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📈 Price Predictions
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EOS and Tron Are Leaders, Bitcoin, Ethereum in Green Area

  • Andrew Strogoff
    📈 Price Predictions

    EOS and TRON are the winners of the day, Bitcoin, Ethereum, Zcash also look positive as they mostly grow


EOS and Tron Are Leaders, Bitcoin, Ethereum in Green Area

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.

The top 20 looks much better today as almost all cryptos are within the green area. The leaders of the day are EOS and Tron as they have added nearly seven percent for the past 24 hours. Bitcoin and Ethereum have added 0.53 percent and 1.33 percent consequently. The general atmosphere seems to be positive today as almost all coins are in the green.

As for the fundamental background, it is neutral today. Several interesting events may attract traders’ and investors’ interest. The Consensus 2018 Conference is still holding. Kraken’s co-founder Jesse Powell said that they are going to register with the SEC (US market’s watchdog). He stated that Kraken is going to receive a license as a broker-dealer.

Another event to pay attention to is the ongoing debate around cryptocurrencies’ status in the Russian Federation. The appropriate law was introduced to parliament a month ago. However, local media suggests that there will be no crypto legalization. The main goal of the bill is to establish a legal basis for digital transactions and rights.

BTC/USD

Bitcoin has tested the support area at $8,128 yesterday again and jumped off the level. BTC price went towards the resistance area at $8,365 and tested it. There were several attempts to break it through and to move higher. BTC/USD has even tested the lower border of the Ichimoku cloud but failed to penetrate inside the formation.

Bitcoin stays below the $8,365 resistance area currently and seems to aim the support area at $8,128. The possible scenarios for BTC/USD are the following:

  1. The currency pair will reach the support area at $8,128 and will test it. BTC/USD will develop its downside progress or jump off this area, depending on the results of testing.

  2. BTC/USD will start to grow from current levels and reach the resistance area at $8,365. BTC price will jump over the resistance area and develop its upside tendency or will jump off this level and reverse.

  3. Bitcoin is also able to stay without significant changes close to the current levels.

As for the daily chart, there are no significant changes in the situation as BTC/USD still stays within the Ichimoku cloud.

ETH/USD

Ethereum is above the support area at $695 and is testing the lower border of the Ichimoku cloud currently. ETH/USD fluctuated below this area yesterday, but bulls have managed to cross it. ETH price established new local highs there, but refused to go higher and went to test the support area at $695.

The possible scenarios for the currency pair are the following:

  1. Ethereum will break through the Ichimoku cloud aiming at the closest resistance area at $730. However, bulls will have an obstacle on their way meaning they have to overcome the higher border of the Ichimoku cloud in order to reach their next goals.

  2. EHT/USD will test the support area at $695 and jump over it. Bears will have an opportunity to push the currency pair even lower, towards the next support area at $663.

  3. ETH price will stay without significant changes close to the current levels.

As for the daily chart, Ethereum stays above the Ichimoku cloud, meaning bulls are still in control of the situation. However, there is no local tendency here as ETH price establishes new highs or lows.

EOS/USD

EOS is one of today’s leaders as it added nearly seven percent for the past 24 hours. The currency pair started from the support area at $11.98 and went sharply upwards, breaking through the resistance and the Ichimoku cloud. However, after a strong local upside tendency, EOS/USD seems to have a pretty deep correction. The currency pair is testing the higher border of the Ichimoku cloud, which coincides with the current support area at $13.05.

The possible scenarios for EOS are the following:

  1. The currency pair will jump off the support area at $13.05 and go towards the next resistance area at $14.23. There, EOS price is able to both break through the level of jump off the resistance line depending on the results of testing.

  2. EOS/USD will break through the support area and start to decline towards the next support area at $11.98. There is one obstacle on the way in this case– the lower border of the Ichimoku cloud.

  3. EOS price will stay close to the current level ($13.05) without any significant changes.

As for the daily chart, EOS stays within the range, limited between the two levels- $11.71 and $16.23. EOS price is close to the Ichimoku cloud. However, the formation is thin here and do not play a significant role as an indicator.

