Shrouded in mystery and still unknown by many, Tron (TRX) is a cryptocurrency-based localized platform founded by a Singapore-based non-profit organization, Tron Foundation which is headed by Justin Sun. The virtual currency seeks to build a free, content entertainment network that will use localized distributed storage networks to reduce the cost of sharing digital content.
As the whole world waits for the big event in cryptocurrency universe, Tron’s main net launch, which will see its migration from Ethereum’s blockchain and make it an independent public blockchain, analysts are predicting a positive price change.
Among the main reasons that indicate the coins good fortune shortly is the formation of a double bottom on its one-hour chart. It is also good to note that TRX is still benefiting from an intensive marketing campaign that publicized the digital coin as the preferred cryptocurrency for investors showing that the coin could be up for a bullish run.
However, Tron’s low prices still present a hindrance for the coin to confirm its full potential. The digital coin has to improve in terms of its worth.
Technical Indicators that Tron is Ready for an Upward Trend
Although the 100 SMA being lower than the long-term 200 SMA target which indicates that the direction of least resistance is still on the downside, the selloff is more likely to take place rather than reverse.
Despite that, Tron succeeded to break past the 100 SMA mark, and it’s currently testing the 200SMA dynamic inflection. In any event, if it breaks higher, Tron would end up testing the neckline at 0.075, and a further upward trend past this mark could see the digital coin triggering a major bull run. This spans 0.060 to 0.075.
Buyers are also showing signs of influence on Tron price movement with one of their major buyers, RSI moving up. However, this oscillator is signaling exhaustion due to overbuying.
Stochastic is almost depleting its buying mandate, with overbought status being attached to them showing the bulls will have to let the bears take the steering wheel in the near future. And in this case, a fall to the bottom will not come as a surprise.
Market Factors Indicating Tron’s Upcoming Rise
Sometime early this year, TRX made its all-time high price of about $0.34 (roughly 2000 SATS). Ever since then, like many other cryptocurrencies, TBX has been spiraling on a downward trend reporting declines until the end of March where the digital coin found support at 400 SATS. From there, TBX has been recovering steadily all through April.
At the moment, market enthusiast and investors are all looking forward to the Main Net Launch that’s scheduled for the end of the month, hoping it would trigger some positive outcomes for Tron’s platform. If all things remain constant, the main net launch will have positive outcomes on the price of TRX.
In anticipation of the event, certain exchanges such as Bitfinex, Bit-Z, and Bitrex have decided to freeze Tron holdings for the time being in order to support the upgrade. Bitpie Wallet also announced their readiness to support TRX’s main net launch and upgrade.
For the latest cryptocurrency news, join our Telegram!
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 Pxhere.com
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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…
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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…