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Tron (TRX) Ethereum Classic (ETC) Price Analysis: Sowing the Seeds of Opportunity

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Tron
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It’s tough to argue with the statement that the past 48 hours has represented some of the most brutal selling that we’ve seen in the cryptocurrency complex in months. The picture that has been created varies from coin to coin, with some holding up relatively well and others getting absolutely pummeled. Eventually, this is how opportunity is sowed into the soil of the chart.

The two coins we are going to take a look at today – Tron (TRX) and Ethereum Classic (ETC) – exemplify this as much is any possible pairing.

Tron (TRX)

Price Analysis

  • High: $0.025095
  • Low: $0.023643
  • 24-Hour Volume: $144.90M
  • 7-day Percent Change: -22.91%

Chart courtesy of tradingview.com

Tron (TRX) has been taken out to the woodshed over the last few days, diving below one key support level after another.

However, perhaps surprisingly, Tron (TRX) still remains above its last-ditch pivot lows recorded earlier this year that sit in place around the $0.0225 area. At this point, it isn’t clear whether this zone will be directly tested or not.

Oscillators across many different time frames have become extremely oversold. The MACD on the hourly chart has taken both its baseline and signal line to new lows stretching back over the past six weeks, suggesting extreme downward momentum.

We are potentially starting to see at least a little bit of relief shine through the clouds, and it will be interesting to see if this wave of selling has exhausted itself. Those hanging on and praying for the respite certainly don’t want to see it move below that last ditch line in the sand.

A move back above the $0.03 level would be a dramatic bullish statement for Tron (TRX) over coming days. But we don’t have any clear technical evidence favoring that shift yet.

Ethereum Classic (ETC)

Price Analysis

  • High: $15.4146
  • Low: $14.4657
  • 24-Hour Volume: $416.73M
  • 7-day Percent Change: -1.2%

Chart courtesy of tradingview.com

In contrast to Tron (TRX), Ethereum Classic (ETC) is basically sideways over the past week. However, as we noted yesterday, this may be a bit misleading.

As an experienced technician with more years at this than I’d like to admit, I have seen a fair number of bear markets play out in one market or another. And one thing I can tell you that I have learned over the years for certain is this: headline driven rallies are nowhere near as important or reliable as rallies that come on no news at all.

And in this case, Ethereum Classic (ETC) was clearly rallying on headlines about broadening adoption by cryptocurrency exchanges.

In other words, the abrupt turn from the $20 level back down to recent support below the $15 level was something we like to call “suck them in and spit them out”.

At this point, the oscillators are signaling extremely oversold levels, and we have key support in play between $14 and $15 on the chart. At least some kind of bounce should be in order here for ETC, and the important thing to ascertain is the type of resistance we see coming into play on that bounce, and the level at which it happens.

Happy Trading~

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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 Pexels

Charts courtesy of tradingview.com

Altcoins

Analyzing The Best-Performing Cryptos

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cryptos
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Over the nebulous first half of this year, some tiny cryptos were able to grow by more than 1000% and reach the desired top 100, while others that were already in the top 50 bastions simply zeroed. What factors led them to perform like this? Luck, external factors or well-made decisions?

First of all, it is important to clarify that it would be unwise to analyze them disregarding the market context (crypto and non-crypto) of the period, so we’re using a holistic approach.
In our timeframe, considering the traditional market cycle of emotions, in contrast to the standard chart below, the euphoria quadrant had a much larger peak and a much shorter duration, starting in the middle of 2017 and ending at the beginning of 2018, while we were stuck in the period of “excitement” since, maybe, 2015. The emotions in red passed in a rush and at the end of July, we were already in deep “despondency”.

Source: https://russellinvestments.com/ca/insights/the-market-cycle-of-emotions

Besides to the fact that the market completed half of the cycle in less than half a year, some very relevant things, besides the usual phenomena expected of an investment market, happened during this period. In addition to the hype the period enjoyed and the fact that bad, inexperienced investors were frantically joining the crypto market, we…

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Is Tether (USDT) really a stable coin?

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Tether
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Tether is one of the top digital assets in the crypto-sphere. The coin was launched in November 2014 after it changed its name from Realcoin so that the crypto community doesn’t associate it to the altcoins. It is important to know that Tether is a currency that helps to convert fiat currencies into digital currencies.

Moving forward, there have been lots of FUDs around Tether these days as regards to whether it is going to be a truly stable coin as the market has seen dips lately. Also, the FUDs around Tether have raised questions on whether there are any backings to the digital asset.

It is crucial to know that other factors have been attributed, and one of them was a report from last month that stated that Tether and Bitfinex, had gone their separate ways with Noble Bank. The separation made Bitfinex suspend fiat wire deposits – without no reason or whatsoever.

Tether, in regards to market worth, comprises about 92 percent of the market capitalization of stable coins. Also, this stable coin offers two purposes: to stabilize the volatility of Bitcoin, and also to preserve the amount of money purchasing power investors have at hand when the value of larger cryptocurrencies such as BTC drops.

The coin is a good alternative for traders when trying to cash-in on fiat currencies, as we do know that trying to move money from different exchanges to fiat…

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Blogs

TRON Partnership Involves Cloud Computing

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TRON partnership
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It has been almost an entire week since Justin Sun, the founder of TRON (TRX), announced a new big partnership for this cryptocurrency. His Twitter announcement did not provide a lot of information, except for the fact that the TRON partnership is with an industry giant worth tens of billions of dollars.

Even so, the entire crypto community started speculating about the new partner’s identity. Soon after the announcement, a new rumor emerged, claiming that the identity of an unnamed corporation was uncovered. According to the rumor, TRON’s new partner is none other than Baidu, one of the largest tech giants of China, which also represents this country’s largest internet search provider.

Baidu is often viewed as China’s version of Google, and if the rumors of a partnership with this company turn out to be true, this will be a big game-changer for TRON.

However, in days following the announcement, new reports started coming in with claims that the partnership will not revolve around blockchain technology. Instead, ODaily reported that the alleged partnership between TRON and Baidu will be focused on cloud computing. The report claims that TRON will be purchasing computing resources from Baidu.

Baidu to…

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