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Top 5 Crypto Performers Overview: Binance Coin, Cardano, IOTA, Neo, Tron

At the end of the week, with Brexit looming, the cryptocurrency markets could face some uncertainty.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

The market data is provided by the HitBTC exchange.

Bitcoin (BTC) has proven to be in high demand among citizens of smaller nations like Venezuela, whose economic conditions have been adversely affecting their fiat currencies.

Now, cryptocurrencies will face another test with the impending Brexit deal. If the United Kingdom is forced to leave the European Union without a deal, experts believe that the pound will be hit hard, and might lose up to a quarter of its value.

With such uncertainty, will the market participants turn towards cryptocurrencies as an alternative source of investment or stick to the classical investment vehicles? We believe that digital currencies will make their presence felt because they are likely at the end of their year-long bear market. According to Binance chief executive Changpeng Zhao, their new Jersey-based trading platform has witnessed a huge demand.

CNBC contributor Brian Kelly expects cryptocurrencies to do well in 2019. Geopolitical tension in the world can boost the demand for digital currencies as the investors look to hedge their positions. However, Kelly doesn’t anticipate an approval for Bitcoin ETF this year.

BNB/USD

Binance was the top performer among the major coins. The news of the launch of Binance Jersey, a fiat-to-crypto exchange for U.K, and European customers, was cheered by the investors. The company plans to capitalize on the uncertainty regarding Brexit and wants to offer the people an opportunity to diversify into cryptocurrencies. Binance also completed its 6th quarterly BNB token burn, roughly equivalent to $9.4 million. So, will its outperformance continue? Let’s find out.

BNB/USD

The BNB/USD pair is attempting to breakout of the resistance line of the descending channel. For the past four weeks, the bulls have defended the first support at $5.46666. Therefore, we anticipate another attempt to breakout of the channel within the next couple of weeks.

A breakout of the channel will start a new uptrend that can carry the virtual currency to $15, with a minor resistance at $12. The traders can buy on a close (UTC time frame) above the channel and keep a stop loss below $5.

Contrary to our opinion, if the bulls fail to breakout of the channel, the bears will try to sink the digital currency below $5.  

ADA/USD

Cardano developer and CEO of IOHK Charles Hoskinson is excited about the forthcoming Project Shelly update. Cardano wallet “Deadalus” can also prove to be a major event, as it aims to be the most secure crypto wallet with a series of inbuilt protections. While some are confident about the prospects of the cryptocurrency, the critics feel that the developments are moving too slowly.

ADA/USD

After an extended downtrend, the ADA/USD pair has been trading inside the range $0.062424-$0.027237 for the past nine weeks. There was a similar attempt to bottom out previously (marked as ellipse on the chart) that resulted in a breakdown. That consolidation had also lasted for nine weeks before breaking down of it.

If the bears breakdown of the current range, the downtrend will resume. However, if the bulls scale the overhead resistance of $0.062424, we can expect the start of a new uptrend that can reach $0.094256 and above it to $0.2.

As the upside potential is high, traders can wait for a close (UTC time frame) above the range to initiate a long position.

IOTA/USD

In the new year, IOTA has announced a couple of collaborations that can help it come on top. Though it has not run away, it has managed to close in the green in the past seven days. Can it move up from here and crack into the top 10? Let’s see.

IOTA/USD

The IOTA/USD pair is currently trading inside a range. After failing to breakout of $0.4037 for four weeks, the bears pushed prices back in the week before. However, lower levels are attracting buying as the bulls try to stage a recovery from close to $0.272 levels.

If the virtual currency rises from the current levels, the bulls will again attempt to breakout from $0.4037. If successful, a rally to $0.6, followed by a move to the next overhead resistance of $0.8152, is probable.

However, if the bears fail to force a turnaround at the current levels, a drop to $0.2051 is likely. If this support breaks, a retest of the critical support of $0.1427 will be on the cards. The downtrend will resume if this level gives way.

