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Tron falling chock is almost done. TRX breakout is coming!

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Tron TRX
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Tron started its operations last year and ever since it began, it has achieved great feats in the crypto market. At the time of writing, TRX is trading at $0.021 after rising by 3% in the last 24 hours. TRX/USD is moving aggressively on its daily charts, and a steady bullish movement might come to the party soon.

In a technical point of view, TRX is trading at a major support level of $0.0230 and a resistance level of $0.1004. Tron (TRX) is in a falling wedge which has been so, right from the start of its correction. In the meantime, the stochastic is closing up, which shows that there may be an ascending correction coming soon and possibly, a breakout. The chance for correction can be measured by Fibonacci points, targeting main points at 0.0476, 0.0577, and 0.0650.

It is important to know that the TRX/USD daily charts show that a breakout is evident as the falling wedge is almost done. A possible situation is that falling wedges usually breakout on the 5th touch (E) – which is possibly next month.

That said, Tron’s EMA position is still on the bear side as its value has gone lower than the 21 EMA. Additionally, an ABC correction is set to occur according to the TRX daily charts in other direction of the Elliot 1-2-3-4-5 wave. This implies that there is a possibility of a bullish movement in the coming months.

Tron (TRX) is a decentralized platform that operated under Ethereum before it became independent. This decentralized platform is rank No.12 according to CoinMarketCap with a market capitalization of $1,386,288,958; it is now a rival to Ethereum.

In the past one year, Tron has achieved lots of feats and has a lot of hype around it. Analysis from GoogleTrends shows that Tron has attracted more users globally and it is among one of the most demanded altcoins. Even with the hype and attraction, it has not reached Ethereum’s market value and position.

We aren’t sure if it will overtake Ripple and Ethereum at their respective positions, but it is certain that there is a bullish movement coming up on Tron (TRX). Again, the TRX daily charts show that the TRX falling wedge is set to be complete and a bullish breakout is forthcoming. It is necessary to know that if there isn’t any breakout, then, it has to test a new resistant level before a breakout can occur.

Subsequently, crypto enthusiasts have been monitoring the meeting between Tron’s CEO, Justin Sun, and Twitter. According to leak sources, the meeting was to decide how scam bots can be removed – which is currently a big problem for Twitter these days. So allegedly, Tron Foundation and Twitter are in close collaboration to combat these scam bots to make the social media safe for its users. It is also important to know that if Tron collaborates with Twitter on this issue, it will be beneficial, not only for Tron but also its cryptocurrency TRX.

In the end, let’s not forget that more than 2.2 million users and businesses can now take Tron (TRX) as a mode of payment as the blockchain firm partnered with CoinPayments just recently. This undoubtedly is a massive step towards crypto adoption, which in the end, will shower a positive impact on the whole crypto market and not just Tron.

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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 thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of SH Lam via Unsplash

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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Altcoins

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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