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After a strong start in 2019, the crypto markets witnessed strong sales that brought prices down by around 10 percent compared to January 10th. This indicates that the fund formation process will be volatile.
Traders should aim to reserve fast profits and follow their stops higher to protect potential profits. The major event that turned the tide in favor of the bears was the 51% attack on the Ethereum Classic network.
Cryptographic markets exceeded January 7, 2018, reaching a total market capitalization of over $ 835 billion. From there, most of the major cryptocurrencies reversed direction causing a huge erosion of wealth. Even after a year, we can not confirm that the markets have hit bottom and are now climbing.
However, in 2019 prices could be strengthened by possible positive regulatory developments, the approval of the Bitcoin exchange fund (ETF) or an increase in institutional interest. Until then, what should operators do? We study the rankings of the top 5 artists among the best coins to evaluate the current sentiment.
TRX / USD
Tron was the best interpreter of last week, bucking the trend and remained comfortably in the green. The company acquired the BitTorrent peer-to-peer torrent client in August 2018. Last week, the latter launched its own Tron-based cryptocurrency called BTT.
Justin Sun, the founder of Tron, expects this move to increase the reach of the blockchain to hundreds of millions of users. However, Simon Morris, former chief strategy officer at BitTorrent, has opined that Tron's blockchain does not have the ability to manage the volume of transactions needed to tokenise BitTorrent.
In other news, Tron has hired the former supervising supervisor of SEC David Labhart as responsible for compliance. Will the performance of the digital currency continue for the next few days? Let's find out.
The TRX / USD pair traded mostly between $ 0.0183 and $ 0.02815521 from mid-August last year. Although in mid-November the bears had broken in this interval, they could not capitalize them.
After trading close to $ 0.011 for about five weeks, the bulls staged a smart recovery that pushed the price above the resistance at $ 0.02815521. However, the breakout was momentary, while the sellers rushed to higher levels, bringing the price back into the range.
We expect a new uptrend if the price will break out and close (UTC time frame) above $ 0.02815521. Currently both moving averages are flat and the RSI is close to 50 levels, which suggests that the action related to the interval could continue for a few more days. Our opinion will be invalidated if bears sink the price under $ 0.0183.
Short-term traders can buy closer to the bottom of the range and sell near the top of the range. However, since action on prices within the range may be volatile, traders should keep their positions low.
NEO / USD
The news of a widespread partnership between the Russian government and NEO developers has maintained the cryptocurrency supported. The expectation is that in order to avoid US sanctions, the Russian government is trying to diversify into cryptocurrencies.
If the item is completely false, the price may decrease. So, what should traders do?
The NEO / USD pair tends to consolidate before bursting or breaking down. The two previous attempts have caused a break in the interval, followed by a prolonged decline.
Currently, the cryptocurrency is again locked in a range with support at $ 5.4808 and resistance in the $ 10- $ 12 zone. Both moving averages are down and the RSI is also close to the oversold zone. There are still no signs of an inversion that is forming on the charts.
The previous consolidation had lasted 13 weeks and the current one lasted seven weeks. We expect the price to stay locked in the range for a few more weeks, before it explodes or breaks down.
We suggest that investors wait for a trend reversal to be reported before any long positions are started.
ADA / USD
Market participants are waiting for the release of Project Shelly that will help Cardano to move from a centralized to a decentralized platform. Will this update push the digital currency higher in the near future? What should traders do now?
The ADA / USD pair is falling. Continue to make more low and low peaks. Both moving averages are sloping and even the RSI is in negative territory. The previous two pullback attempts have been superficial, indicating a lack of buyers.
A break of the recent low of $ 0.027237 will resume the downward trend. On the positive side, a move above $ 0.1 will indicate strength. We suggest traders to wait for a bullish model to form before buying.
BNB / USD
Binance has revealed plans to launch a new token every month of the year through Binance Launchpad, its exclusive token launch platform. Will this give a much needed impulse to the market for the supply of initial coins (ICO) in difficulty?
The BNB / USD pair has been traded within the downtrend channel in recent months. The bulls are struggling to get out of the channel's resistance line. If bears sink the price below $ 5.4666, a new minimum test at $ 4.17383848 is likely. If this support breaks, the fall can extend to the channel support line.
Our neutral to bearish view will be invalidated if the pair leaves the channel. The goal of the breakout model is $ 15, with a lower resistance to $ 12. Therefore, investors can wait for a breakout and close (UTC time frame) above the channel to start long positions.
If the price remains blocked inside the channel, the purchase can be made near the channel support line and profits can be booked closer to the channel resistance line. Because it is a countertrend trade, the size of the position should be around 40 percent of the usual.
LTC / USD
The total amount of litecoin in circulation reached 60 million on 12 January. This number represents approximately 71.5% of the total of 84 million that can be mined. The last litecoin should be extracted somewhere in 2142.
Following the 51% attack on Ethereum Classic, Charlie Lee, creator of Litecoin, said that a decentralized network "must be subject to 51% attack", because otherwise it does not meet the requirements to be decentralized.
The LTC / USD is down long-term. The attempt by the bulls to organize a recovery in recent weeks has hit a major obstacle to $ 40,784. If the bulls can not defend the support for $ 29.349, a new minimum test at $ 23.090 will be on the cards.
The downward trend will resume if this support is interrupted. Both moving averages are sloping and the RSI is in the negative zone, which shows that bears currently have the upper hand.
However, if the bulls defend $ 29,349, we expect another attempt to break the lead at $ 40,784 and $ 47,246.
The two previous consolidations were resolved on the downside. Therefore, we recommend that traders wait for the creation of a purchase configuration before starting any long position.
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