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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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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