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.
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 thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of SH Lam via Unsplash
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…