NEO/USD

NEO Co-Founder Erik Zhang confesses that he doesn’t watch the daily price action of the virtual currency.  He is more concerned with its development. According to him, Ethereum might overtake Bitcoin in the future, and Ethereum itself will face competition from cryptocurrencies such as NEO. Can NEO reclaim its footing among the top 10 cryptocurrencies? Let’s find out.

NEO/USD

The NEO/USD pair has been trading inside a tight range for the past eight weeks. The attempt by the bulls to scale the range failed in the week before. However, the bears could not push the prices back to the bottom of the range: this shows demand for the digital currency close to $7 level.

We expect the bulls to again attempt to break out of the range. If successful, a rally to $16, followed by a move to $20 is probable.

Contrary to our expectations, if the bears plunge the virtual currency back below the range, the downtrend will resume. As the previous consolidations had resolved to the downside, we suggest traders wait for a close (UTC time frame) above $10 before initiating any long positions.

TRX/USD

Tron has slowly but surely cemented its place among the top 10 cryptocurrencies. The markets have cheered the plans to launch BTT token, which will run on the Tron and BitTorrent networks. Its founder, Justin Sun, wants people to think of “Tron” whenever they think of any cryptocurrency.

The company also announced a tie up with ABCC cryptocurrency exchange to list tokens based on Tron’s TRC10 technical standard. However, many developers came out against Tron’s Accelerator contest, as the announcement of winners was delayed and the prize money was slashed at the last moment. What is in store for this cryptocurrency? Let’s find out.

TRX/USD

The TRX/USD pair is range bound between $0.0183-$0.02815521. The breakout of this range in the week before could not sustain, and the price fell back into the range. Last week, the bulls again attempted to breakout of the range but found selling at the resistance line of the range at $0.02815521.

If the bulls succeed in pushing the price above the range, a new uptrend is likely. The first target on the upside is $0.04. The traders can buy on a close above the range and keep a stop loss just below $0.021.

If, however, the bears defend the top of the range, a few more weeks of range bound action is likely to continue. The virtual currency will turn negative if the price breaks down of the critical support at $0.0183.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

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Tron Price Analysis: TRX Underperforming 24 Hours After NiTron

  • Tron price drops 2.1 percent in the last day
  • Trust Wallet will facilitate BTT airdrop
  • Average daily transaction volumes steady at 29 million

A day after NiTron is down 2.1 percent and underperforming against BTC. Nonetheless, TRX bulls are in charge, and we expect TRX prices to re-test 4 cents by the end of Jan 2019.

Tron Price Analysis

Fundamentals

Right off NiTron and it’s clear that the team behind TRX and Tron as a smart contracting platform and Ethereum’s competitor is not short of ambition. The general theme at the Summit was to update enthusiasts as well as investors of what’s transpired in the last few months.

Apart from that, it was also a perfect arena for Justin Sun and the Foundation to showcase to potential partners and businesses why Tron is an ideal choice. While critics are opposed to Kobe Bryant invitation saying he adds nothing substantial in the space, he remains a brand.

Furthermore, as a world’s renowned athlete, he can as well promote TRX, but that will contravene SEC’s calls and a brush with the law will be a stain that Tron and TRX won’t bear as the market tries to make turnarounds. All the same, news is that Trust Wallet will facilitate BitTorrent’s BTT airdrop. However, we are yet to know the ratio and whether TRX holders at exchanges will be beneficiaries.

Candlestick Arrangement

Tron

Price wise and TRX’s performance has been dismal in the last 24 hours. Even though it is one of the strongest performers in the top ten, it is down 2.1 percent in the previous day. All the same, prices are trending above the 2.5 cents support previous resistance level meaning our previous TRX/USD trade plans are valid. It’s easy to see why.

