All the major cryptocurrencies are trying to maintain their standing on the CoinMarketCap list and have been successful so far. Tron [TRX], the eighth-largest coin, has been promoted to the eighth position from the tenth and has been mostly undergoing a sideways movement.
At press time, the coin was valued at $0.0248, with a market cap of $1.6 billion. The coin reported a 24-hour trade volume of $153 million while registering a growth of 0.92% over the past 24 hours. The coin continues to spike by 1.01% over the past hour and has fallen by 3.54% over the past week.
TRX’s one-hour chart noted an uptrend from $0.0277 to $0.0255, which was followed by an uptrend from $0.0260 to $0.0275. The coin marked resistance at $0.0255 and support at $0.0245.
Bollinger Bands appear to have diverged, increasing the volatility in the market. The moving average line is under the candlesticks, indicating a bullish market.
Awesome Oscillator points towards a weakened bearish trend.
Chaikin Money Flow indicates bullish run too, as the marker is above the zero-mark.
The one-day chart of TRX marks a downtrend from $0.0208 to $0.0119, followed by an uptrend from $0.0132 to $0.0248. The coin traced a resistance at $0.0295 and support at $0.0238.
Parabolic SAR indicates a bearish market, as the markers have aligned themselves above the candles.
MACD line is under the signal line, marking a bearish reign.
Relative Strength Index indicates that the buying and the selling pressures are evening each other out.
As per the majority of the indicators, Awesome Oscillator, PArabolic SAR, and MACD, a bearish reign is being forecasted. However, Bollinger Bands and Chaikin Money Flow predict a bullish hangover.
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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
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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