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.
- High: $0.025095
- Low: $0.023643
- 24-Hour Volume: $144.90M
- 7-day Percent Change: -22.91%
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)
- High: $15.4146
- Low: $14.4657
- 24-Hour Volume: $416.73M
- 7-day Percent Change: -1.2%
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.
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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
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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