First of all, note that buyers are in control and as breakout patterns dictate, a correction retesting previous resistance now support often follows after the initial surge in a retest phase. We saw this on Jan 10 through to 13 and with a double bar bull reversal pattern ejecting further losses, the third stage, the trend resumption phase, is on course. It is for this reason that we expect TRX prices to rally towards 4 cents.

As a result, in days to come, every dip should be a buying opportunity with fitting stops at Jan 14 lows of 2.1 cents.

Technical Indicators

Despite TRX trading within tight ranges, averages stand at around 29 million. They have been decreasing since Jan 10 vertical drops, but we expect prices to pick up as participation levels increase. Ideal volumes lifting prices above Jan 10 highs should exceed Jan 14’s 50 million as well as 95 million.

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Top 5 Crypto Performers Overview: Tron, Neo, Cardano, Binance Coin, Litecoin

The recent market sell off may indicate that the process of bottom formation will be volatile.

After a strong start in 2019, the crypto markets have witnessed sharp selling that dragged the prices down by about 10 percent on Jan. 10. This indicates that the process of bottom formation will be volatile.

The traders should aim to book quick profits and trail their stops higher to protect any potential profits. The important event that turned the tide in favor of the bears was the 51 percent attack on the Ethereum Classic network.

The crypto markets had topped on Jan. 7, 2018, reaching a total market capitalization of over $835 billion. From there, most of the top cryptocurrencies reversed direction causing a huge erosion in wealth. Even after one year, we can not confirm that the markets have bottomed out and are now on the way up.

However, in 2019 the prices could by boosted by any positive regulatory developments, Bitcoin exchange-traded fund (ETF) approval, or increased institutional interest. Until then, what should the traders do? Let’s study the charts of the top 5 performers among the top coins to gauge the current sentiment.

TRX/USD

Tron was the best performer in the past week, as it bucked the trend and stayed comfortably in the green. The company has acquired the peer-to-peer torrent client BitTorrent in August 2018. Last week, the latter has launched its own Tron-based cryptocurrency called BTT.

Justin Sun, the founder of Tron, expects this move to increase the reach of blockchain to hundreds of millions of users. However, Simon Morris, former chief strategy officer at BitTorrent, has opined that the Tron blockchain does not have the capacity to manage the transaction volume needed to tokenize BitTorrent.

In other news, Tron has hired former SEC supervisory attorney David Labhart as its head of compliance. Will the performance of the digital currency continue for the next few days? Let’s find out.

TRX/USD

The TRX/USD pair has mostly been trading inside the range of $0.0183–$0.02815521 since mid-August of last year. Although the bears had broken down of this range in mid-November, they could not capitalize on it.

After trading close to $0.011 for about five weeks, the bulls staged a smart recovery that pushed the price above the resistance of the range at $0.02815521. However, the breakout was momentary, as sellers pounced at higher levels, dragging the price back into the range.

We anticipate a new uptrend if the price breaks out and closes (UTC time frame) above $0.02815521. Currently, both moving averages are flat and the RSI is also close to 50 levels, which suggests that range bound action might continue for a few more days. Our view will be invalidated if the bears sink the price back below $0.0183.  

Short-term traders can buy closer to the bottom of the range and sell near the top of the range. However, as the price action inside the range can be volatile, traders should keep their positions small.

NEO/USD

The news of a rumored partnership between the Russian government and NEO developers has kept the cryptocurrency buoyed. The expectation is that in order to dodge the United States sanctions, the Russian government is attempting to diversify into cryptocurrencies.

If the rumor turns out to be completely false, the price might fall. So, what should the traders do?

NEO/USD

The NEO/USD pair has a tendency to consolidate before breaking out or breaking down. The two previous attempts resulted in a breakdown of the range, followed by extended fall.

Currently, the cryptocurrency is again stuck in a range with support at $5.4808 and resistance in the $10–$12 zone. Both moving averages are sloping down and the RSI is also close to the oversold zone. There are no signs of a reversal forming on the charts yet.

