and the coin touched $0.014 on some exchanges. At the moment, its price is down by 1.67%.

TRX/USD chart by TradingView

The cryptocurrency found strong support at $0.0131, which allowed it to bounce back. The closest resistance level is at $0.016 (100-day EMA). Above this mark, the coin's resistance is located at $0.22 (200-day EMA). However, the more likely scenario is the re-test of $0.014 as there is no interest from bulls to push the price higher.

TRX is trading at $0.01542 at press time.

 

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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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