The cryptocurrency market’s volatile motion has been persistent since the start of the year, with several coins showing similar patterns. Even popular coins like Bitcoin [BTC], XRP and Tron [TRX] show recurring up-down shifts in value, a fact that has made many investors sit up and take notice. The seemingly non-negotiable nature of the bear market comes amid several updates in the cryptocurrency industry, a majority of which has been made by Tron.
The one-day graph for Tron places the cryptocurrency at a much better position than the others as shown by the uptrend. The spike enabled Tron to climb from $0.0237 to $0.026. The support has been holding at $0.023 with the immediate resistance staying at $0.277.
The Relative Strength Index has remained in the middle of the graph, after staying near the overbought zone. The fall to the middle indicates that the selling pressure and buying pressure are almost equal now.
The Bollinger bands seem to be closing down, signifying the end of an outbreak. The almost-parallel movement of the upper band and the lower band is due to the sideways movement of the price.
The one-day graph shows a climb that has stemmed from short term gains. The uptrend lifted the prices from $0.014 to $0.028 while the support has been holding at $0.0117.
The Chaikin Money Flow indicator has stayed below the zero line for the past two weeks. This fall shows that the capital leaving the market is much higher than the capital coming into the market.
The Awesome Oscillator has maintained a healthy spike as a result of the increased market momentum.
The above-mentioned indicators show a continued sideways movement with sporadic bullish spikes in between. This movement is reflective of Tron’s movement since the start of the year, with Justin Sun being at the forefront of several announcements and collaborations.
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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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