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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

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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