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TRX Gains 12% Amid an Overall Struggling Market (TRON Price Analysis)

Tron saw a healthy 12% price hike today as it reached the $0.0326 level. While the entire top 20 sees negative figures over the past week, Tron managed to remain in the positive by a total of 5%. Against Bitcoin, TRX headed higher since the weekend after it rebounded from 288 SAT to reach 330 […]

The post TRX Gains 12% Amid an Overall Struggling Market (TRON Price Analysis) appeared first on CryptoPotato.

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  • Tron saw a healthy 12% price hike today as it reached the $0.0326 level.
  • While the entire top 20 sees negative figures over the past week, Tron managed to remain in the positive by a total of 5%.
  • Against Bitcoin, TRX headed higher since the weekend after it rebounded from 288 SAT to reach 330 SAT today.

TRX/USD: TRX Bulls Defend $0.03 With Ease

Key Support Levels: $0.032, $0.03, $0.028
Key Resistance Levels: $0.035, $0.04, $0.0436.

TRX was pushing higher toward the end of August and managed to surge near the $0.05 level in September. However, it was unable to close a daily candle above $0.04 and it started to head lower.

During the Bitcoin price drop, TRX spiked as low as $0.28 (.786 Fib Retracement). The bulls managed to recover to end the daily candle above the $0.3 support. The buyers have since allowed TRX to rebound as it hit $0.035 today.

trxusd-sep8
TRX/USD Daily Chart. Source: TradingView

TRX-USD Short Term Price Prediction

Looking ahead, if the bulls can continue beyond $0.035, the first level of strong resistance lies at $0.04. This is followed by resistance at $0.0408, $0.0436, and $0.0457 (bearish .5 Fib Retracement). Added resistance lies at $0.05 and $0.052.

On the other side, support lies at $0.032, $0.03, and $0.028 (.786 Fib Retracement). Beneath this, added support is found at $0.0251 (.886 Fib Retracement), $0.024, and $0.022.

The Stochastic RSI is primed for a bullish crossover signal that should help to send TRX higher.

TRX/BTC: Support Found at .618 Fib Retracement

Key Support Levels: 300 SAT, 288 SAT, 250 SAT
Key Resistance Levels: 340 SAT, 370 SAT, 400 SAT.

TRX managed to surge into the resistance at 400 SAT (bearish .786 Fib Retracement) during the first few days of September. From there, it headed lower but managed to find support at 288 SAT (.618 Fib Retracement).

The coin has since bounced higher as it broke above 300 SAT to reach as high as 340 SAT today.

trxbtc-sep8
TRX/BTC Daily Chart. Source: TradingView

TRX-BTC Short Term Price Prediction

Looking ahead, once the bulls break 340 SAT, resistance lies at 370 SAT, 400 SAT (bearish .786 Fib Retracement), 411 SAT, and 431 SAT (bearish .886 Fib Retracement). This is followed by added resistance at 450 SAT and 500 SAT.

On the other side, support lies at 300 SAT. This is followed by support at 288 SAT, 250 SAT (.786 Fib Retracement), and 225 SAT (.886 Fib Retracement).

The bulls remain in control of the market momentum as the RSI bounces from the mid-line, and the Stochastic RSI is also primed for a bullish crossover signal.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/trx-gains-11-amid-an-overall-struggling-market-tron-price-analysis/

Blockchain

Americans Can Now Buy Dogecoin from 1,800 Crypto ATMs Across the Country

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The meme coin that exploded in popularity recently, Dogecoin, has reached another milestone as the Bitcoin ATM provider CoinFlip decided to list the token on 1,800 cryptocurrency ATMs in the United States.

Dogecoin Coming to 1,800 ATMs

Started as a joke digital token inspired by Shiba Inu, Dogecoin took the world by storm in the past several months, which has prompted the popular Bitcoin ATM provider CoinFlip to take action.

The Chicago-headquartered company announced yesterday that it had added Dogecoin to its growing network of over 1,800 cryptocurrency ATMs located in 46 states.

The statement informed that this milestone “validates the legitimacy of the coin and further showcases CoinFlip’s dedication to meet consumer and industry needs as coin popularities shift.”

Daniel Polotsky, the CEO and Co-Founder of the ATM provider, said that the move would enable the general population a more straightforward way to receive Dogecoin exposure.

“Given its growing popularity and recent mass adoption, we are dedicated to making sure that Dogecoin is a part of our portfolio of coins and encourage further support of this cryptocurrency in the coming months.” – he added.

Dogecoin’s Support from Musk, Snoop Dogg, and More

CoinFlip reasoned that the Dogecoin listing comes after the token received massive endorsements from some of the world’s most popular names. Perhaps it all started with the CEO of Tesla and SpaceX – Elon Musk.

The executive previously updated his Twitter bio to display “former Dogecoin CEO,” posted dozens of DOGE-related tweets, and even bought some for his son.

Ultimately, every Musk interaction caused an immediate price reaction as DOGE surged to new highs. Consequently, the token even entered the top ten cryptocurrencies by market capitalization.

Furthermore, this skyrocketing craze caught the attention of other famous individuals, including the US rapper – Snoop Dogg.

As such, it may not be a surprise that CoinFlip said that its decision came only after Dogecoin received “support from celebrities such as Elon Musk, Snoop Dogg, Gene Simmons, and Kevin Jonas.”

