Top coins in the cryptocurrency market hit a minor bull run in the early hours of April 23. At press time, the largest cryptocurrency on CoinMarketCap, BTC, held a market cap of $95.33 billion and was priced at $5,465. The coin registered a 24-hour trading volume of $14.74 billion and appreciated by 3.11% over the past 24 hours.
Litecoin [LTC], held a market cap of $4.73 billion and a 24-hour trading volume of $77.03 billion. The crypto-asset was valued at $77.03 after a minor surge of 1.16% over the past 24 hours.
1-day BTC chart
The candlestick arrangement on BTC’s one-day chart exhibited a downtrend from $6,451 to $5,309, along with two uptrends from $4,201 to $5,043 and $5,043 to $5,321. The supports for the crypto-asset were firm at $4,036, $3,789 and $3,469, while the immediate resistances were at $5,654 and $6,467.
Parabolic SAR: The dotted markers were below the candles, indicating a bullish phase for the crypto-asset.
MACD: The MACD line was below the signal line, exhibiting a bearish pattern for gold coin’s valuation.
Klinger Oscillator: The reading line was above the signal line and projected a bullish trend for BTC’s price.
1-day LTC chart
The one-day LTC chart projected two uptrends from $32.90 to $45.68 and from $45.68 to $60.31, followed by a minor correction. Another uptrend from $61.17 to $77.32 was also registered. Two minor downtrends from $56.52 to $34.73 and $92.81 to $82.92 were also observed.
The resistance point continued to be the much anticipated $90-mark, even as LTC failed to tread beyond $80. The support for the coin stood firm at $50.58, $44.54 and $31.43.
Bollinger Bands: The parallel bands implied a stagnant phase for the silver coin’s price.
Awesome Oscillator: The closing bars of the indicator were red and predicted continuing bearish pattern for the coin.
Chaikin Money Flow: The CMF was also below the zero-line, indicating that money was flowing out of the coin market. Hence, a bearish price trend for LTC was predicted.
While the bull returned for both coins, Litecoin [LTC] held to stagnant market trading within the tight range of $70-$80, while BTC exhibited fairly positive bullish signals.
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TRON & XRP: Market oscillation subsides as resolute bulls take over; rationality over rewards?
A mere sighter of the bullish swings within the cryptocurrency space suggests that bulls are temporary; upswings don’t last and market oscillations are a part of normalcy. The cryptocurrency realm’s relationship with bulls is an affair, not a romance, but if one were to go by present market movements, they would think love is in the air.
Since the beginning of the second quarter of 2019, the bulls have blessed the cryptocurrency market, pushing Bitcoin’s price from $4,000 to its current price of $9,150. Even with such a sharp turn for the better, there have been no steep falls, no hairpin bends, and no cliffs along the way.
The price chart for the collective market has been on the up-and-up, with even the worst of pullbacks not halting the bullish march. On the flipside, even positive isolated news for certain coins in the market have not resulted in major rallies. Rather, a calm sober sway up the price path is noticed. Two key tell-tales of this nonchalant, oscillation-less movement up the charts are Tron [TRX] and XRP, each with their own set of buoyant news.
Justin’s Sun’s Tron, on the back of yet another one of Justin Sun’s marvelous marketing masterpieces, was firmly at the centre of the cryptocurrency world, until Libra stole its thunder. However, the humdrum was not due to another Tesla half-kept promise, but due to him winning a charity auction for a lunch-date with none other than the Oracle of Omaha, Warren Buffett.
TRX peaked at $0.041, following the announcement of the lunch date between the investment tycoon and Sun. However, the current price is not a far cry from the aforementioned high. At press time, the 12th largest cryptocurrency in the market was trading at $0.033 and the plummet between the two price points was $0.029, implying the fact that the news did not have any larger implications on the Tron ecosystem or TRX itself.
XRP, the bank coin, also did not see a massive pump or dump following the announcement earlier this week. Ripple, the altcoin’s parent company, invested $50 million in MoneyGram, as the price of the coin spiked to $0.454 from $0.428. However with context, this pump pales in comparison to previous XRP spikes owing to announcements from the likes of Coinbase and Nasdaq, further acknowledging the fact that sober, and not erratic bulls, now dominate the cryptocurrency market.
Dovey Wan, Founding Partner at Primitive Ventures, attested to the “steady and solid” rise of the market, citing TRON and XRP. She tweeted,
Hopefully the bull this time will be a steady and solid one, not a violent delight leading to a violent end
— Dovey Wan 🗝 🦖 (@DoveyWan) June 18, 2019
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