Bitcoin (BTC), XRP, Tron (TRX) – Bitcoin has had a few tumultuous days that rise quickly to a resistance ceiling of around $ 5,800 before being instantly rejected at $ 5600 and then recovering to test the resistance once again. So, what is the next step? Are we close to breaking $ 6K, is the bear market officially over? Or will we see another fall before taking off?
The market is growing more and more adoption, and use cases such as the one pointed out by Fidelity recently and of course, the market capitalization translates all this in the end, with a volume that is already close to $ 200 billion dollars, which was achieved last in December 2017 when BTC reached the 20k mark.
At the time of writing, BTC quotes at a spot price of $ 5982.39 per unit, a growth of + 4.79% in the last 24 hours and a market capitalization that already exceeds $ 105 billion.
BTC seeks to activate the previous resistance ($5861) for support, and if this is maintained, let’s wait $6110 – $6300.
In general, we should not get too excited and lose guard. Good risk management should still applied.
As for the altcoins, the majority dropped 50 – 100% from its 2019 highs, that is why it never enters an operation without thinking about the risk to the downside, important to use Stop Loss in the positions. In spite of this, many present today a great positive day intoxicated by the good moment of BTC, as it is the case of XRP and TRON.
Ripple (XRP) Price Prediction: What to expect after BTC $6,000 value
The third cryptocurrency by market capitalization maintains an average price above $ 0.301, with a growth of + 0.32% in the last 24 hours that has allowed it to leave the zone of descent which it was a few days ago, in danger. Its intraday volume of just over 1.13 billion dollars has allowed it to emerge strongly from support levels below the psychological barrier of $ 0.30.
As we can see in the 1R chart for XRP, the token presents a key resistance level at $ 0.413 threshold with a strong possibility of reaching it in the short term, as predicted by Elliot Wave in its second bullish wave that would be taking place any moment.
Although XRP has not entered the market with more force for reasons still difficult to understand by many investors of the token. It is possible that its sustained growth of higher minimums in recent months, can bear fruit in a short time if BTC rally achieves bullish solid above $6,000 as it has been doing recently.
XRP 30-day moving average has already been broken and it is likely that we will see an XRP take off in mid-month at levels close to R1.
The CMF indicator has been cautious with investors withdrawing gains in short positions as the token reaches higher lows.
Stochastic remains at a good level, the purchase levels, which are an important boost for the token to maintain good selling prices.
Tron (TRX) Price Prediction: Next Trend after BTC $6,000
Justin Sun’s cryptocurrency ranks eleventh in the general ranking of cryptocurrencies and seems to have left the matter of Tether (USDT) and Bitfinex, from which it was directly affected. At the time of writing, it quotes at a spot price of $ 0.0238 with a growth of + 0.44% in the last 24 hours and its intraday volume has grown considerably to reach the figure of $ 736 million dollars per day.
Tron with his TRX token seems to rediscover the bullish path, after lateral movements that threatened to take the cryptocurrency to key support levels of $ 0.013. This was the basis for the bullish rally on the upward channel with maximums of $ 0.034.
If the landscape of the ecosystem continues to be positive as it has been up to now, TRX could benefit to recover space lost in the classification, since a pattern drawn by Elliot Waves projects a growth of up to 30% in the middle of the year.
Even this pattern could be confirmed if we observe that we have had the precedent of a perfectly drawn trident that is culminated with the ascending channel of the rally initiated at the beginning of the year.
In addition SAR Parabolic is beginning to see bullish, drawing its trajectory below the candlestick chart and RSI has begun to make a bullish turn that is already passing the current purchase levels for the TRX token.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.