NEO (NEO), Bitcoin (BTC) & Tron (TRX) Technical Analysis 15th – 16th June: Looks Like it Will be an All Green Weekend!
In the last 12 hours, NEO (NEO) has been consolidating, and is ranging at between $40.99 and $37.50, which is an indicator that after the recent drop, sellers are losing momentum in the market. Buying volumes are on the rise too, indicating that investors are slowly getting into NEO (NEO), and this price level is likely to hold as strong support.
In the next 24 hours, NEO (NEO) is likely to rise to around $44, a price level it has lagged at in the past. If it breaks above this price level, NEO (NEO) is likely to rise to $52, which is the second support level on the 55-day moving average.
On the other hand, if it breaks below this price, it is likely to drop to $32, which is the first support on the weekly charts. However, this is highly unlikely given that buying volumes are on the rise at the moment.
It’s an indicator that people are taking advantage of the current low prices to jump in, in anticipation of the next bull run. If by any chance bitcoin rises and sustains above $6800 in the next 24 hours, chances of NEO (NEO) testing $52 are quite high.
One other thing. Tron founder Justin Sun acquired BitTorrent which means it could soon be integrated into the Tron network. What’s more, the parent company that owns Tron recently got a patent for peer to peer live streaming.
In the last 12 hours, bitcoin has formed an upward consolidation pattern, trading in the $6600 to $6200 level, but $6500 is also offering some strong support. That’s an indicator that there is increased buying pressure in bitcoin at the moment.
If bitcoin breaks above $6600 in the next 12 hours, it is likely to push higher towards $6800, which is a short-term support level on the 12-hour chart. If it breaks above this level, bitcoin could easily test $7000 over the weekend.
However, if volumes decline in the next 12 hours or so, bitcoin could drop back to around $6200, a price level that has offered strong support in the last one week. This looks highly unlikely though, given that buying volumes have been rising.
With Tron Independence Day coming up 9 days, Tron (TRX) is eliciting some serious excitement in crypto circles. In the last 12 hours, Tron (TRX) has edged higher to $0.044 after yesterday’s drop, when it closed at $0.043.
If this momentum continues, Tron is likely to test $0.054 in the next 24 hours. This is the first resistance level on the 200-day moving average. However, in case volumes drop in weekend trading, Tron (TRX) is likely to test $0.036, which is a more long-term support level.
However, with all the ongoing hype around the Tron migration, a break to the downside is highly unlikely. For someone looking to invest in crypto with a short-term view in mind, Tron (TRX) offers the best opportunity.
It is highly underpriced when you factor in the fact that it has some major news coming up in a week. The hype around it could even see it test $0.07, which is the first resistance on the weekly chart.
Disclaimer: This content is for information purposes only and is not intended as financial advice or any other advice. It is not an offer or solicitation to buy or sell nor is it meant as an endorsement or recommendation for any security. The information is general in nature and does not take into account your individual financial position. You should seek advice from a registered professional investment adviser and undertake due diligence before making investment decisions.