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Will TRX Increase After Inclusion in PancakeSwap Pool?

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Tron (TRX) has broken out from a long-term resistance area that had previously been in place for more than two years. It is currently consolidating in anticipation of another upward movement.

In addition, on May 8, a Tron pool was added to PancakeSwap, which allows users to stake CAKE in order to gain more TRX.

Long-term levels

In the beginning of April, TRX broke out from the long-term $0.09 area, which had been acting as resistance since the beginning of 2018. It returned to validate it as support on April 23, and has been moving upward since.

The token continued to increase until it reached a high of $0.182, before being rejected. Technical indicators in the weekly time frame are still bullish, despite the RSI cross below 70.

The next resistance area is found at $0.205. It is created by the closing price of the 2017 all-time high. 

TRX Weekly Chart
Chart By TradingView

TRX wave count

Cryptocurrency trader @Altstreetbet outlined a TRX chart, stating that a bullish impulse is beginning that will take the price towards a new all-time high.

TRX Wave Count
Source: Twitter

The wave count indicates that the price is likely just beginning the fifth and final sub-wave of a long-term wave three (white). 

However, it seems to still be in sub-wave four (orange), which has developed into a triangle.

The two most likely levels for the top are found at $0.228 and $0.29, respectively.

TRX Wave Count
Chart By TradingView

TRX/BTC

At the beginning of April, TRX/BTC moved above the 222 satoshi area and validated it as support afterwards. 

The next closest resistance area is found at 315 satoshis, created by the 0.618 fib retracement level of the most recent downward movement. 

Technical indicators are bullish, supporting the possibility that the token reaches it and breaks out. This is especially evident by the hidden bullish divergence in the RSI. In addition, there is a potential bullish cross in the Stochastic Oscillator (green arrow). If so, the next resistance area would be found at 465 satoshis.

TRX/BTC Movement
Chart By TradingView

To conclude, TRX/USD is expected to break out from the current pattern and increase towards a new all-time high price.

TRX/BTC is expected to reach the 315 satoshi resistance area and eventually break out.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo.
In 2019, he decided to focus full-time on cryptocurrencies and trading.

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Source: https://beincrypto.com/will-trx-increase-after-inclusion-in-pancakeswap/

Blockchain

Unlock of GBTC Shares Could Led Bitcoin to $25 Mark Says JPMorgan

JPMorgan analysts have predicted that the unlocking of GBTC shares could raise the selling pressure and drive the price of Bitcoin to the level of $25K.

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JPMorgan analysts have predicted that the unlocking of GBTC shares could raise the selling pressure and drive the price of Bitcoin to the level of $25K. JPMorgan revealed in their latest memo that though BTC has recovered slightly, the unlock will drive the price down to $25K.

JPMorgan Says GBTC Shares Unlocking Will Push Bitcoin Down Further

The Nikolaos Panigirtzoglou led global investment bank JPMorgan has recently displayed a contentious attitude to the flagship currency.

The analysts at JPMorgan always have an eye on what role the largest crypto asset manager, Grayscale is playing in relation to Bitcoin. 

At the beginning of this year, the analysts predicted that there are chances that the price of BTC might march towards a correction as a reduction in the inflows to the Grayscale Bitcoin Trust has been witnessed.

As revealed in the newly released memo by Bloomberg, JPMorgan has predicted another bear signal in the market involving GBTC, talking about the shares unlock of the BTC tracking fund.

The institutional investors that are employing the services of Grayscale will be obtaining access to 16K bitcoins in a single day in the month of July.

Will BTC Touch $25K

Bitcoin plunged to its lowest price levels just days ago below the area of $29K, though it managed to acquire some ground since that point and at present, it is changing hands at $32K.

JPMorgan analysts are eyeing another fall in the price of Bitcoin, and they wrote:

“Despite this week’s correction, we are reluctant to abandon our negative outlook for Bitcoin and crypto markets more generally. Despite some improvement, our signals remain overall bearish.”

