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Tron (TRX) Cardano (ADA) Price Analysis: On the Floor

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Tron
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We have noted several times over the past two weeks that the bearish extension we are now seeing play itself out in the cryptocurrency space is something that has wide variation among different coins.

For example, as we look at the charts for Tron (TRX) and Cardano (ADA), we see a huge disparity in terms of how these coins have fared.

But many of the internal dynamics remain similar in terms of the mechanisms that we tend to understand as most important in making up the technical composition of the pattern in place, as should be clear below.

Tron (TRX)

Price Analysis

  • High: $0.019204
  • Low: $0.016122
  • 24-Hour Volume: $139.71M
  • 7-day Percent Change: -39.04%

Tron (TRX) has been one of the worst-performing coins over the summer time without any question. Part of this may be because a lot of hope had been built into the coin – and thus, a lot of weak-handed long positions had crowded into it – during the sideways attempted base in late June and early July.

But, whatever the case may be, Tron (TRX) has been brutalized over the last two weeks, diving below all of its important support levels, and emptying itself out on the floor.

While the pain has been tremendous for the true believers, a technician could have seen it coming – as, in fact, we did.

At this point, there are no obvious support levels below. At such times, we shift our emphasis to a study of the tape. And as we take that view, we can see the clear markers of emotion starting to take hold on the downside.

That suggests that we may not be far off at all from a sustainable low in TRX at this point. Keep your eyes peeled!

Cardano (ADA)

Price Analysis

  • High: $0.10117
  • Low: $0.08434
  • 24-Hour Volume: $95.06M
  • 7-day Percent Change: -29.25%

Cardano (ADA) is finally beginning to close in on its most important test. Last week, as we analyzed this coin, we said it may hit another trapdoor through the dime level and head down to test the key pivot at around the $0.08 area.

That’s exactly the type of action that we saw in place last night.

While we may see a bit more downside in ADA, traders should begin to be on the lookout for a growing potential for inflection. Oscillators are all signaling extreme levels of oversold behavior in a coin that has largely been trading ahead of the pack in terms of a pivot-for-pivot comparative basis.

This is exactly the type of thing we look for when plotting our opportunities from a strictly technical perspective. Hence, we want to have Cardano (ADA) on the radar.

Happy Trading~

To trade cryptocurrencies, sign up with Binance!

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 Pexels

Charts courtesy of tradingview.com

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Reasons Why You Are Much Safer When Crypto Trading on Dexes

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DEXes
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While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.

During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.

Here are some reasons why you might want to consider doing the same.

1. True ownership of your coins

The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges

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Crypto Billionaire Predicts Massive Price Growth by 2021

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crypto billionaire
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Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.

Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.

He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.

However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…

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Altcoins

TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level

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TokenRoll
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Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world.  Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon.  This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs.  One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos.  TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.

Problems with Centralized Casinos

The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model.  And online casinos are no different.  It still needs to be said that centralized casinos have proven that there is a great demand for online gambling.  The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative.  But industries are continually evolving and this one is no different.

A few of the problems facing centralized casinos include the following:

  • Little to no transparency
  • Consumer lack of confidence
  • Privacy concerns
  • 48-72 hour wait time for withdrawals

These are four monumental issues that need to be addressed quickly given the global growth of the market.  Casinos need to…

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