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Behind the Coin: Obsidian (ODN)

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Today, I wanted to cover a platform that has been flying under the radar. With a market cap of $11,809,673 and ranking 264th on CoinMarketCap, the Obsidian altcoin I’m about to talk about has some serious potential. I talked with the CEO recently to better understand what Obsidian is all about. According to the Peter McClory (CEO):

“Obsidian is a decentralized privacy platform with a flagship secure anonymous messaging service. The Obsidian Messenger works on Windows 10 and we have now almost completed porting this to Android, with iOS to follow soon. We are combining a secure, anonymous instant messenger service with a decentralized network so that each user is in control of his or her own data. Bypassing traditional centralized data centers allows for greater privacy and security, moving away from existing VC-led networks which are not transparent, exploit user data for profit, and assist in unwarranted censorship of civilians in many countries around the world.”

Obsidian is building out its anonymous messaging service to showcase what can be done on their privacy platform. The messenger app is being marketed well beyond the crypto world. The Obsidian Messenger works on Windows 10 and is currently being ported to Android with iOS to follow soon after.

In regards to new exchanges, Peter stated: “We are in touch with a number of exchanges. Our major focus is on building our messenger application, recruiting high-quality in-house team members, and evolving our business processes and systems. Once the Android app is launched, there will be a larger team in place, alongside partnership opportunities to help us shift focus to completing more exchange listings.” It sounds like Obsidian wants a working Android and iOS app before approaching larger exchanges but that should be happening soon as the mobile apps are launched.

Obsidian is a Proof-of-Stake coin, meaning investors who own a certain amount of ODN will receive a reward for holding it. In the future, masternodes will be available, and are estimated to cost 10,000 ODN. Currently, masternodes are not implemented, which means that all stakers can enjoy approximately 10% additional ODN to be rewarded.

As for what’s next, Peter stated they are looking at apps related to data privacy, information distribution, decentralized storage and payment processing. They plan to open up the network for third parties to develop add-ons to existing apps such as in-message games, stickers, emojis etc. They are also looking to partner and support interesting startups with little or no blockchain experience and help to support them and onboard them to Obsidian platform in a variety of ways.

After Obsidian launches its Android and iOS messenger apps, I could see this helping them get listed on some of the larger exchanges. I believe they have a solid product but lack the liquidity needed for more investors to invest at this point. That will change soon as their product matures. I will provide more updates over the next few months to update the Hacked.com community.

Disclaimer: Analyst does not have investments in Obsidian (ODN)

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 54 rated postsKent Hamilton - Co-Founder of CryptoDayTrader.io, where we are building Pro Crypto Tools




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XRP Price Analysis: Explosive Breakout from Pennant Confirmed; SBI Holdings CEO Bullish on XRP

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  • XRP/USD is enjoying three consecutive sessions of gains, having jumped around 17%.
  • SBI Holdings CEO believes XRP market capitalization will be higher than bitcoin’s.

Ripple’s XRP price has been enjoying a decent move to the north over the past few sessions, as life flows back into the bulls. XRP/USD is currently running at a third consecutive session in the green, having gained around 17% within this period. The explosion of buying pressure came after the price managed to escape a bullish pennant pattern.

XRP/USD: Price Recap

XRP/USD had initially been cooling since the big bull run at the back end of 2018. The price rallied on 24th December up to a high of around $0.4670, before quickly losing upside momentum. It was then forced to trade within the confinements of a descending wedge pattern. XRP lost over 30% in value before it was able to break out from the wedge.

On 8th February a chunky push higher from the bulls was observed, resulting in a breach of the upper acting trend line. XRP/USD jumped around 10% on this day but then eased south to retest the trend line for a few sessions. During the cooling period, price action has formed a pennant structure which saw an eventual big breakout to the upside, as described earlier.

SBI Holdings CEO Bullish on XRP

The SBI Holdings CEO, Yoshitaka Kitao, was recently speaking on XRP and said this year is a significant one for the so-called banker’s cryptocurrency. He believes that the market capitalization of XRP is likely to dwarf bitcoin’s at some point in the future. Kitao has firm belief in the future sucess of XRP and can see it being adopted on a global scale. He was quoted saying:

“Because XRP is already beginning to become international, xRapid will be used for fund transfers in 2019. By increasing the so-called XRP’s plastic use, we anticipate that the XRP market capitalization will easily exceed the market capitalization of bitcoin.”

SBI has many joint ventures set up with Ripple across the blockchain industry; it’s therefore not too surprising to see such comments. The organization will also be launching its very own cryptocurrency exchange called VCTRADE, scheduled for March. Deposits and withdrawals for bitcoin, XRP, and Ethereum (ETH) are already available on the platform.

Technical Review – XRP/USD

XRP/USD daily chart.