In addition to this, they revealed that they believe the price of BTC is close to being overvalued, which is apparent from the comparison between its fluctuations versus that of gold.

READ  Bitcoin is the Most Dominant Digital Property Network: Michael Saylor

#Bitcoin #GBTC Shares #JPMorgan

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Source: https://www.cryptoknowmics.com/news/unlock-of-gbtc-shares-could-led-bitcoin-to-25-mark-says-jpmorgan

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Number of Active Bitcoin Addresses Drops Lowest Level Since Last Year

The number of active Bitcoin addresses seems to have dropped significantly below 900,000 in June 2021 which is the lowest level since July 2020.

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The number of active Bitcoin addresses seems to have dropped significantly below 900,000 in June 2021 which is the lowest level since July 2020, according to data published by Santiment, the crypto analytics platform.

Active Bitcoin Addresses Drops Since July 2020

Amid the ongoing bearish market trend, Bitcoin traders remain hesitant to pumping up their bags as the digital asset dropped below $30,000 during this week. Since then, the cryptocurrency has recovered some of its lost gains to jumping up above $34,000.

However, bears are back to gripping the flagship cryptocurrency yet again by making the digital asset drop down below $32,500 today.

With the bearish sentiments, the total number of active Bitcoin addresses has reached below 900,000 in June 2021, which is the lowest level since July 2020, according to data published by Santiment, the crypto analytics platform, adding:

READ  JLR Initiates Program To Offer Cryptocurrency To Drivers

“Bitcoin is back at $32.4k after a rebound above a $34.6k high Wednesday. What remains to be seen is an uptick in address activity. On the 30-day rolling scale of daily active address scale, July 13, 2020, was the last time the BTC network was this low,”

At the same time, Bitcoin’s fear, uncertainty, and doubt (FUD) remain high as highlighted by Santiment:

“Bitcoin’s fear, uncertainty, and doubt (FUD) remain high, as traders are polarized on whether prices can push back below $30k again. For now, though, prices have jumped back on crowd fear. Markets move in the opposite direction of crowd expectation.”

Falling Addressees Indicates Bearish Undertone

The number of active Bitcoin addresses is a sign of market demand for on-chain transactions, settlement, and the urgency for inclusion in an upcoming block on the blockchain. A falling Bitcoin active address figure indicates a bearish undertone in the space.

READ  ROI Of Ethereum To Crush Yearly Return Of Bitcoin, Crypto Traders Predict

For instance, in 2017, Bitcoin saw a high above $19,587 on December 16 to below $6900 on February 5, 2018, the number of active addresses also fell from 1.284 million on December 14, 2017, to just 528,000 on February 25, 2018.

At the same time, studies show that not all Bitcoin whales were affected by the price drop. In the past 25 days, Bitcoin addresses holding 100 to 10,000 BTC added a total of 90,000 BTC, accounting for nearly half of BTC’s circulating supply.

#Bitcoin #Bitcoin Address #BTC

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/number-of-active-bitcoin-addresses-drops-lowest-level-since-last-year

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Blockchain

Major Price levels for Bitcoin and Ethereum, What’s Next for BTC and ETH?

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The post Major Price levels for Bitcoin and Ethereum, What’s Next for BTC and ETH? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

After a large loss, cryptocurrency markets rallied back yesterday, with Bitcoin and Ethereum up 15% and 17%, respectively, after a big decline. El Salvador’s president, Nayib Bukele, recently released rendered graphics of a planned Bitcoin mining unit that would be powered by the country’s active volcanoes (the thermal energy generated from volcanoes can be converted …

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After a large loss, cryptocurrency markets rallied back yesterday, with Bitcoin and Ethereum up 15% and 17%, respectively, after a big decline. El Salvador’s president, Nayib Bukele, recently released rendered graphics of a planned Bitcoin mining unit that would be powered by the country’s active volcanoes (the thermal energy generated from volcanoes can be converted into electricity, and in turn be used to power mines). 

