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IOTA Tron (TRX) Price Analysis: It’s Crunch Time!

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IOTA

Volatility is an interesting double-edged sword for the cryptocurrency complex. But, for traders, it’s obviously the lifeblood of the project. A market that is still so inefficiently priced, still so free from the shackles of institutional market makers and algorithmic domination, and still so wide-ranging in its movement is an extraordinary opportunity at every turn, literally.

For traders involved in IOTA and Tron (TRX), such an opportunity is surely lying ahead one way or the other.

Let’s take a close look at the charts to see if we can pick up some new intel on which way is most likely over the near-term.

IOTA

Price Analysis

  • High: $1.03
  • Low: $0.94
  • Major Resistance Level: $1.20
  • Hourly MACD: Deep Oversold

Chart courtesy of tradingview.com

IOTA is beginning to show some signs that could begin to frighten some overleveraged players out of this market. The chart has started to build out a possible bearish ascending triangle pattern that must have as a target some kind of break underneath the key support level at $0.88.

None of that means IOTA is going to break lower. However, it does mean that the pattern poses a greater risk.

This can, in fact, turn into a bullish pattern for IOTA simply by refusing to break down despite the presence of what looks – at least right now on its face – as a bearish pattern.

In other words, it is often the case that the best directional bets are placed on something that looks as bad as possible and yet refuses to move in the direction being signaled by the chart. One way to think about this is as follows: certain patterns transcend the need for experience in technical analysis. Everyone can feel them. Market participants become demoralized by a pattern like a descending triangle. It embodies the concept of “selling pressure”.

Hence, people probably are already giving up on IOTA and throwing in the towel. And those same people will be forced to chase back in if this refuses to break down and turns and starts to rally back above the $1.00 level.

Tron (TRX)

Price Analysis

  • High: $0.036697
  • Low: $0.034306
  • Major Resistance Level: $0.04
  • Hourly MACD: Potential Histogram Bull Signal

Chart courtesy of tradingview.com

Tron (TRX) poses some of the same issues discussed above for IOTA.

The pattern here is one that holds the possibility of becoming demoralizing for traders. The pressure is evident, and resistance continues to hold.

However, at the same time, a move from here back above the $0.04 level could turn everything on its head. It’s critical that one also notes where the-50 day simple moving average is at the moment – right at that same level.

Tron (TRX) is beginning to see things technically come to a head on the charts. In a sense, this is a do-or-die moment for traders involved in this coin on some level of leverage and needing a short-term signal to start to move in their favor. It may well happen, but another shakeout is certainly possible as well.

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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