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IOTA Tron (TRX) Price Analysis: A Subtle Shift in Tone?

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Tron

While some of the major large market cap coins have managed to weather the recent storm with their primary 2018 support levels left still intact, a quick glance at the charts for IOTA and Tron (TRX) will make clear that these two are not among them.

However, if we see an inflection in this space over the following week, both of these coins may be capable of putting in relatively important bottoms. And our job as technicians at this point is to remain objective and listen to the signals being broadcast from the patterns and indicators that we see.

IOTA

Price Analysis

  • High: $0.54879
  • Low: $0.5341
  • 24-Hour Volume: $32.38M
  • 7-day Percent Change: -41.04%

As we noted last week, IOTA has been breaking down out of a very clearly demarcated bearish descending triangle on the daily chart.

The most recent leg – the one that triggered this pattern and sent this coin spiraling lower – came off of a glancing blow ricocheting off of contact with a declining 50-day simple moving average.

The move that has resulted in is a brutal one, knocking IOTA off the edge of the table for losses surpassing 40% just over the past seven days.

This move has resulted in some striking oversold readings for oscillators on both the daily chart and the hourly chart, with a minor bullish divergence now appearing in the hourly MACD.

However, if downside were to resume from here in IOTA, the most obvious major zone below for clear support would be all the way down at the $0.32 level.

Tron (TRX)

Price Analysis

  • High: $0.022782
  • Low: $0.021918
  • 24-Hour Volume: $104.61M
  • 7-day Percent Change: -24.53%

Tron (TRX) presents us with another example of a chart implosion over the past seven days, with the coin undercutting its 2018 lows in recent action on a sharp rise in volume that suggests a major run of last-ditch stop orders.

That means there aren’t any other support levels below that one can hang a hat on. However, the fact that volume surged on the break of the March lows suggests the possibility of a capitulatory low now within reach.

In addition, the breakdown that we have seen in TRX off of the pivot high logged on July 30 has taken the form of a possibly completed Elliott wave impulse move.

In other words, Tron (TRX) is badly oversold, and triggering some positive readings under the surface from major oscillators, but still within the confines of a highly directional downward trend that no longer has any clear support levels below as a technical safety net.

That means we have to watch the tape for a shift in tone.

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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