Bitcoin Cash [BCH] failed to capitalize on the market’s recent price surges. The token’s market capitalization was recorded at $2.3 billion, while the token was valued at $131.24, at press time. The coin also fell by 1.70% against the US Dollar, and managed a trading volume of $301 million over the past 24 hours.
The short-term chart indicated a stable trend for BCH, apart from the massive devaluation which occurred on March 4. The coin has since managed to regain bullish momentum to trade sideways within the resistance zone of $132.60 and $128.80. The short uptrend extended from $122.60 to $130.20 and the support line remained constant at $121.90.
The dotted markers of the Parabolic SAR hovered over the candlesticks, indicating a bearish trend for the coin.
The Fisher Transform indicator pointed towards a bullish trend as the red and blue line underwent a crossover and the blue line placed itself above the signal line.
The Aroon Indicator showed that bulls had the upper hand in the market.
The long-term chart was majorly bearish, as the token suffered a brutal fall in price in November 2018. The downtrend extended from a high of $624.80 to $158.10. The support level for the coin was found at $75.60.
The Bollinger Bands held firm, with the bands not converging or diverging away from each other. This suggested low volatility.
The MACD line signaled a bearish trend as the red line hovered over the blue line.
The Relative Strength Index or RSI indicated an even buying and selling pressure for the coin.
The short-term indicators did not give a clear projection for the coin. However, the long-term indicators were certain in suggesting a bearish trend for the coin.
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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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