TRON/USD

Tron is another leader for today as it adds about seven percent for the past 24 hours. The currency pair started from the support area at $0.063 yesterday and managed to cross the resistance area at $0.068 and the Ichimoku cloud. Tron price has almost reached the next resistance area at $0.074, but bulls were unable to drive TRON/USD there and retreated. Tron is currently testing the support area at $0.063 and the higher border of the Ichimoku cloud with is close to the current levels.

The possible scenarios for the currency pair are the following:

  1. TRON/USD will jump off this support area at $0.068 and go towards the next resistance area at $0.074. There everything will depend on the results of testing.

  2. The currency pair will break through the support line here and start to decline towards the next support area at $0.063. However, bears will have to cross the Ichimoku cloud in order to reach their targets.

  3. Tron will stay close to the current levels without significant changes and with low volatility.

As for the daily chart, Tron fluctuates inside a horizontal channel, formed by two levels- $0.070 as resistance and $0.055 as a support area. Tron price is not far from the Ichimoku cloud and is likely to meet it in a couple of weeks or even earlier.

ZEC/USD

The currency pair still moves along its ascending trend line. ZEC/USD has tested the resistance area at $366 yesterday but bulls were unable to break it through and the price went downwards. Zcash is also close to the higher border of the Ichimoku cloud and it is testing it currently. The currency pair forms a big ascending triangle here.

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The possible scenarios for ZEC/USD are the following:

  1. The currency pair will jump off the ascending trend line, which coincides with the higher border of the Ichimoku cloud and go towards the resistance area at $366. ZEC/USD will test the resistance there.

  2. Zcash will break through the ascending trend line and the higher border of the Ichimoku cloud and move towards the next support area at $325.

  3. The currency pair will stay close to the current levels or rally slightly along the ascending trend line.

ZEC/USD fluctuates above the midterm ascending trend line on the daily chart but seems to start a correction in the nearest future. The closest midterm target for the correction is the support area at $307. Otherwise, ZEC/USD will follow the upside tendency.

XRP/USD

Ripple stays within a huge horizontal channel on the Hourly chart. XRP price jumped off the support area at $0.6629 yesterday and managed to cross the resistance area at $0.6903. However, later, the currency pair declined towards this area to test it from above. It currently stays close to those levels. XRP/USD tests the lower side of the Ichimoku cloud.

The possible scenarios for Ripple are the following:

  1. XRP/USD will jump off the support area at $0.6903 and will start to move towards the next resistance at $0.7421. There is an obstacle on the way as we are close to the Ichimoku cloud.

  2. Ripple will break through the support area at $0.6903 and decline further towards the next support area at $0.6629.

  3. The currency pair will stay close to the current levels without significant changes.

As for the daily chart, there is no clear tendency here. XRP price has left the Ichimoku cloud but is still unable to make any momentum.

LTC/USD

Litecoin jumped off the support area at $134 yesterday and went upwards. The currency pair has broken through the resistance area at $138 later on Wednesday. However, bulls have met a resistance as Litecoin price was close to the lower side of the Ichimoku cloud and buyers were unable to cross it. LTC/USD returned to the support area at $138 and even tried to cross it. The currency pair stays close to that level currently.

The possible scenarios for LTC/USD are the following:

  1. The currency pair will jump off the support area at $138 and will successfully test the lower side of the Ichimoku cloud. LTC/USD will have chances to move higher towards the next resistance level at $146.

  2. Litecoin will break through the support area at $138 and develop its downside progress towards the next support area at $134.

  3. LTC price will remain unchanged as there will be no significant moves.

As for the daily chart, the situation here remains unclear as LTC price is close to the lower border of the Ichimoku cloud. We had a pin-bar yesterday close to the lower side of this formation.

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About the author

Andrew Strogoff is a skilled Forex trader and technical analyst from Limassol, Cyprus. He started cryptocurrency trading three years ago, and now is fond of blogging, swimming, cars, new technologies. Loyal blockchain adopter.

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