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
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…