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Crypto market: how has it performed over the past few days and what are the news featuring the coins Waves (WAVES), Tron (TRX) and Neo (NEO)? Below is everything there is to know.
Crypto analysis of the Waves (WAVES), Tron (TRX) and Neo (NEO)
It is worth mentioning that Waves is an innovative blockchain platform with multipurpose functionality. Indeed, the platform offers developers the ability to create custom tokens and benefit from the platform’s speed, security and scalability.
TRON, on the other hand, is a decentralized blockchain-based operating system with smart contract capabilities, Proof-of-Stake principles as a consensus algorithm, and a system-native cryptocurrency known as Tronix.
Finally, Neo is an open source decentralized blockchain application platform founded in 2014 by Da HongFei and Erik Zhang.
Price prediction for crypto Waves: how will its performance compare to Tron and Neo?
Waves has been one of the crypto assets that has performed well throughout the years.
Indeed, the cryptocurrency has focused on providing an open forum for decentralized applications (dApps) that process payments with a small carbon footprint and is executed using the Proof-of-Stake (PoS) consensus mechanism.
In any case, the effort has already gone beyond its main purpose of offering higher data rates compared to some of the prominent projects. Waves has already achieved significant results including a TVL in the DeFi ecosystem of over $1 billion, with over 2 million user wallets.
Waves has also allocated a special liquidity rate of over 80% of the WAVES tokens available in the already locked network. Hence, as one of the initial currencies of its era, Waves technology is traveling to improve early blockchain products and platforms.
As for the current year, we see that the price of WAVES could reach its potential maximum of $4.76. This is due to the successful transition to Waves 2.0 with the successful implementation of Practical Proof-of-Stake Sharding (PPOSS), EVM compatibility and governance models.
Indeed, the network is working toward greater security, consistency and is always looking for more applications.
However, the other scenario for the price of the crypto, which might result from competitive rivals or new regulatory compliance regulations, sees WAVES being dragged down to $1.89.
Finally, with a balance in trading pressures, the normal price could stabilize at $3.32.
Focus on the price of Tron (TRX): the rise of bearish intent
Shortly after the start of 2023, the TRX token began its upward movement with the help of accumulated buyers, breaking its primary support of $0.057. This indicated that buyers had total control of the market since the beginning of 2023.
However, as soon as the price of the token tested its primary resistance of $0.0719, it was rejected and sellers became active in the market again, a factor indicating the increase of short positions in the market.
Since then, the price of TRX has been consolidating between its 100-day DMA and its primary resistance. This shows that the 100-day DMA serves as primary support for the TRX token price on the daily time period chart.
Tron‘s price prediction suggests that if buyers push through, the token price could break out of its consolidation phase and show a rally on the daily time period chart.
However, if sellers take control of the market, bears could lower the token price to its major support.
The trading volume of the token has decreased by 34.40% in the past 24 hours, indicating a relationship between trading volume and TRX’s price, showing an increase in bearish intent.
The Relative Strength Index (RSI) is decreasing in the overbought zone and has shown a negative crossover. This suggests that sellers are in the majority of the market and pushing TRX upward.
The current RSI value is 50.36, which is lower than the average RSI value of $51.46. The MACD and the signal line intersect but do not show any definitive crosses on the daily chart that would support the RSI claims. However, MACD and the signal line are above zero, indicating bullish intent.
Will the NEO crypto reach a high of $15?
In the past 24 hours, NEO/USD touched a daily high at $14.2, after which the coin retreated to trade at $13.7. Meanwhile, the fact that the price did not touch the $15 resistance level could spoil the long-term technical picture of the coin.
However, the price of NEO will have to stay above the 9-day and 21-day moving averages to drive against downward pressure, while the closest support predicts the coin to be at $12, which could be a daily low.
NEO’s price could continue to trend upward if bulls increase buying pressure. However, movement toward the upper limit of the channel could likely push the coin to the resistance levels of $17, $19 and $21.
On the downside, on the other hand, a move below the 9-day and 21-day moving averages could halt the initial bullish movement and create bearish momentum with the goal of taking the market to the next support levels of $10, $8 and $6, respectively.
At the moment, the technical indicator Relative Strength Index (14) moves to cross the overbought region, which indicates that the market could continue to follow a bullish trend.
Finally, looking at the daily chart, it is possible to observe that if the 9-day moving average crosses above the 21-day moving average, this could allow buyers to focus on moving upward.