The recent market fluctuations in the cryptocurrency industry have been unpredictable and volatile, with unexpected twists and turns that have stunned investors. TMS Network’s (TMSN) recent presale, Injective (INJ)’s bearish sentiment, and Ethereum(ETH)’s sudden surge have all contributed to the chaos. Let’s take a closer look at what’s been happening in the crypto world.
The altcoin Injective(INJ) has recently shown a positive trend on its daily chart, with the price forming higher lows over the past three weeks. However, on Monday, the price broke above the critical resistance level at $5.211 and is currently trading above it. This upward trend is a positive sign for Injective(INJ), indicating that the altcoin may continue to increase in value.
Despite the positive trend on Injective (INJ)’s chart, the daily RSI indicator suggests that the altcoin’s price may drop in the next 24-48 hours, which supports the bearish thesis proposed by Ali, who predicts a potential decrease in the price of Injective(INJ).
The 9-day EMA line is currently trading above the 20-day EMA line, indicating a bullish trend, but the RSI suggests that this may not continue for long.
Injective(INJ)’s price may drop to the next support level at $4.457. While the positive trend line and the recent breakout above the resistance level at $5.211 are encouraging signs for Injective(INJ), investors should keep an eye on the RSI indicator and potential support levels to determine the future direction of the altcoin’s price.
While Ethereum(ETH) has lagged behind Bitcoin (BTC) this year by 14%, it is now breaking out ahead of the upcoming Ethereum blockchain’s Shanghai upgrade, according to a research report by Bernstein. The report suggests this breakout could be a sign of ether’s relative strength compared to bitcoin.
The Shanghai upgrade is scheduled for April 12, and Ethereum(ETH) has already gained 6% in the last 24 hours. Gautam Chhugani and Manas Agrawal, analysts at Bernstein, note that this gain is reminiscent of when Ethereum(ETH) rallied into the Merge, the most recent upgrade of the Ethereum(ETH) blockchain that occurred in September. These early signs of strength indicate that Ethereum(ETH) may be on the verge of a significant move higher.
As Ethereum(ETH) continues to gain momentum ahead of the Shanghai upgrade, investors are closely monitoring its performance relative to Bitcoin. The upcoming upgrade, coupled with the positive sentiment around the cryptocurrency market, could lead to a surge in the price of Ethereum(ETH) in the coming weeks.
Bernstein’s research report highlights the potential for investors to take advantage of this trend and benefit from the relative strength of Ethereum(ETH) versus bitcoin.
TMS Network (TMSN)
TMS Network (TMSN) is a game-changer in cryptocurrency trading. The platform allows for open access to the trading of derivatives, enabling millions of people worldwide to participate in cryptocurrency trading.
Additionally, TMS Network (TMSN) supports MT4 and MT5, two widely-used trading tools, making it easy for traders to use the platform. TMS Network (TMSN) token offers exclusive access to premium services and a commission fee for every trade executed on the TMS Network (TMSN) platform. Currently, the token is in Stage 2 of its presale, with a value of $0.07.
The cryptocurrency market is notoriously volatile, and recent events have certainly lived up to that reputation. TMS Network’s groundbreaking presale, Injective(INJ)’s concerning social activity, and Ethereum(ETH)’s sudden breakout ahead of the Shanghai upgrade have all sent shockwaves through the market.
Learn more about TMS Network here:
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.