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ICON versus TenX: What You Should Know

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There are so many cryptocurrencies out there.  As the flow of ICOs continues, more tokens are added almost daily.  It may be some consolation that more the 80% of these tokens use the Ethereum platform and that means their value is connected to the mothership.  It may also help to remember that there are plenty of crypto exchanges that will unload your coin once the ICO is complete.

That’s fine, but this takes time not to mention the fees that get tacked on along the way.  And if there has been a proliferation of currencies, now about every Fortune 500 company wants their own blockchain.  Instead of putting all of our efforts on figuring out who has the smartest contracts or which is the best crypto, maybe we should look for someone to connect all these dots.  My guess is this notion will be a big feature of Gen IV crypto technology.

Here Are Two Prospects

Of the most successful ICOs in 2017, two are really eye catching for their vision of connecting cryptocurrencies and networks.

TenX claims they will make all cryptocurrencies spendable through a debit card ranked. That vision made them $64 million during their token sale, enough for the tenth spot on the list of largest intakes. 

The ICON project will be building one of the largest decentralized networks in the world. The total raised of $43 million was good enough for the #13 ranking of top 2017 ICOs. Before going deeper, let’s first take a look at TenX.

TenX Could Be a 10

TenX has an audacious plan to connect digital currencies and in the process disrupt one of the biggest financial monopolies in existence.  They are out to create a massive payment channel dubbed COMIT which stands for Cryptographically-secure Off-chain Multi-asset Instant Transmission network.  How does their white paper describe COMIT? It looks just like the Internet.

In simple terms, TenX is out to get a banking license, then use their own debit card running on the COMIT network to challenge the MasterCard, Visa, American Express monopoly.  The beauty of TenX is the ability to use any coin or token to buy goods and services with one card.

Even if a merchant doesn’t happen to accept crypto, no problem, TenX converts the crypto to the fiat currency.

This is the future of cryptocurrencies.  As bitcoin leads the way with some 10,000 mostly online merchants acceptance of other cryptos will follow. However, the amount of time involved in winning the game will be considerable. We are talking about a startup company attempting to capitalize on mass adoption of crypto as a medium of exchange.  So far fewer than 1% of all transactions fit that category.

Around the year 2000, online merchants accounted for 1% of all retail sales.  Some 18 years later, it amounts to just under 10%.

ICON: Connecting Networks

For those who really enjoy digging into the technical detail, here is how their whitepaper describes the project.

With ICON, numbers of blockchains are connected around Nexus via Portal. Nexus is a loopchainbased blockchain. Nexus is a Multi-Channel blockchain comprised of Light Client of respective blockchains.

Tokens called ICX (ICON Exchange) are embedded in Nexus and the interconnected blockchains can use ICX to transfer values. As a blockchain itself, Nexus can be connected to another Nexus, allowing different blockchains with different governance structures to execute transactions and exchange values.

For us simpler folks, think of the earliest days of the Internet.  Over 30 years ago, the Internet consisted of a bazillion independent networks throughout the world.  Then somebody came up with TCP/IP and presto, the modern Internet was born.

Use cases for ICX go beyond connecting currencies – they connect blockchains and that means doing something akin to TCP/IP.  So we are talking about things like connecting separate health systems and much more.

Just like TenX, the question for ICON is how long their plan will take and will $43 million be enough to deliver the bacon. However, for those investors looking for a Gen IV play, ICON is a candidate.  

Like about every other currency, ICX came down hard from its $9.95 price on January 30 to a $1.89 low earlier this month. Since then it has bounced back and is hovering around $4.30 at the time of this writing.  Raising $43 million may not be enough to get ICON to the promised land but it shows that a lot of serious investors did their research and bought the promise.

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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4.4 stars on average, based on 115 rated postsJames Waggoner is a veteran Wall Street analyst and hedge fund manager who has spent the past few years researching the fintech possibilities of cryptocurrencies. He has a special passion for writing about the future of crypto.




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2 Comments

  1. gasdoc55

    April 26, 2018 at 2:55 pm

    I would love to read a comparison of TenX and STK. I havr read that STK is much farther along in the samr goals as TenX.. does that statement have any truth or merit?

    • James Waggoner

      April 26, 2018 at 3:45 pm

      Thanks for your question. In comparing TenX with STK is important to consider the amount of capital that will be needed to accomplish their goals. Last year TenX was the 9th largest ICO raising $80 million in the process. This may sound like a lot but it TenX will burn through this quickly. I believe the asset value of STK is a little less than $3 million. In this case, capital may trump technology. Hope this helps.

