Bitcoin / U.S. dollar(BTCUSD) Elliott Wave Technical Analysis 29 January 24
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Bitcoin has been on a brilliant surge, reaching a new ATH of around $89,864. Although the price might have slumped slightly since then, it still has a thrilling 30% surge over the past seven days and 102% surge in 2024, while expectations are rife that its price could rise significantly higher before the end of 2024. Historically, whenever the world’s biggest cryptocurrency is on a tear as this, the market comes alive. While this has also applied in this current surge, memecoin enthusiasts will be keen to witness exponential pump orchestrated by the Bitcoin’s happy mood. For a good part of the year, memecoins have garnered the most attention particularly within Solana and Ton ecosystems, if memecoin market will witness a major rally, then these ecosystems will surely be on the forefront. With this likelihood, all eyes seems to be fixated on PNUT, a meme token on Solana Blockchain. The token pays homage to Late PNUT, a social media sensation squirrel rescued in 2017 by Mark Longo after its mother was killed by a car in New York City. Backed by Beeple, Elon Musk, Doge, Wif, and Justin Sun; PNUT successfully launched on Bitget where its volume is on the rise. Bitcoin soars, could PNUT and other meme gaints respond accordingly?
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By CryptoChamp · Posted
Tron (TRX) has been showing impressive growth lately. Currently trading between $0.16 and $0.17 as per Coinpedia Markets, the price has increased by nearly 32% over the past six months. This steady upward movement is backed by bullish technical indicators, including a Relative Strength Index (RSI) above 50 and a positive MACD. These signals suggest that TRX could continue to rise, especially if it breaks through its nearest resistance at $0.17. If that happens, TRX Price may reach the next level of $0.18, offering a potential gain of about 6%. Support Levels and Stability Support levels for TRX are currently at $0.16 and $0.15, providing some downside protection. Both the 10-day and 100-day simple moving averages at $0.16 indicate that TRX has maintained price stability in recent weeks. Although the price has shown moderate changes, with a 0.15% increase over the past week and a 3.52% rise over the last month, the overall trend remains positive. Rounding-Bottom Reversal and Fibonacci Levels Tron Coin is also forming a rounding-bottom reversal pattern, currently testing the 38.20% Fibonacci level at $0.1686. This technical setup could signal a bullish breakout if TRX manages to break above this key level. The broader price action also shows a rising wedge pattern, which increases the chances of a successful breakout as the market recovers. Network Growth Supports Tron Crypto Price On the network front, Tron has seen impressive growth. TronScan reports that the total value locked (TVL) on the network has surpassed $18 billion, with daily transactions nearing 9 million. The number of accounts has also grown significantly, reaching 271.38 million. This positive network activity supports a strong Tron Price Prediction as demand for Tron Crypto continues to rise. With increasing momentum and network growth, TRX Crypto seems poised for further gains. -
By tradinglounge · Posted
GX URA Elliott Wave Analysis The Global X Uranium ETF (GX URA) provides investors exposure to the uranium sector, tracking companies engaged in uranium mining, exploration, and production globally. As nuclear energy gains traction as a cleaner power source, uranium demand could rise, positioning the GX URA ETF as an appealing opportunity for investors interested in the sector's potential growth. The GX URA ETF remains bullish from March 2020 making higher highs and higher lows. The previous was formed in May 2024 and the price already breached in October after a 10-week pullback from May 2024. Daily Chart Analysis Following this low, the ETF completed an impulsive wave A (circled) of the primary degree by November 2021, marking the first phase of a larger corrective structure. A corrective pullback was then developed for wave B (circled) and ended in July 2022. From there, an impulsive wave structure took shape for wave (1) of C (circled), culminating in May 2024. A pullback followed, forming wave (2) as shown on the daily chart. Currently, the rally that began on August 5, 2024, is likely the start of wave 1 of (3), signaling the next phase of the bullish recovery. With wave 1 still developing, significant upside potential remains as the correction unfolds. H4 Chart Analysis H4 chart analysis shows wave 1 of (3) is still developing. Currently, the price has completed wave ((iv)) of 1 and still favors further rallies in wave ((v)) of 1 toward $35 before a larger pullback in wave 2. Technical Analyst : Sanmi Adeagbo Source : Tradinglounge.com get trial here!
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