The previous consolidation had lasted for 13 weeks and the current one has so far been going on for seven weeks. We expect the price to remain stuck in the range for a few more weeks, before it breaks out or breaks down.

We suggest investors wait for a trend reversal to be signaled before initiating any long positions.

ADA/USD

The market participants are awaiting the release of Project Shelly that will help Cardano shift from a centralized platform to a decentralized one. Will this upgrade propel the digital currency higher in the near future? What should the traders do now?

ADA/USD

The ADA/USD pair is in a downtrend. It continues to make lower highs and lower lows. Both moving averages are sloping down and the RSI is also in the negative territory. The previous two pullback attempts have been shallow, which points to a lack of buyers.

A break of the recent low of $0.027237 will resume the downtrend. On the upside, a move above $0.1 will indicate strength. We suggest traders wait for a bullish pattern to form before buying.

BNB/USD

Binance has revealed plans to launch one new token every month of this year through Binance Launchpad, its exclusive token launch platform. Will this give a much needed boost to the struggling initial coin offering (ICO) market?

BNB/USD

The BNB/USD pair has been trading inside the descending channel for the past few months. The bulls are struggling to break out of the resistance line of the channel. If the bears sink the price below $5.4666, a retest of the recent low at $4.1723848 is probable. If this support breaks, the fall can extend to the support line of the channel.

Our neutral-to-bearish view will be invalidated if the pair breaks out of the channel. The pattern target of such a breakout is $15, with a minor resistance at $12. Therefore, investors can wait for a breakout and close (UTC time frame) above the channel to initiate long positions.

If the price remains stuck inside the channel, buying can be done close to the support line of the channel and profits can be booked closer to the resistance line of the channel. As this is a counter-trend trade, the position size should be about 40 percent of usual.

LTC/USD

The total amount of litecoins in circulation has reached 60 million on Jan. 12. That number represents about 71.5 percent of the total 84 million that can be mined. The last litecoin is expected to be mined somewhere in 2142.

In the wake of the 51 percent attack on Ethereum Classic, Charlie Lee, creator of Litecoin has said that a decentralized network “must be susceptible to 51% attack,” because otherwise it does not meet the requirements of being decentralized.

LTC/USD

The LTC/USD pair is in a long-term downtrend. The attempt by the bulls to stage a recovery in the past few weeks has hit a major roadblock at $40.784. If the bulls fail to defend the support at $29.349, a retest of the lows at $23.090 will be on the cards.

The downtrend will resume if this support breaks. Both moving averages are sloping down, and the RSI is in the negative zone, which shows that the bears currently have the upper hand.

However, if the bulls defend $29.349, we anticipate another attempt to break out of the overhead resistance at $40.784 and $47.246.

The previous two consolidations had resolved to the downside. Hence, we recommend traders wait for a buy setup to form before initiating any long positions.

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Crypto Market Wrap: Sideways on Saturday, Markets Flat Following Recent Rout

Crypto markets take a breath after recent dump; Bitcoin Cash and SV recovering, Tron dumping recent gains.

Crypto markets are still battered and bruised as we enter the weekend. There has been no sign of a recovery following the $16 billion rout over the past day or two. Total market cap is still a touch over $120 billion so the sideways channel has remained intact.

Following its 10% dump yesterday Bitcoin hit an intraday high of just over$3,700 before retreating back to the $3,670 level where it has remained for the past few hours. BTC is currently holding above the $3,600 support zone which is crucial if it is to prevent further losses.

Ethereum has not managed to reclaim its second place from XRP and is still below $130. The imminent Constantinople upgrade to the network is no longer a fundamental factor in the performance of ETH. As it has done since its inception it has been dragged down by Bitcoin again. XRP has made marginal gains on the day which has enabled it to increase the market cap gap to $300 million.

The top ten is a mixed bunch this Saturday, Bitcoin Cash and its brother SV have made the biggest gains of 5 and 10 percent respectively. Nothing else is moving much aside from Tron which is rapidly losing all recent gains as it falls another 9% today.