Given current upside, eyes must now be on the next likely barriers of resistance for the bulls. A supply area noted from $0.3450 up to $0.3600 is the next target; XRP has not traded comfortably above this region since 10th January. A break above this zone should put the bulls in an excellent position to retest the $0.4000 area. On several occasions, this price territory has caused issues for the bulls in their attempts to push further north. In terms of support, this is seen back down at the psychological $0.3000 mark. If that fails to hold, then there is a demand which runs from $0.3000 down to $0.2500.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 124 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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IOTA Price Analysis: Bulls on the Loose as IOTA Foundation Announces New Collaboration with Nova to Fund Start-ups

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  • The IOTA Foundation has entered into a partnership with Nova to provide funded support for start-ups.
  • IOT/USD is currently enjoying a decent push north, following a breakout of a bullish pennant pattern structure.

IOT/USD: Recent Price Behaviour

IOT/USD has been on a decent run of gains over the five sessions, having jumped around 18% at the time of writing. The price has been on a path to the north since 7th February, after hitting a low for 2019 around $0.2400. A chunky amount of buying pressure was observed down at these depressed levels.

The bulls enjoyed an initial jump between 7-8th February, gaining around 18% on the fast two-day rally. IOT/USD then consolidated trading within a range-bound nature to then have formed a bullish pennant pattern formation. On 17th February, an explosive amount of upside came into play following this technical breakout.

IOTA Announces New Collaboration with Nova

The IOTA Foundation has announced a new partnership with Nova, a start-up incubator, according to an official press release from the organization. As part of the collaboration, its goal is to begin funding start-ups employing the platform of IOTA. The program will be called IOTA Cofoundery on Nova’s website; it will be focusing on early stages of development and seed funding.

Start-ups will be able to leverage through the program a mentoring and tech start-up service to consist of over 20 consultants that specialize in technology. There will be much nurturing and guidance as part of this offering. To-date Nova has already co-founded over 80 technology start-ups, with over half of those still being active after three years. It is further noted within the official release that the three-year start-up survival rate is 10%.

Nova will invest in ideas that can prove user problem-fit. IOTA via their grant program will match the investment. It will provide a comforting amount of support and the foundations for viable businesses to develop within the ecosystem of IOTA.

The program will allow entrepreneurial tech start-ups to build new innovative business models by leveraging IOTA technology. Nova has noted that this new offering is now already open for applications and can apply directly on the Nova website.

Technical Review – IOT/USD

IOT/USD daily chart.

Given the noted move north from a bullish pennant pattern structure, the doors to further upside potential have opened. Near-term supply is observed heading into the $0.3400 territory, IOT/USD last traded here in January and dealt a rejection blow. Should the bulls manage to maintain current upside momentum and break above this zone, eyes will then be on the 2019 high area. At the start of the year, the price managed to hit $0.4088 on 2nd January.

In terms of support, this should be noted back down at the broken pennant pattern. A retest just on top could be seen which currently tracks at around $0.2750-40. Failure of this holding could then see the February gains wholly reversed.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 124 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Tron Price Analysis: TRX/USD Bulls Hunting for a Potential Charge Back Above Broken Critical Trend Line

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  • Tron bulls continue to push the price north maintaining a firmer path of recovery.
  • TRX/USD has gained a significant 10% over the past four sessions, moving to its highest level in five days.

TRX/USD: Recent Price Behavior

The TRX/USD bulls have been enjoying some upside relief over the past few sessions now, picking up much pace in the session on Monday. The price managed to move to its highest level  in over seven sessions. Over the past four days, Tron has gained just shy of 10% as the price looks set for recovery following a breach last week of critical support.

An ascending trend line initially supported TRX/USD to the upside, providing exceptional comfort in its move north. The running support had been in play since the back-end of December 2018; however, after a decent run, the bears managed to force a breach. Sellers were able to regain control after the move below, to then see four consecutive days of selling, dropping around 10% in total.

Between 14-15th February, TRX/USD managed to find its feet after what could have very much been a free-fall to the deep south. Daily support came into play around $0.023550, which has provided needed comfort on several occasions already this side of the year. The recovery has been in play since this decent bounce occurred.

Tron Crypto Card

TRON recently detailed more information about its upcoming crypto card. The date of pre-order for the GRID X BitTorrent crypto card is going to be live on 18th February 18 2019 at 8 PM UTC. The GRID crypto card will be a prepaid card that can be topped with TRX in three amounts of 15,000, 50,000 and 100,000. Holders of the cards will be rewarded with BitTorrent (BTT) tokens as part of monthly BTT airdrops.

GRID will be one of two crypto cards built via the Tron network. The first, TronCard, was introduced as a tangible TRX wallet. Both TRX and TRC10 tokens can be stored on the TronCard similarly to a virtual wallet. These mentioned tokens are tokenized assets which would be leveraged via decentralized applications (dApps) via the Tron Network. A QR code feature can also be scanned by users for access to the public key. A physical card will then be able to integrate with the virtual wallet.

Technical Review – TRX/USD

TRX/USD daily chart.

The major challenge for the bulls as detailed above is seen underneath the breached ascending trend line; this is tracking at around $0.027500. Should the bulls manage to break back above this prior acting support, then expect a strong wave of buying pressure to come into play. Further to the north, eyes will be on the $0.03000 area. TRX/USD has not comfortably traded above this price region since August 2018. Once broken down, there isn’t too much in the way of a return back up to $0.04000 territory.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 124 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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