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Ethereum [ETH] and Tron [TRX] Price Analysis: Coins set to gain momentum with bull’s return

Priya

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Ethereum [ETH] and Tron [TRX] Price Analysis: Coins set to gain momentum with bull's return
Source: Unsplash

Most cryptocurrencies recorded both uptrends and downtrends in the seven-day timeframe. Some cryptocurrencies such as Cardano [ADA], Binance Coin [BNB], and EOS recorded double-digit growth, while others such as Ethereum [ETH] and Tron [TRX] recorded barely any movement.

Ethereum 1-day

Ethereum one-day price chart | Source: Trading View

Ethereum one-day price chart | Source: TradingView

The one-day chart for Ethereum displayed downtrends from $247.76 to $157.55, and further south till $136.08. The uptrends for the cryptocurrency were recorded from $82.92 to $103.22, and further till $133.26.

The immediate resistance for the coin was at $140.57 and strong resistance was at $218.72. The immediate support for the cryptocurrency was placed at $125.18, while strong support was at $82.78.

Parabolic SAR showed the bull at the coin’s door as the dotted lines were aligned below the candlesticks.

Chaikin Money Flow also forecasted the bull’s arrival as money was flowing into the market, indicating its support for a green market.

MACD, on the contrary, pictured the moving average line creeping below the signal line.

Tron 1-day

Tron one-day price chart | Source: Trading View

Tron one-day price chart | Source: TradingView

The one-day chart for Tron demonstrated downtrends from $0.0390 to $0.0294, and $0.0294 to $0.0246. The uptrends for the coin were recorded from $0.0119 to $0.0129, and from $0.0129 to $0.0226.

The immediate resistance for the coin was set at $0.0246 and strong resistance was at $0.0390. The coin’s immediate support was at $0.0214, while strong support was found at $0.0118.

Chaikin Money Flow remained optimistic about the eleventh-largest cryptocurrency’s future as money was flowing into the market in its support.

Bollinger Bands forecast a market with reduced volatility for the currency as the bands were converging, leaving minimal space for price movements.

Klinger Oscillator indicated a bull wave for the coin as the reading line had crossed over the signal line.



Conclusion

The charts showed that a bull run was imminent for these cryptocurrencies as a majority of the indicators were projecting the bull’s return to the coin’s market.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021

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Bitcoin Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
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With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.

A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.

 

CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.

Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.

With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.

The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.

In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.

The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.



Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.

Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.





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