In our last analysis of TRON dated April 24, we noted that TRON was trading in a slightly downward trending range channel which started forming on about January 31, 2018, as can be seen in Chart #1 below. TRON’s price action completely traversed the range channel six times before decisively breaking out to the upside on April 18, 2018, at a price level of $.046503. Since then TRON has been trading on a strong upward trajectory. On the daily chart, TRON has closed higher 9 of the last 14 days, with noticeably higher than average volume. Also, every daily bar since the beginning of the upward price move, which commenced on April 13th prior to the breakout from the channel, has traded above the 9-day moving average, with all four data points of the bar.
CHART #1: TRON Daily
The 60-minute chart below displays a more detailed view of the strong upward move that TRON is in the midst of. The upward price action has steadily followed the upward trend line (displayed in purple). The downward price swings have consistently approached and tested the trend line before turning back up and resuming its upward track. TRON is now on its fifth downswing to the upward trend line. Typically, upward price moves are not much more sustainable beyond the characteristics that TRON is displaying before retracing, and then continuing on to new highs unless of course, a reversal takes place. With each additional upward price swing, the probability of TRON breaking below the trend line increases significantly.
CHART #2: TRON 60 minute
TRON is currently trading slightly above the aforementioned trend line. If price breaks decisively below the trend line, a shorting opportunity will present itself. A short position with a stop-loss at the high of the prior price swing will be a prudent trade. If price turns upward and trades to a level near the middle of the range between the high of the prior price swing and the level at which price subsequently intersected the trend line, then a long position with a very tight stop-loss would be appropriate.
Once the trend line is broken and a retracement takes place, TRON will set up well for a long position. This is the first significant upward price move since bouncing off the local low coming from the prevailing Bear market. This also holds true for many of the other popular cryptocurrencies. If the next retracement is a mild one, and prices turn back upward and make new local highs, this could signal the end of the Bear market. And we all know what potentially follows.
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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 Matt Thorpe via Flickr
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.
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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.
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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.”
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