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Tron (TRX) Technical Analysis – Tron (TRX) Continues To Hold The Line

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Tron (TRX)
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Last week, we brought readers attention to the action in Tron (TRX) where we noted the following, “While overall market conditions have remained range-bound with no real leadership to speak of at the moment, it’s not surprising that we have yet to see any follow-through from TRX as it appears that the cryptocurrency universe is awaiting some form of catalyst to trigger the next directional move.”

We also went on to state, “despite the lack of volatility that both investors/traders have been treated to over the course of the past several days, TRX continues to display favorable technical characteristics trading above both its 20 and 50DMA’s”, which is no longer the case today as TRX has since broken below its triangle pattern mentioned last week and currently resides ‘pinched’ between its 20 (yellow line) and 50DMA’s (dark blue line) as we can observe from the daily chart below:

As we can witness above, readers of Global Coin Report should not have been taken ‘Off-Guard’ via the recent action as we noted last week that, “Although there appears to be very little activity to speak of within the action taking place in TRX at this time, such suggests that in the not too distant future, we may just be treated to an awakening that may catch many off-guard, whether that be a thrust top-side out of the coiling triangle pattern or perhaps, a move below”, which in turn resulted in the latter as opposed to the former.

Furthermore, we also went on to identify specific levels of interest that readers may want to be aware of, both top-side as well as potential support when we referenced, “moving forward, if at any time TRX can go top-side of the .0977 level and perhaps more importantly, can clear the .1024 figure, such move, should it materialize, would suggest greener pastures, while levels of potential short-term support can be found at the .076 and .062-.065 zone”, whereby the move down and below the triangle pattern sent TRX into and slightly beneath (.059) our noted .062-.065 zone, yet has since recovered smartly from such depths.

Nonetheless, although TRX has found the footing a bit slippery, as has the entire cryptocurrency universe these past several days of trade, Tron continues to hold the line at referenced potential support and has since recovered smartly back to the 7 handle as can be viewed in the chart above.

Therefore, while further work is required in order for Tron to right the ship completely from a technical perspective and is in no way out of the woods just yet, it’s encouraging that TRX continues to display decent relative strength and has been able to avoid a definitive break that holds beneath the .062- .065 zone mentioned from last week.

With that said, moving forward, both investors/traders may want to monitor the following levels for additional clues/evidence with regards to direction.

If, at any point in the days ahead, TRX is capable of clearing the .077 (former short-term support) level and perhaps more importantly, the .08 level (20DMA – yellow line) and can ‘stick’, such move, should it materialize, would certainly be a positive short-term development and suggest that perhaps the worst may be in the rear-view mirror, while the .062- .065 zone and most importantly the .058 figure (50DMA) providing potential support.

While the cryptocurrency tape remains slippery and elusive at this time, both investors/traders may want to continue to monitor the action in TRX closely in the days ahead for further signs of evidence with respect to direction utilizing the aforementioned levels above.

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

Chart courtesy of tradingview.com

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Reasons Why 2019 May Be A Great Year For Crypto

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crypto
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The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.

The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.

With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.

1) Bearish market to loosen its grip

The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…

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3 Coins with the Largest Potential in 2019

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coins
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2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.

Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.

  1. Bitcoin (BTC)

Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.

One thing that is expected is the approval of Bitcoin ETFs…

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Do or Die: 3 Crypto Projects that Really Need to Deliver Soon

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crypto projects
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Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.

The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.

However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.

1) Ethereum (ETH)

Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…

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