The top twenty is mostly green at the time of writing during the day’s Asian trading session. Binance Coin, Nem and Ethereum Classic are leading the recovery with 2 – 3 percent gains on the day. Zcash is still falling back and is now just above $55, Monero is also sliding down the market cap chart as it falls to $45.

The two altcoins getting today’s fomo are Chainlink and Hypercash both up over 20% at the time of writing. From being the best performing altcoin in the top one hundred yesterday, Tron is the worst performer today with its 9% dump. Aurora is also having a bad day with a further 8% lost.

Total crypto market cap seems to have found a stable level around $123 billion following its epic crash yesterday.  There has been little movement since the big dump as markets find a new level. Daily volume has dropped back to $16 billion and the range bound channel has remained intact above $120 billion. Bitcoin’s dominance has crept up a percent to 52.3% as it still dictates movements across the entire market.

Market Wrap is a section that takes a daily look at the top 20 cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

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Tron Price Analysis: TRX Drop to 2.5 Cents Imminent

  • Tron price fall 5.1 percent but is still bullish
  • David Labhart joins the Tron Foundation as Head of Compliance
  • Bear volumes high and above average–61 million versus 23 million

In light of today’s candlestick arrangement and level of participation, TRX is likely to drop to 2.5 cents. However, should it found support; the bounce will see TRX clear 3 cents as bulls march to 4 cents by mid-February.

Tron Price Analysis

Overview

At ninth, TRX market cap stands at $1.708 billion and $300 million away from flipping Litecoin as the eighth most valuable coin. Other than that, TRX is down 5.1 percent in the last day but up 32 percent in the previous week meaning the currency is one of the top performers. In line with our TRX/USD price analysis, our bullish stance is still valid, and as long as prices are above 2.5 cents, every low should be a buying opportunity. Targets will remain as before—at 4 cents and later 6 cents.

Fundamentals

After spending 15 years dealing with matters law and compliance, the Tron Foundation plans to use David Labhart’s experience. David is a former US SEC supervisory attorney, and by agreeing to join Tron as Head of Compliance and co-General Counsel, it is clear that the foundation’s power wielders are not taking compliance lightly.

By hiring David, it is clear that Justin Sun and company want a clear rapport with financial authorities across the globe. The move is in line with Justin Sun’s ambition of seeing the foundation open up communication channels with regulators ensuring that network development bode well with regulator’s dictates.

Besides, it’s a timely addition coming a week before niTron Summit where regulators, platform users, entrepreneurs, and industry leaders will come together to discuss pertinent issues in the sector aside from establishing useful contacts. On joining Tron, David said:

“Joining TRON is the perfect progression in a career driven by a passion for the frontier of the financial industry; where technology meets regulation. Blockchain and cryptocurrency are the next steps in the evolution of the world’s financial system. I’m excited about Justin’s passion and long-term view of the benefits and potential impact of this new technology.”

Candlestick Arrangement

Tron

With a bear pin bar and high trade volumes, it is hard to recommend buys at spot prices. That’s unless of course a countering high-volume bull bar fading sellers prints in the 4HR chart. That’s unlikely, and chances are we shall have a double bar bear reversal pattern by today’s close. However, that should not be a cause of concern.

To reiterate our stand, we expect bears to drive prices back to 2.5 cents. It is at this level that buyers should be searching for longs in lower time frames in a classic retest phase. Nonetheless, drops below2.5 cents with volumes exceeding averages could spell doom for TRX bulls. In that case, price may sink to 1.1 cents.

Technical Indicators

Today’s volumes are high—61 million versus 23 million and above Dec 21—45 million against 15 million. Since it is a pin bar, we expect TRX prices to drop back to 2.5 million in a retest phase. If not and bears step in, it is likely that Nov-Dec bear trend will resume.

All charts courtesy of Trading View–BitFinex data streams.

Do your own research. Opinions are those of the author.