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Tron (TRX) is positioning for a bullish run (prove technical indicators)

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Tron TRX

The recurring news all this year has been that the cryptocurrency market is under the bear’s hug. Even in those short periods in which Bitcoin has done well, most other coins (which usually follow Bitcoin’s trend) remain losing value and trading in the red. And that’s what’s happened with Tron’s Tronix (TRX) as well.

It hasn’t had any dramatic falls, but it’s been losing value since last December slowly, still steadily although, Tron has been reporting great news almost every single week. Paradoxically, those bullish announcements have only made fluctuations in price more frequent instead of causing a full take-off.

But a closer look into Tron’s technical market analysis indicators hints the other way. A bullish run could arrive for Tron soon and change the game. Buying pressure seems to be building up as attested by the higher lows in price and RSI.

There is also the current MACD behavior whose signal is going up and converging, a sign that experts consider as proof that selling pressure is lessening. The token’s price is at 0.020 USD as I write this article which is only a little lower than it’s been for the most part in the last few days.

Hourly charts show the same signs as longer-termed ones with higher highs and lows. Also, today’s rise in Bitcoin dragged up Tron with it a little.

So how good is this news, really? That’s good because some bullish signs are starting to show up in the market after the bears had dominated it for such a very long time.

But these are just signs, not guarantees. The outlook for Tron is changing from not very good to neutral. It’s not what Tron fans would like to see, but it could be the first necessary step in the right direction. So neutral in a market that is still going down, for the most part, is indeed good news.

These are the key ideas to keep in mind currently when thinking about Tronix (TRX):

  • The outlook is moving to neutral. It’s a good thing, but not something to be overly optimistic about in the short term.
  • Many altcoins are showing technical indicators consistent with an upcoming bullish run. At the same time, the market keeps steadily going down so there are still opposite signs that should prompt investors and traders to use caution.
  • Both daily and hourly charts show higher highs and lows in RSI and price forming. These are the technical signs that point to a new bullish run.
  • MACD is converging, and its signal line is crossing over upwards in hourly charts.
  • The relevant question is: should these new bullish signs prompt investors and traders to start going for Tronix right away? At this point in time, that’s anybody’s guess, and every single trader will need to make up its very own mind after doing proper research.

On the other hand, this is the kind of market conditions that afford amazing opportunities for rational players as this is when you can buy almost any asset you want very cheaply.

So things could stay hard for quite some time yet, but a new bullish run for Tron (TRX), and some other top altcoins, too, will start at some point soon, and then those who bought now would be quite satisfied.

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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 Shane Rounce on Unsplash

Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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