Day: March 24, 2018

With just one paragraph, an agency of the U.S. government may have just radically altered the dynamics of the cryptocurrency ecosystem.

Quite a few cryptocurrencies are trying to recover some of their lost value as of right now. Unfortunately, very few of them can effectively do so, as the market is poised to turn sour pretty soon. The Dash price still enjoys some positive momentum, as it has regained 11.42% of its lost value in the past 24 hours. As such, we are now looking at a Dash price of $446 once again.

The Dash Price Makes a Small Comeback

Similar to virtually all other cryptocurrencies on the market, the year 2018 has been catastrophic for Dash. Even though we had a Dash price of just under $1,600 late last year, that high value could not be sustained by any means. With all of the bearish pressure across the industry in the past three months, things are not looking all that great as of right now.

Even so, the Dash price is trying to mount a comeback at some point. While the current value of $446 is not even close to the all-time high of nearly $1,600, one has to take all of these small gains in stride. Whether or not this is the beginning of a Dash price trend reversal, is a different matter altogether, though. The year 2018 has been one massive decline for Dash so far, and bucking this trend will not be easy.

Even though an 11.42% gain over the past 24 hours is pretty impressive, there’s still a long way to go for the Dash price. The 7.4% gain over Bitcoin, on the other hand, is more than impressive when considering how the Bitcoin price is also inching up ever so slowly. Altcoins are poised to gain in value both thanks to Bitcoin and against Bitcoin right now, which will undoubtedly introduce some big fireworks in the long run.

Even though Dash has $117.64m in 24-hour trading volume, it is very difficult to gauge whether or not this is a positive number. One would expect “top” altcoins to have a much higher volume right now, yet the overall cryptocurrency trading volume is still in the dirt as we speak. It will be intriguing to see how all of this unfolds in the coming days and weeks, as it is not a positive trend by any means.

The way things look right now, Huobi is dominating the Dash trading volume. It has a considerable lead over HitBTC, and Binance is even further away. There are no fiat currency pairs for Dash in the top five, which does confirm people are trying to accumulate more BTC first and foremost. Without an influx of fresh capital, things will not improve for the cryptocurrency markets in the near future.

It is unclear where the Dash price will be heading next. Given the current conditions, reaching $450 should be feasible, but cryptocurrency remains an unpredictable industry first and foremost. That could mean we will see a small Dash price decline in the coming hours, especially if Bitcoin were to take another hit. Right now, it seems the momentum is turning against Bitcoin and altcoins, but there are always currencies which can buck those trends successfully.

At a recent annual meeting in New York, bitcoin’s volunteer developer discussed their tech priorities for the year ahead.

Bitcoin markets went through a period of uncertainty through the day with selling pressure leading to a breach of support that touched the low 0f USD 8,300 across BTC/USD exchanges. Markets appear to be faced with profit taking after the shortlived peak above USD 9,000 on Wednesday. In the end, today’s trading session was met with a characteristic U-shaped recovery.

The Day’s Signals

1. Markets are pressured by profit-taking and selling pressure expressed with back-to-back sell orders.
2. A low touching USD  8,300 was reached only shortly after support was breached.
3. The market’s response to sudden buying pressure resulted in a U-shaped recovery in the preceding hours of the trading session.

GDAX BTC/USD charts are showcasing that traders are still uncertain as to whether or not current price levels can be sustained and the panic response to a falling price is indicative of that sentiment. The apparent lack of support quickly prompted even more traders to panic after USD 8,500 price levels were breached. For now, support appears to be shaping up to slightly lower levels, closer to USD 8,300. That is, the price level support seems to have kicked in, leading to today’s U-shaped recovery pattern.

OKCoin BTC/USD weekly futures showcase that the second wave of the crash was met with a more exaggerated response among futures traders. Initially, futures prices were more closely following live prices amid the initial crash. However, futures traders appear to have started worrying further along the downward path. It was only after the second wave of back-to-back sell orders that futures prices breached below live prices of BTC/USD markets.

Shortly after the breach that lead BTC/USD prices to touch USD 8,300 price points for a short time, sizeable buy orders pushed prices back up. For now, prices are resting closer to USD 8,600 but the signs of a recovery appear to be weakening. Evidence of depleting support even amid stable volumes sends ripples of a market sentiment that hasn’t improved much across markets.

All in all, the continuous breaches of support appear to be limiting the trader confidence in rising prices. Further price falls are not to be considered unlikely under such a market sentiment. And yet, today’s response to an already major breach was a swift recovery. The market appears to be back under the hood of a bearish mood which might  make prices susceptible to the effects of selling pressure.

The post Bitcoin Price Analysis, 23 March 2018: Markets Back Above $8,500 After Support Breach appeared first on BitcoinNews.com.

There is never a boring day in the world of cryptocurrency. As of right now, most of the markets are in surprisingly good shape, although that situation can change at any given time. The Tron price, for example, is shooting upward quite rapidly. Over the past 24 hours, it has surged by nearly 40%, which is more than impressive.

Tron Price Momentum is Very Bullish

It has become evident the cryptocurrency markets are in a very peculiar state as of right now. With such bearish pressure during the past week, it has become evident there is a lot of momentum in the tank for both gains and losses as of right now. Addressing that situation is not easy by any means, yet it remains to be seen how things will play out exactly. If the Tron price is any indication, things may improve from here on out.

To put this into perspective, things are looking quite good for the Tron price as of right now.Thanks to solid gains in the past 24 hours, we are now looking at a TRX price of $0.0499. Very impressive, especially for an altcoin which has gotten battered in value since early January. Then again, the same can be said for virtually all other cryptocurrencies, as the year 2018 has not been too impressive by any means.

Thanks to solid gains over Bitcoin – 31.73% – and Ethereum – 33.31% – things look very promising for the Tron price right now. While this is clearly reminiscent of a pump-and-dump cycle, there is some room left for future growth, by the look of things. Reaching $0.05 seems to be a matter of time, but anything beyond that is anybody’s guess as of right now. The markets are still very fragile, and the weekend is usually the worst time for trading cryptocurrencies.

With $518.47m in 24-hour trading volume, one can say the demand for Tron is very real and looking surprisingly solid, all things considered. Whether or not it will remain that way, remains to be seen, as there is still a lot of bearish pressure on the markets. It is certainly possible this Tron price momentum will reverse course in quick succession, but for now, we will have to wait and see how things unfold in this regard.

As of right now, Binance is the largest trading platform when it comes to Tron volume. Their lead over Upbit is quite impressive, considering how South Korean exchanges usually destroy other trading platforms in terms of trading volume. Bittrex completes the top three, which is pretty interesting as well. With no fiat currency markets in sight, it is evident things will get quite interesting for Tron, but we will have to wait and see how limiting this factor will be in the long run.

For the time being, the Tron price is looking quite impressive, although it remains to be seen how long this trend will continue. Such big gains in a short amount of time will usually result in a temporary price reversal at some point, and things could get messy for the Tron price when it happens. For those in profit, now would be a good time to effectively cash out and wait until things go back to normal, as this trend will not continue unabated.