Even though Major of the coins seem to have bounced back yesterday, the move did not last that long and bears took incharge once again.

Yesterday, however, as sellers sold into strength, prices retraced the whole rise. Traders took advantage of the majority of cryptocurrencies’ oversold circumstances. After the shakeout, which pushed Bitcoin’s price to over $30,000, buyers were active.

Bitcoin and Ethereum Price Levels

Bitcoin managed to recover off the $28,800 support and close the candle in a bullish ‘hammerhead’ pattern. (A hammer candlestick pattern is a form of bullish reversal pattern.) The next level of resistance is around $36,600. Unless the price increase is followed by a volume influx, a rejection in that area is possible. 

After appearing to have bottomed out, the relative strength index (RSI) has also risen sharply. After yesterday’s dip, the positive buyback demonstrates the buyer’s interest in bitcoin. 

However, the pricing remains to be in the $30,000 to $38,000 range.

The price of ETH stayed well above the 200MA and climbed back above $2,000 with ease. A daily close above $2,000 would be advantageous and might lead to good price movement in the days ahead. 

The next point of resistance for ETH is around $2,100, where it is expected to be rejected. However, volume is minimal, and a volume push is needed to keep the price trend going.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coinpedia.org/altcoin/major-price-levels-for-bitcoin-and-ethereum/

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Bitcoin in uptrend but BTC may never beat gold’s $10T market cap — ex-NYSE head

Thomas Farley, former chief operating officer of the New York Stock Exchange, is “sanguine” about recent price action.

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Bitcoin (BTC) is on a “lower left to upper right trend” and its volatility should not scare investors, the former head of the New York Stock Exchange says.

In an interview with CNBC on June 23, Thomas Farley revealed long-term convictions about Bitcoin and dismissed concerns over BTC price losses.

Bitcoin: Going up, but not “up only”

Coming a day after CNBC pundit Jim Cramer admitted that he sold his Bitcoin stash, suggesting that BTC/USD was going as low as $10,000, Farley provided some much-needed mainstream bullishness.

“With respect to the recent price moves, I’m kind of sanguine about them — Bitcoin’s a very volatile asset class, in part because it’s a new asset class,” he told the network.

“I have no doubt it’ll go up, it’ll go down over the long term — I still think it’s a lower left to upper right trend and I think we’re going to see that play out over five years.”

With mining upheaval coming from China still on everyone’s lips, popular mainstream criticism of Bitcoin’s energy usage was also swiftly cast aside as a temporary issue.

“I think this kerfuffle is an interesting conversation, but by and large I think it’ll be resolved because I think the blockchain at its core adds to its efficiency and in fact will add to energy efficiency over time,” he continued.

Less convinced on gold. vs. Bitcoin

When it comes to Bitcoin as “digital gold,” however, Farley was more conservative in his predictions.

Now firmly beneath a trillion-dollar market cap, Bitcoin must transform in order to take on store-of-value safe-havens.

Related: Joining the ranks: Bitcoin’s correlation with gold and stocks is growing

“I think the upper bound for now is gold, which is about a $10 trillion market cap,” he added.

“In order for Bitcoin to one day exceed gold, it’ll have to be more of an accepted form of currency — I’m not sure, frankly, if it ever gets there.”

Proponents argue that Bitcoin, by its very nature, faces just a matter of time before eclipsing gold thanks to the latter’s ultimately infinite supply and inability to beat Bitcoin in all aspects of “money.”

The precious metal saw a major sell-off last week after comments on policy from the United States Federal Reserve.

To beat gold, Bitcoin would need to trade at more than $533,000 with the current supply.

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Source: https://cointelegraph.com/news/bitcoin-in-uptrend-but-btc-may-never-beat-gold-s-10t-market-cap-ex-nyse-head

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