Bitcoin
BTC$36 135.88

-3.18%

Ethereum
ETH$2 400.38

-2.16%

Tether
USDT$1.000631

0.03%

Binance Coin
BNB$366.39

-3.50%

USD Coin
USDC$1.000275

0.10%

Cardano
ADA$1.038463

-0.18%

TomoChain: No Escape from the Downtrend


May 2020

While the heavyweights of the cryptocurrency league have been stalling for the last two weeks, unable to make a decisive move in either direction, traders must have been exploring new opportunities for money-making closer to the middle of the ranking table. Believe it or not, there are several decent cryptocurrencies in that region, one of which is TomoChain (TOMO).

From the fundamental standpoint, TOMO is a blockchain ecosystem built on the foundation of the PoS voting consensus specifically for business entities that are willing to explore the perks of decentralized finance (DeFi). The coin was listed on the exchanges in April 2018 and had almost immediately reached the all-time high at $2.3, followed by a deep dive to the lowest price level at $0.14, recorded on the notorious March 13.    

A green month for TOMO


Even though TOMO occupies a not-so-prestigious 125th rank, it boasts a combination of good fundamentals, decent market capitalization ($23.4 million), and very impressive average trading volume - $22,9 million, which is considerably larger than that of the neighboring cryptocurrencies. Moreover, TomoChain has proven to be a steady gainer, especially in the period after the market collapse.

In the past 30 days, TOMO got buffed up by 63% when paired with USD, and got a 20% larger pump than Bitcoin. Certainly, there is no guarantee that TomoChain will perform equally well throughout the entire year, so traders who fancy this cryptocurrency must make hay while the sun shines.

The bears will gain the upper hand, eventually


One shouldn’t expect wonders on the part of TomoChain, especially in the context of the looming global recession, but that cryptocurrency is nevertheless capable of gaining anywhere from 80% to 240% during its bull rallies that happen once every two to three months.

On the macro level, TOMO persists moving in a symmetrical downtrend channel. Interestingly enough, the recent market meltdown didn’t break the structure of that channel, with its bottom being formed right at the support line.

1-week TOMO/USDT chart

After two weeks of indecisive price action, TomoChain exploded to the upside with three green candles, each one closing above the predecessor - a clear sign of bulls taking over the initiative in that market. However, the uphill movement should end there as the price is likely to bump off the inner resistance line at $0.35. Given the situation around COVID-19 and the approaching recession, the move above that level is deemed highly unlikely.

Therefore, we predict that it will first retrace to $0.22, make a short bounce, and then descend to $0.12, which would fall in line with the general trend structure. Upon that, look for the trend reversal patterns to enter a lasting long position.

1-day TOMO/USDT chart

In a shorter time frame, TomoChain is likely to leap above the 50-period EMA and entrench there for a while. The highest price target which TOMO will reach in this market phase is $0.4, but not at the first attempt because the 14-period RSI is expected to revert back to the existing downtrend structure, drawing the price to the lower line of the ascending channel.

Despite the present bullish price action, the overall prognosis for TomoChain is bearish, with coin re-visiting the areas close to the all-time low at some point during the next two or three months.

Author: Alex Paulson for Crypto-Rating.com

Related

TomoChain (TOMO): Flows Inside the Descending Triangle
TomoChain (TOMO): Flows Inside the Descending Triangle
TomoChain (TOMO) Is Retracing After a Prolonged Rally
TomoChain (TOMO) Is Retracing After a Prolonged Rally
TomoChain (TOMO) Enters a Crucial Period of Price Action
TomoChain (TOMO) Enters a Crucial Period of Price Action

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 73.2% 46 $36 135.88 -3.18% -14.06% $684 451 522 701 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 69.6% 57 $2 400.38 -2.16% -23.69% $286 435 196 908 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000631 0.03% 0.04% $78 241 481 557 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 65 $366.39 -3.50% -23.34% $60 497 344 871 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000275 0.10% 0.04% $49 098 532 248 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 70.4% 63 $1.038463 -0.18% -23.84% $34 843 649 759 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 75.2% 49 $0.602237 -2.97% -19.51% $28 748 941 627 XRP 7 days price change
8 Solana (SOL) SOL Solana predictions 67.2% 63 $88.80 -5.61% -35.45% $27 969 324 271 SOL 7 days price change
9 Terra (LUNA) LUNA Terra predictions 66.8% 68 $57.44 -7.97% -30.24% $23 070 373 039 LUNA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 70% 64 $0.140947 -1.81% -14.46% $18 699 577 603 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 65.2% 69 $17.55 -5.51% -28.73% $17 334 714 531 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 67.6% 68 $62.58 -7.06% -25.89% $15 321 901 552 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $0.999044 -0.16% -0.18% $14 527 440 835 BUSD 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 66.4% 72 $1.54 -2.15% -25.83% $11 478 980 661 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66.4% 70 $0.000021 -3.55% -25.96% $11 283 082 704 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.