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Jeff Schumacher, founder of BCG Digital Ventures, told during a panel discussion in Davos, Switzerland that will go to zero. In another interview with , Fundstrat Global Managing Partner Thomas Lee said that can still go to $25,000, which he calls its fair value.
Analysts at JPMorgan Chase have predicted that is likely to plunge to $2,400 and eventually further to $1,260. Such differing opinions can confuse new investors who are looking to enter the crypto markets.
We believe that traders should focus on the fundamental developments in the crypto space, as well as on the price action on the charts. as an asset class are here to stay.
Numerous projects are securing funding from traditional investors every month, which confirms that those investors are confident in the long-term promise of crypto. Crypto companies are introducing new products to attract institutional investors.
Moreover, efforts are in progress to integrate into the mainstream economy. It is only a matter of time before the bear market ends and a new bull phase begins.
However, this time, we don’t expect a vertical rise as seen in 2017. It will likely be a more gradual movement higher. A few of the top are showing signs of bottoming out. Let’s see if any of the top performers of this week qualify as a buy.
TRX/USD
() was the best performing among the largest coins by market cap over the past week. In its report, said that it has over “150 DApps and more than 300 smart contracts.”
At the recent niTron Summit, founder and CEO Justin Sun said that he expects the number of decentralized applications (DApps) on the network to surge to 2,000 by the year-end.
The pair is showing strength as the bulls are attempting to sustain above the overhead resistance at $0.02815521. As the has been stuck in this range since mid-August, we believe that a breakout will result in a new uptrend.
The immediate target objective is $0.4, but we expect this to be crossed and the rally to extend to $0.05218328. Therefore, we suggest long positions on a close (UTC time frame) above $0.02815521, with a stop loss just below $0.021.
Conversely, if the fails to sustain the breakout and drops below $0.02815521 once again, it will remain range bound between $0.0183 and $0.02815521. The sentiment will weaken if the bears push the price below the support of $0.0183.
LTC/USD
() has come up with a tagline “Take control of your money and pay with ” and a new logo. The logo was first showcased during a UFC event sponsored by the company and was widely appreciated. Will the new vision help change the fortunes for the struggling ? Let’s find out.
The pair is attempting to put a bottom in place. After the initial pullback from the low of $23.090, the bulls have held the support at $29.349 for the past five weeks. This increases the probability of this level being a higher low. We will get a confirmation if the price breaks out of the downtrend line and the previous swing high of $40.784.
Long-term investors can expect the to start a new uptrend if the price sustains above $40.784. There is a minor resistance at $47.246, above which the move can extend to $65.561.
Our bullish view will be invalidated if the bears defend the overhead resistance of the downtrend line, or the $40.784 mark. In such a case, the price will remain range bound between $29.349 and $40.784 for a few more weeks, before breaking out or breaking down from it.
BNB/USD
Coin () has made giant strides in the past few weeks and is now ranking largest coin by market capitalization. has become the latest exchange to offer a crypto-to-crypto over-the-counter () desk to benefit from the surge in OTC .
The company has rebranded its as a multi , adding support to a larger number of bitcoins and has improved its various features. Charity has announced a Lunch for Children program that will help provide to disadvantaged children in developing countries in Africa and elsewhere. Can BNB’s recovery continue or will it falter? Let’s see.
The pair has reached the resistance line of the descending channel. The 20-week EMA is also placed just above the channel. Therefore, we anticipate a strong resistance in the zone of $7.17–$7.7.
A breakout and close (UTC time frame) above this zone is likely to signal a trend reversal. The upside target is $12 and if that is crossed, the move can extend to $15. We retain the buy proposed in the previous analysis.
If the position gets filled, we suggest traders book partial profits at resistance levels and raise the stops on the remaining amount. After all, the sentiment of the broader crypto market is still negative, so it is better to pocket small profits while one can, instead of waiting for a home run.
Our bullish assumption will be invalidated if the price reverses direction from the current levels. The downtrend will resume if the bears sink the coin below $4.1723848.
DASH/USD
recently released version of its build, and 47 percent of masternodes have already transitioned to it. The is already quite popular in Venezuela with over merchants accepting it.
We expect the latest political crisis in Venezuela to attract more people to Dash, and this will highlight the importance of during times of unrest and crisis. Anypay and eGifter have partnered with coin, allowing to turn their DASH into eGift cards without converting to fiat. Can these fundamental factors propel the price? Let’s find out.
The long-term trend in the pair is still down. The bulls are attempting to form a higher low around $67. However, both moving averages are trending down, and the RSI is also close to the oversold levels. This shows that the sellers currently have the upper hand. If the bears sink the below $56.214, the downtrend will resume.
The pair will show signs of strength if it breaks out of the overhead resistance zone of $103–$123. If that happens, a rally to $175 and above it to $224 will be probable. Another possibility is that the bears defend the immediate resistance at $103.261, resulting in a consolidation.
XMR/USD
() managed to end the week with minor gains even though it was in the for the wrong reasons. A published by academics from Spain and the UK has highlighted that about 4.3 percent of ’s total supply was mined illegally.
The crypto exchange Gemini chose to list Dash instead of because its founders, the Winklevoss Twins believe that the regulators would be more favorable to Dash. When the price doesn’t fall even amidst adverse , it is usually a positive sign. So, is it a good time to buy? Let’s find out.
The pair has been consolidating in a tight range of $38.5–$60.147 for the past eight weeks. A breakdown of the range will resume the downtrend and can push it towards the next support at $28.
On the other hand, a break out of the range can propel the to the overhead resistance at $81. The downsloping 20-week EMA is located just below this level. Hence, we anticipate a strong resistance at $75–$81.
As the price is currently close to the yearly low, we are not suggesting any trades. We might suggest long positions if the pair sustains above $81.
Market data is provided by the exchange. Charts for analysis are provided by .
Published at Sun, 27 Jan 2019 16:45:52 +0000