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Cryptocurrency market update

Cryptocurrency market update

March 6, 2019 12:16 pm,

This the 2nd week in a row the cryptocurrency market is opening the trading on Monday. Last week, Bitcoin was rejected from above $4000 and tested the support at $3700. Ethereum explored the levels below $140 following the drop while Ripple’s XRP plunged below $0.30 after testing the resistance at $0.35.

How will BTC change Tron’s price?

As usual BTC fuels altcoin trends and defines their development paths. Considering this BTC price movements will affect TRX too. The following can be expected:

  • If BTC rises too swiftly, Tron is more likely to join the rise. With lower possibility, Tron will be depressed as money flows into the BTC market cap.
  • If BTC plunges, it should take the vast majority of altcoins with it. There’s a slight chance that money will flow to altcoins.
  • If Bitcoin moves sideways, altcoins will mimic its direction. At the same time, there will be a favourable trade opportunities for the TRX/BTC pair.

With so many positive tendencies on the market, Tron has a chance to reach $0.5 or even higher. A lot of analytic websites predict Tron will cost $1 by the end of 2019. However this assertion seems very optimistic. This prediction can be viable when made for 5 years instead of one.

ETH dollar value is going to move up and will be +0.7% reaching towards $134.75. This forecast is based on an event based algorithm. A decline to the price level of $81.24 is expected, a rather pessimistic or bearish ETH price prediction. It is almost a 40% decline compared to the current price of $133. The recent rally in February 2019 may continue in March 2019.

Litecoin is bullish in short term, with the digital currency still trading above its 200-period moving average in the four hour time frame. A potential bearish head and shoulders is starting to take shape on the four hour time frame, although some caution is warranted, as the LTC/USD pair is invalidated a larger head and shoulders pattern last month and is still technically bullish. It remains bullish over the medium term, with the currency still trading above its trend-defining 200 period moving average. The pair has started to lose bullish momentum, with buyers failing to create fresh higher highs. Bulls soon need to break above the February monthly trading high or the currency may start to slide back towards the descending channel on the daily frame.

Summary: Crypto Market analysis.

The largest cryptocurrency Bitcoin, is trading at $3876, up by 3%. It has managed to recover its weekly losses, up by 0.3%. ETH has also increased by around 7% trading at $135.6. However, altcoin is still down by 1.7%. The total market cap is up to #130 billion.

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