Bitcoin Cash, Tron, Maker Price Analysis: 05 June
After a brief period when the community expected the month of June to be as volatile as its first two days, the crypto-market settled down. With Bitcoin preparing to breach $10,000 again, most of the market’s alts have strengthened their position on the charts, including the likes of Bitcoin Cash, Tron, and Maker.
Bitcoin Cash [BCH]
Bitcoin Cash, popular fork to the world’s premier cryptocurrency, was particularly affected by Bitcoin’s corrections that saw the king coin fall below the $10,000-mark again. In fact, corresponding to the same, BCH had fallen by almost 7% in a flash. Since then, however, BCH has steadily consolidated on the charts, with its press time price of $259.80 nearing the highs it touched on the back of BTC climbing above $10K.
Over the past 24-hours, BCH was observed to have climbed by over 2% on the charts, and while that isn’t much, it was an extension of the uptrend Bitcoin Cash is on. The market movement was highlighted by the widening mouth of the Bollinger Bands. However, contrary to the same, the Chaikin Money Flow could be seen dipping towards zero, suggesting falling capital inflows.
While there haven’t been too many developments for the BCH ecosystem since the last upgrade which saw new OpCode support, one of its most prominent proponents, Roger Ver, made headlines recently after he donated $10K in BCH to a children’s shelter.
Justin Sun’s TRX, a token often accused of being the product of Sun’s hype and marketing machine, seems to have put much of the sideways movement that characterized its May performance, behind it. And while TRX is no longer valued as high as when it followed Bitcoin’s lead, its performance is still fairly strong, despite the fact that TRX is down by over 2%.
The fact that Justin Sun’s TRX is doing well enough was evidenced by the fact that the Parabolic SAR’s dotted markers were well under the price candles, highlighting the market’s bullishness. On the contrary, however, the MACD line was just under the signal line on the charts.
Sun, ever the marketeer, has been very vocal lately, with the Tron Foundation CEO claiming that an “exciting project” is on the way. However, that optimism could be undercut by the fact that unconfirmed reports have suggested that the Crypto Ratings Council’s latest report might rate TRX as a security.
27th-ranked Maker is positioned reasonably on CoinMarketCap’s cryptocurrency rankings. However, it would seem that rankings alone might not suffice for MKR. While the token did spike when Bitcoin did, it fell soon after, with MKR recording a fall of over 16% over the past week. However, that’s not the worst news for Maker as a glance at the charts would reveal that its 24-hour volume of almost $8 million was overshadowed by the likes of VeChain, BAT, Dogecoin, and Qtum, all cryptos well below it on the rankings.
While the Awesome Oscillator pictured some bearish momentum in the market, the Relative Strength Index was positioned well between the oversold and overbought zones on the chart.