- Bitcoin (BTC) has more or less risen from the dead after dropping to around $6,480.
- The King of Crypto is currently trading at $7,030.
- TomoChain (TOMO) is up 16% in the last 24 hours.
- If the current bullish momentum is maintained, $0.40 can be reclaimed.
The majority of the Technical Analysis done in the past 48-hour was correct on one fact, that Bitcoin would drop. However, not too many traders expected the drop only to go as low as $6,480 and then be followed by a massive pump back up above $7,000. With this one act, BTC has propped the entire crypto market and coins such as TomoChain (TOMO) are up 16% in the last 24 hours. TOMO/USDT is currently trading at $0.335 and looks set to explore new levels if this crypto market momentum is maintained.
Further checking the market dominance of Bitcoin, it has dropped by a few percentage points from 65% to 63.8%. This brief drop has allowed altcoins such as Ethereum to finally breathe and experience some gains in the crypto markets.
TOMO Could Retest $0.40 with the Current Bullish Environment
When we analyze our favorite 6-Hour time frame courtesy of Tradingview, we observe the following:
- TOMO/USDT has considerable support at $0.3065 and $0.2561.
- Current resistance levels lie at $0.3781 and $0.4043.
- The current price of TOMO is above both the 50 (white) and 100 (yellow) moving averages indicating a bullish environment.
- The 200 (green) moving average is acting as short term resistance.
- Trade volume is in the green further supporting the bullish scenario.
- MACD has crossed in a bullish manner and yet to look exhausted on the upside.
- However, the MFI is high at 77 indicating a potential case for sideways or a dip down to the support levels before continuing on its journey up.
In summary, if the current bullish crypto environment is maintained, TOMO/USDT could potentially retest $0.40. Interest in digital assets will continue to increase with the Bitcoin halving less than a month away. However, one is advised to be cautious with respect to the current global financial crisis brought about by COVID19. Therefore, stop losses are highly advised when going Long on TOMO/USD.
Where to Trade TOMO
TOMO is currently available for trading on the following exchanges:
- ProBit Exchange
- Binance DEX
- VINEX Network
More About TomoChain (TOMO)
TomoChain is a scalable blockchain used by companies globally. It is powered by a Proof-of-Stake voting consensus algorithm. With 2,000 TPS, TomoChain’s mission is to onboard as many users to blockchain technology without the complexities and hiccups experienced with the first generation of Decentralized applications. TomoChain supports all EVM-compatible smart contracts, protocols and atomic cross-chain token transfers. More on the project can be found here.
(Feature image courtesy of Quino Al on Unsplash.)
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Crypto Gazette or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.