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Altcoins

EOS Price Analysis: EOS/USD Back in Unsettled Territory, as Price Runs into Sellers Again

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  • The EOS/USD bulls are unable to sustain any upside momentum following a breach of critical support.
  • Near-term supply is eyed in the early $2.5000 region. A break above would likely open the door for another retest of the big $3.0000.

The EOS price was seen creeping lower again in the early part of trading on Tuesday. This comes after a big jump to the upside seen in the second part of the session on Monday. EOS/USD had gained a chunky double-digits, around 12%, at the close of the daily. Buyers came in after the low print on Sunday 13th at around $2.25. This was within a market demand zone, tracking from $2.25-$2.35, having supported the price on occasions in December and January.

Recap: Big Breach of Critical Support

EOS/USD daily chart.

As a reminder, EOS/USD throughout its most recent bull run, which was seen from 6th December right up to 9th January, was well-supported. An ascending trend line could be observed, providing necessary comfort to the bulls. However, all runs must come to an eventual end, and the bears smashed through this support on 10th January. Given the break through this vital area, it exacerbated the move to the downside. The price had dropped a heavy 22%, taking a big blow after a strong run.

Barriers Blocking Bulls

The bulls have been cut short for now, not being able to have sustained that momentum from the session on Monday. Trading has been extremely choppy since 19th December, via the daily chart view, highlighting a real lack of consistency in either direction. A consecutive streak longer than two days from either bear or bull camp hasn’t happened since the run higher in mid-December. This demonstrates just how mundane and non-committed market participant are for now.

In addition to the last statement above, further technical levels and areas continue to plague direction. To elaborate, there are more areas that the price must deal with now in comparison to the smooth bull run higher seen in 2017. Separately, if looking at 2018, the bears generally had an easy ride south. This is thanks to the cryptocurrency instruments being so young still in age.

Key Near-term Levels

For the bulls to see greater upside, a break of near-term supply within the early $2.5000 region will need to push prices forward. This should open the door to a fast move to see a retest of the breached ascending trend line. In proximity to this is the psychological $3.0000 mark, which has proven to be a huge barrier for the bulls. To the downside, the mentioned demand area of $2.35-$2.25 is critical, and a failure to hold will be very punishing. Lastly, EOS/USD would be subject to a move sub-$2.0000, where support can be eyed. As a further worth case, then $1.5500 to be retested, the December low.

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 106 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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Altcoins

GBP Price Prediction: British Pound Jumps on Growing Backing for PM May’s Brexit Deal Ahead of Vote

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  • GBP catches a bid across the board as Prime Minister Theresa May gains ERG support.
  • Despite session gains, GBP/USD technically has vulnerabilities to downside risks, given rising channel formation.

GBP Bulls Awaken

The British pound (GBP) saw a decent jump to the upside on Monday, after an initially very choppy directionless start to the session. The buying swooping into GBP/USD came on the back of a growing number of ministers set to back Prime Minister Theresa May. Specifically, attention was grabbed after closely followed political watcher Robert Peston tweeted that “influential Tory Brexiter MP tells me he and his ERG Brexiter colleagues will be voting with Theresa May and the government all day tomorrow”. This is significant as the ERG is a very influential Brexit research group, which was previously plotting ways to oust PM May.

GBP/USD jumped to its highest level seen since 22nd November. The pair had seen an initial spike of 85 pips to the upside. Gains were capped however by a known strong area of supply; this can be seen tracking from 1.2870 up to 1.2930. The price has not been above here since 15th November 2018, and the bulls having faltered here on several occasions attempting to move above. Should GBP/USD manage to move above this zone, it would be a very strong signal that it is out of the bear market. Technically, this would be largely attractive for inviting further buyers to come in.

A detailed analysis of the upcoming Brexit vote can be viewed here: This Tuesday Will Be Zero Hour For the British Pound

Price Remains Confined Within Channel

GBP/USD daily chart. Price action remains within the confinements of a rising channel.

Another key technical observation is an ascending channel formation, which can be viewed via the daily chart. The GBP/USD pair has been moving within this since 12th December 2018, having gained over 400 pips since it took shape. The daily candle today briefly spiked above the upper tracking trend line of the pattern. However, the price was squeezed back within the confinements of this. Touted profit-taking kicked in towards the close of the European markets. This is not too surprising, as participants maintain an element of caution heading into the high-profile vote.

