For our Feb 27, 2019 price analysis, we will be focusing on EOS, Stellar, and TRON — three sophisticated smart-contract-capable blockchains that have experienced some jarring ups and downs over the past month.
With much of the cryptocurrency market still reeling from Sunday’s flash crash, we find that TRON (TRX) is performing poorer than most — while EOS (EOS) and Stellar (XLM) have struggled against Bitcoin (BTC).
EOS Gets a Boost
In recent news, Effect.ai — a platform that allows organizations to access troves of AI-generated data — has recently moved its DApp to the EOS blockchain from NEO, citing issues with network spam and difficulty scaling as the rationale behind the move.
This isn’t the first time EOS has sucked the life out of competitors, with several projects including Unico, Medipedia, and Tixico ditching Ethereum last year for the industrial scale EOSIO platform.
After trading sideways throughout early February 2019, EOS began to break upwards on Feb 14. Afterward, EOS experienced an impressive spike — gaining almost 60 percent in just two weeks to reach over $4.50.
Shortly after this impressive growth, EOS again slipped up and has seen more than 18 percent of its value deleted over a period of just hours as the market turned sour.
Following this rejection, EOS is again struggling to hold $3.50. The Relative Strength Index (RSI) indicates that the market is slightly overbought. The exponential moving averages (EMAs) and simple moving averages (MAs) point to a bad week ahead for the cryptocurrency.
In light of this, EOS remains in a relatively precarious position in the market and is continuing to lose ground to Bitcoin — with its current trajectory appearing to head towards further losses in March.
Stellar, But Not So Bright
Another hot topic as of late is Stellar — the so-called public rival to Ripple’s private blockchain.
Like EOS and much of the rest of the cryptocurrency market, Stellar (XLM) also benefited from an impressive spike throughout much of February 2019 and was one of the first movers in the space, beginning its ascent in early February.
Since February 07, Stellar added as much as $400 million to its market capitalization as its value rose from just $0.073 to $0.099 — adding a respectable 36 percent in just two weeks.
However, things were not to last. XLM fell, alongside the bulk of the market, on February 24, shedding around half of its February gains in just hours.
Currently, XLM is trading between $0.084 an $0.089, with no clear direction to its trend. Despite this, Stellar is currently losing ground against Bitcoin (BTC) as Bitcoin continues to gather strength faster than much of the market.
#XLM I feel for those who held this all the way down .I'm sure I did post charts & stuff about this, but not sure they got attention
— OldManTrading (@Old_Man_Trading) February 26, 2019
Based on the current projections, XLM might reach as high as $0.089 to finish off February. If the technical indicators are to be believed, it is more likely that it will continue to slip, falling below $0.084 by March 01.
TRON (TRX) Trudges Forward
Like both EOS and Stellar, TRON experienced an impressive spike between Feb 4 and 6, adding an additional 17 percent to its value to achieve $0.027 per coin.
While a 17 percent growth in 10 days may be impressive, compared to many other altcoins, TRX fell short — with 20-30 percent gains being common across the board.
Like most altcoins, TRX was subject to shattering losses on February 24, which wiped out practically all of the gains it has accumulated in the prior to weeks. This indicates that TRON is performing more poorly than most in February and is struggling to maintain traction against BTC.
Based on current trends, it appears likely that TRX will continue to slip, retouching its February 2019 low by the start of March.
However, Tron may be due for an upcoming bull run after news broke of its impending hard fork, during which several new features will be added to the blockchain — including a claimed 50 percent performance improvement plus the implementation of institutional-grade multi-sig.
Typically, feature upgrades to popular blockchain protocols will generate some degree of hype around a project, with upgrades that improve the functioning of decentralized applications often drawing considerable attention.
#TRON will launch 3.5 hard fork upgrade on 2/28. New Features: 1. multi-sig and acct mng, institution ready 2. Dynamic energy adjustment to real-time network performance 3. 50% up performance & res usage 4. Better VM safety, events server for Dapps. Go! #TRX $TRX
— Justin Sun (@justinsuntron) February 24, 2019
As of yet, there does not appear to be any positive traction accumulating as a result of the announcement.
Which of our picks do you think will perform best over the next week? Can TRON gain any ground in the next few days? Leave your thoughts in the comments below!
Images courtesy of Shutterstock, TradingView, Twitter.