Ethereum Classic (ETC), Bitcoin Cash (BCH) and Tron (TRX)
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Ethereum Classic (ETC) price went ballistic on Binance and Coinbase support surging over 20% on Tuesday. The cryptocurrency defied the negative pressure in the market spiking and smashing past various resistance zones. At the time of writing, ETC/USD is trading at $15.1, besides it is forming a bullish flag pattern supported by the 50 Simple Moving Average.

Binance, the largest crypto exchange has added more trading pairs for Ethereum Classic. The exchange announced that the trading of ETC/USDT and ETC/BNB will start on Tuesday. Binance serves over 9 million customers around the world, while it records average trading volumes of $1.5 billion every day. Coinbase, on the other hand, has also announced that it is going to support the trading of Ethereum Classic on its platform. Coinbase is one of the strictest exchanges and currently lists only a few assets. Support for ETC will be very instrumental in the growth of this cryptocurrency.

Ethereum Classic (ETC) price traded highs of $16.6 from lows of $12.5 before correcting lower. The crypto has been supported by the 50 SMA above the short-term support at $14.5. It is now trading marginally above $15.00, besides indicators like the moving averages signal that the bulls have the influence in the short-term. The Stochastic has left the overbought levels and is currently at the 50 mark and pointing downwards which shows that the sellers are seeking entry.

Bitcoin Cash (BCH) Price Analysis

Bitcoin Cash (BCH) is still extending declines, similarly, it is down over 3% on the day. The 61.8% Fib retracement level with the last swing high of $1,201 and a low of $881 gave in to the declines in the previous weekend. The price is trading lock-step at the moment while the path of least resistance is to the downside.

On the upside, the intraday gains have been capped below $960, while the resistance at $950 is proving to be a significant hurdle. The moving averages indicate the presence of selling pressure in the near-term. Furthermore, the Stochastic is still stuck in the overbought region.

If the sellers push for lower corrections around the breakdown zone at $900, Bitcoin Cash (BCH) could test the demand zone at $880 (lows traded on May 29). In the meantime, the buyers must seek a support above $900 and focus on the breakout at $960 which will allow BCH/USD to recoil above the $1,000 level.

Tron (TRX) Price Analysis

Tron (TRX) price, on the other hand, is locked within a falling wedge pattern which is supported at $0.0448. The bearish trendline is limiting the gains on the upside, although TRX/USD could be approaching a breakout. For the second day in a row, the price is trading below the resistance zone at $0.048,

Tron has finally completed the acquisition of BitTorrent; software and peer-to-peer file sharing platform. BitTorrent Inc. is the company that develops and maintains the software. The deal was completed last week but it was kept from the public. Moreover, the details of the business deal have not been made public.

Technically, Tron (TRX) price is currently trading at $0.045, as though to avoid major movements. There is a breakout at $0.048, which will open the door for TRX/USD to attack the next resistance target at $0.050. Tron price will use the support from the falling wedge pattern at $0.044 to avoid further declines. But in the event declines continue below this, a stronger support is available at $0.030. Indicators on the chart show that selling pressure will prevail in the near-term.

 


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This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.
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