There are varying opinions of multinational investment banks and financial services about Bitcoin and the future of cryptocurrency circling the web. A clear picture of how the market is going to behave remains unknown. These differing outlooks can cause confusion and chaos among new investors who are planning to invest in the crypto market.
By this time it is more than evident that cryptocurrencies are here to stay. Hence it would be better if all the traders focus on fundamental development in the crypto space.
Investors confidence in cryptocurrency can be visibly seen from how multiple blockchain projects are securing capital. And at the other end, even the crypto companies are introducing new strategies and plans to attract institutional investors.
Furthermore, integration of cryptocurrencies into the mainstream economy may happen much sooner than predicted with strong backing from investors. Trading giants are also predicting the bear market phase to end soon and a new bull market phase to start. Though there won’t be a vertical rise in the market value, you can expect a gradual increase in the price. Few of the top performers in the crypto market are already showing signs of bottoming out.
Here is a list of top 3 performers for the week with a small prediction of how their prices might change.
Tron has been the best performer amongst the large coin players by their market cap value over the past week. In the weekly report provided by the Tron, it is said that it has over “150 DApps and more than 300 smart contracts.”
At the recent niTron Summit, Tron founder and CEO Justin Sun said that he is expecting the number of decentralized applications (DApps) on the network to increase to 2,000 by the year-end.
The TRX/USD pair has shown good power as the bulls are trying to sustain the overhead resistance at $0.02815521. Since the value of cryptocurrency has been stagnant in this range since mid-August, it is believed that a breakout is soon to happen with a new uptrend.
Their immediate target is to get to $0.4, but it is believed to cross that and might extend to $0.05218328. Hence to play it safe it is better for a long position on a close above 0.02815521, with a stop loss just below $0.021
Litecoin has emerged with a new tagline “Take control of your money and pay with Litecoin” and a new logo. The logo was revealed during a UFC event sponsored by the company and received an excellent response. Only the time has to tell whether this new vision will help change the fortunes of this struggling cryptocurrency has to be seen.
The good news for the long term investors is that the cryptocurrency is expected to start a new uptrend if the price sustains above $40.78. A minor resistance can occur at $47.246, but above this, the move can extend to $65.561.
Binance Coin has been making noticeable ripples in the market for the past few weeks. BNB has been now ranked as the 12th largest coin by the value of market capitalization. It has also become the latest exchange to offer crypto-to-crypto over-the-counter trading. Adding to this the company has also rebranded its Trust Wallet as a multi cryptocurrency wallet.
From the market price perspective, a strong resistance can be expected in the range of $7.17–$7.7. Any breakout and close above this zone can signal a trend reversal.