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Technical indicators prove Tron (TRX) is on its way to a bullish upturn

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Tron TRX
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Recently, the cryptocurrency market has suffered one of the most significant dips in history. In fact, this year alone the market has experienced incredible bearish moves that, in most of the cases, have been caused by hacking attacks such as the ones of Bithumb and Coinrail, as well as because of the usual volatility that’s expected of the crypto sector itself. Likewise, all of the cryptos in the market has suffered adverse changes in their prices, and this is something that even for top cryptos have been very difficult to correct.

Tron (TRX) is among those coins that have faced difficult times with their prices, even to the point where a large part of the community has been feeling highly disoriented, especially when a price take off was the most common expectation for the coin. Let’s recall that many experts forecasted the TRX token to experience a skyrocket momentum right at the moment of the launch of its mainnet, and as this happened on May 31st, the hopes were actually starting to crumble.

Nevertheless, as it all seems now, the token has already started its price correction, a fact that is actually prognosticated to improve even more with the events to come, the Super Representative elections, and the coin burn that will take place after the TRX token declares its independence from Ethereum ERC-20. Let’s see how the coming days look like for the coin!

Technical indicators report

According to the technical indicator Simple Moving Average (SMA), Tron (TRX) is more likely to obtain at the future prices in the bullish tendency. The indicator that shows the average value of the price of specific product and services has shown a result on the 100 SMA going above the 200 SMA long-term, which means the token has great possibilities of skyrocketing rather than nosediving.

Similarly, the Fibonacci extension tool has revealed remarkable results for the token, showing TRX already surpassed the 38.2 percent extension and prognosticating the closing on the 50 percent extension at $0.04281. Furthermore, if everything results as expected for the coin with the coming events, then the market will possibly experience a selling pressure that could take the crypto to the 61.8 percent extension or the 78.6 percent at 0.05400.

For its part, the Relative Strength Index (RSI) has increased considerably, as well as the Stochastic, which proves it is actually the trend that the TRX token might follow in the coming days.

Current status of the crypto market

The cryptosphere appears to be regaining control over the prices after the long rough patch that has been shaking the industry during this year (and just recently). This, in fact, is an astonishing thing in lights of the recent hacking that the popular exchange, Bithumb, has suffered; not so long ago a very similar situation occurred with a South Korean exchange, and the results were catastrophic, to say the least.

However, finally, taking numbers from the last 24 hours, the market shows up strong and resilient (Tron TRX holds the record for the only coin among top 10 to be in green if we talk about last seven days). And this is something because of which we all are cheerful for, and the most important, we expect that lasts in the long run for Tron and rest of the crypto market. But, we don’t know what the market could bring ahead, signs and hopes are positive, though.

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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 Pixabay.com

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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