The cryptocurrency market has been undergoing a tumultuous run with the proverbial ball in the bear’s court right now. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and Tron [TRX] are all undergoing a bullish spike right now in an overall bearish atmosphere.
The one-hour Tron [TRX] chart shows an uptrend and a downtrend that has designed the price movement. The uptrend saw the prices rising from $0.0224 to $0.0248, while the downtrend saw the price falling from $0.0248 to $0.0232. The support for the cryptocurrency has been holding at $0.0215.
The Parabolic SAR has been a mixture of bearish and bullish signals with the current scenario leaning towards the bear. The slip from Tron’s price peak was marred by bearish drops indicated by the markers above the price candles.
The Relative Strength Index has been tending towards the oversold zone, indicating the selling pressure being more than the buying pressure.
The one-day graph shows an acute downtrend with the TRX price falling from $0.0499 to $0.0249. The long-term support for the cryptocurrency has been holding at $0.018.
The MACD indicator shows a flattened histogram, a sign of the lack of volatility in the market. The signal line and the MACD line have been moving as a conjoined pair indicating a sideways price movement.
The Chaikin Money Flow indicator shows the graph exactly on the axis, which is a sign of the equilibrium between the money flowing out of the market and the inflow.
The above-mentioned indicators point to a non-volatile movement of Tron prices which may contain slight price hikes and drops. The CMF, RSI and the MACD all point to a lull in a market where the bear has become dominant again.
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Gemini outperforms Tether; stablecoins struggle as Libra’s shadow looms, finds Fundstrat report
Last week might have been the last phase of the ‘Gemini’ as Zodiac signs go. However, the twin-heads have surprisingly outperformed their stablecoin equivalent, Tether [USDT] as Libra scaled the market. With bullish sentiment emanating from Menlo Park, pushing Bitcoin [BTC] into fifth-heaven, stablecoins on the whole faltered.
According to a recent Weekly Performance Analysis by New York-based Fundstrat Global Advisors, the FS CryptoFX Stablecoin index fell by a whopping 21 percent against BTC. Further, the same index was over the past month, down by over 35 percent and in the past 3 months, the stablecoin index fell by 175 percent.
Fundstrat, with reference to the nature of the FS CryptoFX Stable Index, stated,
“The FS CryptoFX Stable index is designed to track the performance of cryptocurrencies which are designed to be “stable.”
The Winklevoss twins’ Gemini Dollar [GUSD], which many expect to be eaten up in the Libra storm of 2020, overtook USDT on both the 1-week and the 2-week percentage price chart, a surprise to many.
USDT, despite accounting for a percentage weight of 74 percent, saw neutral movement over the past week, while GUSD inclined by a notable 1 percent. The only stablecoins that moved backwards on the seven-day change chart were the crypto-collateralized stablecoin DAI and Paxos Standard.
A similar trend was seen in the 14-day stablecoin price chart, relative to their weight, with GUSD outperforming USDT.
On the eve of the Libra announcement, the Winklevoss twins had both predicted that other FAANG companies could come out with their own coins to rival Facebook, a slightly tongue-in-cheek remark that presumably emanated out of spite over Zuckerberg once again overshadowing the Gemini founders.
Despite numerous reports on Libra’s apparent lack of one-for-one backing of USDT and the complexities around the Bitfinex-iFinex-Tether matrix surfacing in April with the New York Attorney General’s report, Tether has been performing well.
A recent Longhash report scored the top stablecoin 90 out of a possible 100, calling it “Extremely Healthy.” To add to this, a study by Binance Research stated that USDT found maximum usage among its institutional and VIP clients, operating in the books of 80 percent of the clients queried, while the next most dominant stablecoin was Circle and Coinbase-propelled USD Coin [USDC], raking in 45 percent usage.
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