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Bitcoin (BTC) Tron (TRX) Price Analysis: Huge Support Levels Now in Play

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Tron

As we continue to trace out the recent corrective move that has been dominating the cryptocurrency complex over the past eight days, we are beginning to test key support levels that represent important signals about the fate of the current chart pattern we see shaping the charts for many large market cap coins.

Below, we are going to take a close look at the charts for Bitcoin (BTC) and Tron (TRX), noting the key dynamics in play, any directional signals they imply, and the important levels to watch on both sides of the tape.

Bitcoin (BTC)

Price Analysis

  • High: $7108.6
  • Low: $6914.8
  • 24-Hour Volume: $3.88B
  • 7-day Percent Change: -14.66%

Chart courtesy of tradingview.com

Bitcoin (BTC) has been steadily pulling back following its test very near the 200-day simple moving average in the middle of last month around the $8500 level.

The pullback that we are currently navigating in Bitcoin (BTC) has made its way all the way back through the moving average channel to test key support at the 50-day moving average, which crosses the chart just under the $7000 level.

Importantly, BTC volume has been rising over the past month as excitement builds back into the space during the bounce and weak hands are now busy tossing their positions overboard for fear of tying themselves down to a sinking anchor. That is the type of mentality that can often spawn a bounce at support like this.

At this point, key support sits below at the $6800 level, should lower lows appear for the trend on the hourly chart.

The MACD on that chart right now is actually favorable and supportive for a possible move back above the $7000 level as the histogram sits neutral and both the MACD line and signal line are below the belt.

Tron (TRX)

Price Analysis

  • High: $0.029626
  • Low: $0.028829
  • 24-Hour Volume: $118.83M
  • 7-day Percent Change: -18.31%

Chart courtesy of tradingview.com

Tron (TRX) has been one of the weakest of the large market cap coins over the past week, diving nearly 20% in that time, and taking out a number of key support levels.

We may be building a case for an oversold bounce simply by dint of a seller exhaustion dynamic given the magnitude of the decline. In short, TRX has probably been one of the toughest picks in the space this summer, and there may be no shortage of individuals still contemplating giving up on it if the downside momentum persists.

However, at the same time, Tron (TRX) also has one of the strongest areas of technical support currently in play, with major lows covering the area where it currently trades – including major pivots in February, March, and April of this year.

The most important level below is clearly the $0.025 level, which could come into play if we see another couple days like the action we saw last week.

Happy Trading~

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Charts courtesy of tradingview.com

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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