The crypto market is still in the budding stages. Any news and developments within the blockchain and crypto spheres affect the trends in the various markets considerably. Since 2016, the cryptos have developed considerably reaching peaks in December 2017. However, since the start of 2018, a continuous decline has persisted in these markets.
With every passing month, the prices declined further with bitcoin among the leaders in registering heavy losses. The markets seemed to have bottomed out and for a few months between September and mid-November strong supports were established. Then, disaster struck, the Bitcoin Cash split acted as a catalyst to push the prices drastically downwards.
Some analysts and investors strongly think that the crypto market will provide a strong turnaround in 2019. Tokens have fared differently in these times of turmoil. Here are the price analyses for TRON, Litecoin, and Binance Coin.
Litecoin (LTC) 4-Hour Chart
Litecoin has faced significant resistance at around the $28 level for the past several days. In the latest attempt to break the resistance, it was suppressed and is currently hovering around the $25 levels. In the case that it gathers enough momentum, a breach of the $28 level may result in a test of the 20-day EMA at $32. If the LTC/USD pair fails to rise past $28, a retest of a December 7 low of around $23.1 is likely.
A break down below the $23.1 level opens doors for a test of the next support at $20. The RSI is in the oversold region while the moving averages are sloping persistently downwards. These indicators confirm that the trend is still down. Although the charts are forming a positive divergence, traders are advised to wait until the price follows through to the upside before buying.
TRON (TRX) 4-Hour Chart
TRON still faces a major psychological resistance at the 20-day EMA. It is currently showing signs of flattening out. Since November 29, the RSI has oscillated around the 40 levels. Thus, there may be a probable consolidation in the next several days. The TRX/USD pair is favourable to the investors since it has not declined to a new year-to-date low since Nov. 25.
Any breakout above the nearby resistance of $0.0183 may symbolize a likely bottom. If the token turns downwards from the current $0.013514 levels, it may test the nearest support at the $0.01089965 price level. If that support is broken, the next dependable support zone is pegged around $0.00844479.
Binance Coin (BNB) 4-Hour Chart
Binance Coin made a significant movement after the announcement of the upcoming Binance Chain release. Changpeng Zhao, Binance CEO, aims at hosting thousands of blockchains and millions of coins on the platform in the foreseeable future. Moreover, the looming launch of Binance’s decentralized exchange (DEX) also enhanced the market sentiments.
The critics keep saying that BNB may fail due to lack of mainstream usability. Nonetheless, a partnership with Tripio has enabled customers to use the Binance Coin at over 450,000 hotel locations. The BNB/USD pair declined considerably in November dumping around 53%. The bulls then tried to rise from the $4.8355125-$4.5200621 critical support zone.
The pullback breached the 20-day EMA but the bulls ran out of steam. On December 6 and 7, the token slumped resulting in a new low. The bears are trying to resume the downward trend while the bulls are striving to surge from the current $5.05 levels. The RSI is displaying a positive divergence which is a slightly bullish sign.
If the price breaks out of the $7 zone, the bull-run will prevail. It is advisable to wait until a clear buy setup forms before investing.