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Source: https://cryptopotato.com/americans-can-now-buy-dogecoin-from-1800-crypto-atms-across-the-country/

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Bitcoin at $21,000? Is a buying opportunity coming soon?

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A series of on-chain metrics registered corrections when Bitcoin fell on the charts last week. In fact, BTC dropped down to as low as $43,000 briefly, with significant reshuffling seen after Futures Open Interest dipped by $4 billion too.

Other factors such as the Bitcoin funding rate experienced a reset as well, with Grayscale’s premium registering a low of -3.77%. AMBCrypto had previously reported about the positive reboot for the aSOPR, wherein it was identified that weak hands were getting washed out.

However, one particular metric carrying historical importance did not correct much. Interestingly, it could possibly alter the course of the rally going forward.

Bitcoin NUPL continues to avoid 0.5 reset

Source: Glassnode

According to Glassnode’s latest report, the strength of the current Bitcoin rally can be illustrated by BTC’s Net Unrealized Profit and Loss or NUPL. In the past, the NUPL has regularly retested the 0.5-mark during bull market corrections. While a 0.5 re-test was seen multiple times during both the 2013 and 2017 rallies, the same is yet to be identified in the current market.

Here, it’s worth noting that market dynamics have definitely altered over the years with respect to user profitability and hodling sentiment, with selling pressure not fueling massive outflows for Bitcoin.

Source: CryptoQuant

Further, data from CryptoQuant seemed to suggest that Bitcoin outflows from exchanges have continued to maintain their low levels over the week, with long-term hodlers unfazed by the 21% decline in cryptocurrency’s price.

The resilience exhibited by investors was coming to fruition at press time since Bitcoin had managed to establish a position above its immediate resistance of $47,400 over the last 24 hours.

While it is still a little early to predict the start of a new bullish leg for Bitcoin, according to Willy Woo, consolidation above $45,000 is a strong sign of stability.

If history repeats itself, does NUPL reset carry a damaging outcome?

While the NUPL has not registered a reset at 0.5 during this rally, historically, it has happened during every bull cycle. According to data, the realized price trading is currently $14,511, and if the NUPL drops down to 0.5, it would mean Bitcoin would possibly drop down to a floor price of $21,766.

That would mean a 55.76% drop from BTC’s press time position, a drop that will completely take away all of BTC’s gains since 15 December 2020.

While historical probabilities are worth pondering over, it is also important to consider the macro-difference between previous rallies and the current one, with Bitcoin at the receiving end of more adoption than ever before.

For instance, the average weekly investment into Grayscale’s Bitcoin Trust during Q4 of 2018 was $2 million. The average investment in GBTC for Q4 of 2020 was $217.1 million. Needless to say, the course of history for Bitcoin is indeed changing.


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Source: https://ambcrypto.com/bitcoin-at-21000-is-a-buying-opportunity-coming-soon

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Litecoin is trading at a 1,800% premium via Grayscale’s LTC trust — But why?

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Shares in Grayscale Investments’ Grayscale Litecoin Trust, or LTCN, have been trading at a whopping 1,800% premium over the market rate of their underlying asset, Litecoin (LTC).

$319 per Litecoin? 

This difference is primarily due to retail investors’ inability to purchase shares directly from Grayscale Investments, whose funds are aimed exclusively at accredited investors.

LTC holdings per LTCN share (orange) and premium (blue). Source: Bybt.com

It costs $319 to buy a share in Grayscale Litecoin Trust. However, its LTC holdings per share are currently worth just $16.42. That means it’s almost 20 times more expensive to buy Litecoin via the trust than regular spot exchanges.

LTCN shares have recently traded for as high as $496 in November 2020 — 38% above Litecoin’s highest closing price in December 2017. Although the premium on Grascale’s Litecoin fund has been drastically cut over the past three months, LTCN shares remain an unattractive investment vehicle for retail traders.

The trust offers exposure to LTC without investors needing to handle or custody cryptocurrency. Nevertheless, its shares can only be sold by Grayscale Investments to institutional investors.

The unusual spread appears to have been driven by increasing retail demand for Litecoin ahead of the Mimblewimble privacy solution rollout, with Grayscale accumulating $258 million worth of LTC so far.

Arbitrage is not really an option

Grayscale’s Litecoin Trust aggressively ramped up accumulation in February, buying at a rate equal to 80% of new Litecoin being mined during the period.

However, anyone thinking about a potential arbitrage opportunity should note that all LTCN shares require a one-year holding period after they’re created. Besides, the trust requires all investors to be accredited, with a minimum of $25,000 to start.

The United States-based investment firm also offers trusts for other cryptocurrencies, including Bitcoin (BTC). The Grayscale Bitcoin Trust (GBTC) is the firm’s largest holding, with over $30 billion in assets under management.

In recent days, the Grayscale Bitcoin Trust traded at a discount to net asset value as the TSX Purpose Bitcoin ETF saw record inflows. A diminished appetite in the secondary markets creates a potential imbalance, as there is no redemption program for the Grayscale rust funds.

Had there been a way to convert those shares back to their LTC or BTC equivalent, a market maker would gladly buy the trust shares at a discount.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/litecoin-is-trading-at-a-1-800-premium-via-grayscale-s-ltc-trust-but-why

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