Tron (TRX) value in a countertrend while Ethereum experiences further drops
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Tron (TRX) value in a countertrend while Ethereum experiences further drops

By Federico Izzi - 21 Jan 2019

Chevron down

After a short break, Tron (TRX) value returns to perform, rising by more than 6% from the weekend levels. We also find Bitcoin SV (BSV), which has increased by 2%.

Tron chart, source: https://it.tradingview.com/symbols/TRXUSD/

Despite the statements of Prof. Cornell, recognised as one of the leading peer-to-peer system experts and a collaborator of Vitalik Buterin and Vlad Zamfir on the new implementations of the Ethereum network, saying that “Tron is not an operating system“, the TRX value benefits from the launch of the BTT token scheduled for January 28th.

The BTT or BitTorrent Token is the first token to use the TRC-10 protocol  compatible with the Tron blockchain, similar to the ERC-20 protocol developed on the Ethereum network. BitTorrent’s peer-to-peer network has over 100 million monthly active users who will benefit from the BTT token to monetise shared content. BitTorrent Speed, the world’s largest P2P network, will be launched by next summer.

TRX crypto owners will benefit from airdrops scheduled for March 2019, which is why today many investors are buying Tron, whose value rises in sharp contrast to the rest of the market.

Cryptocurrency prices continue to slide slowly. The high jump recorded on Saturday morning has not found the right support of purchases, with prices dropping again to the the lows of the period. The penultimate week of January opens in red, continuing to highlight a weak month where the premises of the first days are not finding a solid foundation.

Looking at the list of the top 20 crypto per capitalisation, negative signs prevail, although losses are limited just below par. The worst falls of the day are thos of Maker (MKR), which lost over 3%, and Ethereum (ETH) which dropped less than 1.5% from yesterday afternoon’s levels, moving it again further away from second place in the ranking regained recently by Ripple (XRP), now with a gap of over 800 million dollars.

The total capitalisation lost more than 5 billion dollars in less than 2 days but bitcoin (BTC) which, despite the difficulties, manages to maintain over 52% of the market share.

Bitcoin chart, source: https://it.tradingview.com/symbols/BTCUSD/

Bitcoin (BTC)

Sunday afternoon’s decline brought prices back below $3600, the lowest point in the last month. The slow recovery that has characterised the entire holiday period of the end of the year disappears. Prices are back on track with medium to long term support.

The 3500 dollar area holding up is once again decisive for bitcoin. A possible break will increase the probability of revising and testing the mid-December low at $3200. Confidence will return with the recovery of the 4200 dollars.

Ethereum chart, source: https://it.tradingview.com/symbols/ETHUSD/

Ethereum (ETH)

Bad slide in ETH prices in the 115 dollars area, which saw the decline extend, albeit for a few minutes, below 110 dollars during Sunday morning. The movement was immediately recovered with purchases that, however, weren’t enough to bring back the values above 120 dollars.

The bullish structure of the current monthly cycle, which began with the low of mid-December, will continue to confirm the trend of Ethereum with prices above $100 in the coming days. Otherwise it will be necessary to wait until next month to put trust in a next bullish cycle.     

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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