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TRON (TRX) Technical Analysis for April 11, 2018
Since the beginning of the year, the entire cryptocurrency market has tempered in comparison to the wild price run-ups that took place in the last couple of months of 2017. Irrational exuberance that carried many of the popular cryptocurrencies to outlandish over-valued all-time highs seems to have dissipated, and now the market as a whole seems to be displaying price action in which “cooler heads are prevailing.”
Now that the price movements for cryptocurrencies have somewhat settled down, traders can now more effectively apply technical analysis techniques to make rational trading decisions, as opposed to the “hop on the crazy rollercoaster” type of trading that was taking place last November 2017 through January 2018. There is still more than enough price volatility in the Cryptocurrency markets to provide ample trading opportunities without the unreasonable risk.
TRON traded to an all-time high of $.2548 on January 4, 2018, and has since declined and settled into a price channel with a slightly downward slope, as can be seen on the daily chart below. Tron has been trading in this channel since the beginning of February 2018.
CHART #1: TRON Daily
A side-ways price-channel is the ideal situation to apply a price oscillator for finding trading setups. Chart #1 above clearly displays the price oscillation between the resistance and support levels. When those same levels are applied to a 120-minute chart, a stochastic indicator can then be applied to identify trading opportunities when price approaches one boundary levels of the channel. Chart #2 below show several examples of this phenomenon taking place.
CHART #2: TRON 120 minute
We can see on the chart above, when price action approaches and/or surpasses either of the channel boundaries, it is usually preceded by both the %K and %D lingering either above the overbought line, as in the case of price approaching the resistance level (marked with the blue lines and pointers), or the oversold line, as in the case of price approaching the support level (marked with the red lines and pointers).
Once price begins to reverse back into the channel, both stochastic indicators usually make a strong move to the opposite side of the stochastic range. A long signal is indicated when the stochastic indicators go back above the oversold line while the price is returning to the channel range from below the support level. A short signal is indicated when the stochastic indicators go back below the overbought line while the price is returning to the channel range from above the resistance level.
If a price breakout from the channel occurs, the stochastic indicators will persist in the overbought or oversold ranges depending on which side the breakout takes place. Once a new trading range is established, the oscillator will reset.
Currently, TRON is trading near the middle of the channel range. The savvy trader will pay close attention to the stochastic indicator as price makes its next move to one of the boundaries of the channel. There may still be a few more trading opportunities before TRON breaks out of the channel. We’ll keep a close eye on TRON.
We will be updating our subscribers as soon as we know more. For the latest on TRX, sign up below!
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 coinmarketcap.com
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. One of the ways to have a successful…
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…
Altcoins
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…
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