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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

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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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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