Tron, like all the other cryptocurrencies, has settled down after a short-term rally and is now the eighth-largest cryptocurrency in the world. The price of Tron, at press time, was $0.0256, with a market cap of $1.7 billion.
The 24-hour trade volume for TRX was $195 million and most of the trade volume came from OEX exchange as it contributed a total of $49 million via trade pair TRX/ETH and held 24.73% of the total trade volume.
The downtrend for the one-hour chart is seen ranging from $0.0310 to $0.0262, with no uptrend in sight. The support at $0.0254 has been tested multiple times and is still holding strong. The prices for TRX are bouncing from the aforementioned support and the resistance point at $0.0283.
The Parabolic SAR markers are seen spawning above the price candles, indicating a bearish pressure for TRX.
The MACD indicator shows MACD and the signal lines creeping closer to each other, signaling a cross over to the bottom – bearish crossover.
The Awesome Oscillator shows the same sign as the above indicators, which is bearish since the lines are formed below the zero-line, indicating a reduction in the momentum of the prices.
The one-day chart for TRX shows an uptrend that ranges from $0.0129 to $0.0253, while a downtrend that extends from $0.0498 to $0.0294. The support at $0.0119 is holding the prices above it. The resistance at $0.0267 was breached recently by the bulls, however, the bulls couldn’t hold it there and prices have now fallen below it again.
The MACD indicator shows a bearish crossover that is about to fall below the zero-line indicating a strong bullish pressure for TRX in the longer time frames as well.
The Stochastic indicator shows the same as the MACD i.e, a bearish cross over.
The Chaikin Money Flow indicates that money is flowing out of the market since the CMF line is collapsing below the zero-line.
The one-hour chart for TRX shows trend reversals as spotted by indicators SAR, MACD, and AO. The one-day chart shows the same as the one-hour – bearish pressure. The indicators in MACD, Stochastic and CMF, all indicate a bearish pressure for TRX.
Subscribe to AMBCrypto’s Newsletter
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.
Subscribe to AMBCrypto’s Newsletter
John McAfee says he will reveal Nakamoto’s identity, Coinbase expands to 11 countries, and more
Ethereum [ETH] witnessed 6 of 10 of its highest usage days in the past three weeks despite bear attacks
Ripple-backed XRPL Labs releases XRPayments on Playstore and App store
Binance announces DEX mainnet launch; reveals date for mainnet swap
Tether [USDT] worth $13 million transferred from Tether’s treasury to exchanges
Bitcoin SV [BSV]: John McAfee ‘sues Calvin Ayre in four different countries’; vows to bankrupt him
Cardano [ADA]: Proof of Stake [PoS] throws away expensive process & advances the network, says Charles Hoskinson
Cardano [ADA]: We will emerge from 2019 more decentralized than any other network, says Charles Hoskinson
Bitcoin [BTC]: Don’t buy into it if you are not ready to be rekt, warns Richard Heart
XRP takes another step into mainstream adoption as Skype hints a possible integration
Japanese ‘Amazon’ Rakuten opens registration for trading cryptocurrencies on Rakuten Wallet
Breaking: SBI Virtual Currencies delists Bitcoin Cash [BCH] in response to Binance’s Bitcoin SV delisting
Is John McAfee among crypto adherents who knows Satoshi’s true identity?
Bitcoin [BTC], Bitcoin Cash [BCH] accepted as payments by Corporate Traveller following tie-up with BitPay