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

Published

6 years ago

on

Tron

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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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

Published

3 years ago

on

January 25, 2021

By

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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

Published

3 years ago

on

December 31, 2020

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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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Altcoins

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

Published

3 years ago

on

December 24, 2020

By

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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