Given the nature of the above-described formation, should it play out to the textbook, vulnerabilities still point to a breakout south. This move would be heavily assisted should the British Prime Minister lose the meaningful vote on Tuesday. In terms of key levels to note, to the upside, a break above the 1.2930 supply zone will invite large buying pressure. To the downside, a breach of 1.2650, the lower support of the channel, will open flood gates to selling.

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 106 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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Analysis

Crypto Update: 5 Altcoins to Watch This Week

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Just as it appeared that the crypto market was finally finding its footing, Bitcoin (BTC/USD) suddenly crashed hard last week. The bearish price action made a lot of investors jittery. Consequently, many participants either took profits or cut their losses on their altcoins positions. This drove numerous altcoins back to their support areas.

Last week’s price drop was a gentle reminder that we are still in a bear market. That’s why this week, we look at coins that are showing signs of strength while trading near firm support levels. Here are the five altcoins to watch this week.

Ethereum (ETH/BTC)

Ethereum corrected right after tapping the 200-day moving average. At that point, the market was showing signs of bullish exhaustion. You can see a bearish divergence on the daily RSI. Plus, volume was weakening while the price kept rising. Those who saw the writings on the wall managed to take profits at the top.

Daily chart of ETH/BTC

The good news is that Ethereum has an opportunity to keep its bullish momentum intact. Defending support of 0.03157 would enable the market to establish a bullish higher low setup. Bulls have a very good chance to preserve the support because both the 50-day MA and the 100-day MA are crawling around that level. They will act as additional support levels to help Ethereum stay above 0.03157.

Should bulls fail to defend 0.03157, the market’s sentiment will likely turn from slightly bullish to neutral. We can then expect Ethereum to drop back down to 0.026746.

Binance Coin (BNB/BTC)

Binance Coin refuses to follow the footsteps of Bitcoin. Even though its market structure closely resembled that of Bitcoin’s, the results were different. After apparently breaking down from a descending triangle in November 2018, Binance Coin rose from the dead and reclaimed support of 0.0014 in December.

The fakeout attracted bulls who were staying on the sidelines. As a result, Binance Coin took out the diagonal resistance of the triangle.

Daily chart of BNB/BTC

With the diagonal resistance out of the picture, BNB/BTC appears to have regained its bullish tone. If you’re looking to place long positions in the market, you might want to be patient and buy as close to 0.00146 as possible. That’s where both the 50-day moving average and the 100-day moving average are crawling.

Invalidation of this view comes if BNB/BTC trades below 0.0014.

NEM (XEM/BTC)

NEM’s corrective period may be finally coming to an end. While the market did breach the initial support of 0.0000176, it looks like it is establishing a new base at 0.00001544.

Daily chart of NEM/BTC

If market participants can keep XEM/BTC above 0.00001544, it will send a strong message that the NEM remains bullish. After all, the market would have just established its first pair of a higher high and a higher low in months.

On the other hand, if XEM/BTC goes below 0.00001544, the sentiment will likely shift from bullish to neutral.

0x (ZRX/BTC)

While 0x remains in a downtrend, there might be an opportunity to bottom-pick the market. With 0x creating a falling wedge on the daily chart as it approaches key support area of 0.000073, it might be possible to profit from a dead-cat bounce. Should ZRX/BTC break out from the falling wedge, the initial target is 0.0001.

Daily chart of ZRX/BTC

Keep in mind that 0x is still in a downtrend so have tight stop losses if you’re planning to take on this trade.

Bitcoin Gold (BTG/BTC)

Bitcoin Gold appears to be establishing a new base at 0.0033 support. Market participants have been accumulating positions around this area for over a month. If bulls can hang on for another week or so, Bitcoin Gold may just establish a bullish higher low. This will enable the market to trend higher.

Daily chart of BTG/BTC

A bullish higher low setup might inspire bulls to tap resistance of 0.005564. Otherwise, Bitcoin Gold might revisit lows of 0.00256.

Bottom Line

Last week’s crash has driven many altcoins near key support areas. Nevertheless, this gives us a chance to look at coins that are showing signs of strength and are trading near key support areas. There’s a lot of uncertainty going on in the market so make sure to place tight stop losses if you’re planning to enter any trade.

 

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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3.8 stars on average, based on 308 rated postsKiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and ETFs, as he does his own crypto research and is the subject matter expert at ETFdb.com. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.




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