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TRON (TRX) Technical Analysis – TRON Leads The Way – A Lone Ranger
While the entire cryptocurrency landscape has been treated to a broad-based sell-off over the course of the past 36-48 hrs, whereby the wrath of Mother Market wrecked havoc throughout, driving prices lower with a sea-of-red and in the process, inflicting meaningful technical damage, there has been a lone standout, whom has withstood the onslaught in relatively fine shape from a technical perspective.
As readers of Global Coin Report are well aware, we’ve been shedding light on the exemplary display of relative strength in the action of TRON (TRX) over the course of the past several weeks despite the slippery slope of the overall cryptocurrency marketplace.
Not only has TRX been able to avoid the broad-based selling pressure throughout, yet, TRON has been able to maintain its position, albeit, testing short-term support and bouncing back like a champion, while holding its 50-day moving average (blue line) as we can witness from the daily Chart below:
As we can observe above, while numerous cryptocurrencies have and continue to display poor relative strength and many find themselves trading below their 20/50 and 200DMA’s, TRX presently finds itself in far better shape from a technical perspective than most (a majority by far) of its brethren.
We can see from the daily chart above that TRX has and continues to trade above its 50 and 200DMA’s weathering the recent stormy sea’s and although its tagged the 50DMA, TRON has been able to hold the line in fine fashion.
In addition, when we zoom into the 4HR time-frame Chart below, we can also observe that TRX has held short-term potential support located at the .063 level, although, it has some further work to do before recapturing its 20 (yellow line) and 200DMA’s (red line) on the 4HR.
Thus, while far too many names throughout the cryptocurrency sphere have a tremendous amount of work and repair in order before their technical picture improves, TRX continues to lead the way via its persistent relative strength and in essence, remains ‘The’ leader amongst all at this juncture.
Moving forward, both investors/traders may want to monitor the following levels for further clues/evidence with respect to direction in the action of TRON.
If, at any time in the days ahead, TRX is capable of going ‘top-side’ of the .076 level and perhaps more importantly, the .085 figure with volume, such development, should it occur, would more than likely trigger a move into higher ground with a short-term objective in the .10-.11 zone.
If on the other hand, Mother Market were to reassert its wicked ways and deliver further downside pressure, both investors/traders may want to utilize the .06-.063 zone as initial potential short-term support, while more meaningful support resides at the .05-.056 area.
Nonetheless, while numerous have found the footing treacherous these past 36-48 hours, TRX has acted as a beacon of light via its ability to thus far weather everything delivered its way, while continuing to display excellent relative strength in a turbulent environment.
Therefore, for those seeking leadership, one may want to put TRX front-and-center on their radars for further monitoring as we navigate a slippery and difficult tape.
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 Norma Desmond1 via Flickr
Charts courtesy of tradingview.com
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…
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…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
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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