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Nano and Tron Compete with BTC as ‘Most Spent’ Cryptocurrencies

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Nano (NANO) and Tron (TRX) are among the most spent cryptocurrencies on Bitcoin Superstore – a crypto-only store that allows users to buy consumer goods with their coins and tokens.

TRX, NANO and LTC Changing Hands

The spend volume of both coins is still below that of Bitcoin (BTC), but not by as large a margin as one would expect. TRX was only added to the platform in August, and already accounts for 17% of all purchases. Surprisingly, Nano accounts for 20% of purchases from the site – not far off Bitcoin’s 35%.

Bitcoin Superstore caters for purchases from over 200,000 online retailers, and currently accepts ten prominent cryptocurrencies as legal tender – Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Monero (XRM), Dash (DASH), Tron (TRX), DigiByte (DGB) and Nano (NANO).

Litecoin is the next most popular currency on the site, making up 8% of purchases since the start of September. According to the tweet by the Bitcoin Superstore twitter page:

“The “Most Used” cryptocurrency at http://bitcoinsuperstore.us  over the past 10 days was #Bitcoin. Bitcoin made up 35% of all transactions, with the next “Most Used” being #Nano at 20%, #Tron at 17%, & #Litecoin at 8% of all transactions.”

Why TRX and NANO?

The data collected by the crypto-store only extends through the previous ten days since the time of the tweet. That takes us back to the final days of August, leading up to early September, and the state of the crypto market at that time may have had an effect on which coins were spent.

Nano grew by over 325% towards the end of August, rising from a price around the $0.87 range up to a valuation of $3.70. That would have made Nano a likely candidate for spending, especially for short to mid-termers who bought in at the mid-August low.

The same can’t necessarily be said for TRX, although the coin did grow by around 63% from the mid-August low of $0.016787. That took TRX to a price of $0.027453 by the end of the month, and may have been enough incentive for holders to part with their cash, but not to the same extent as Nano.

Another reason for the popularity of TRX spends on the store could simply be related to the relative popularity of the coin itself. After all, Tron CEO and founder Justin Sun recently hit 1 million followers on Facebook; while his Twitter page has over 370K followers despite only joining late last year.

The recent rollout of the Twitter app, Seedit, which allows users to send TRX to each other seamlessly may also account for the coin’s enlarged presence, which has been spent more than Ethereum, XRP and Bitcoin Cash – all of which have market capitalizations multitudes greater than that of Tron.

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 89 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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Zcash Price Analysis: $100 Bargain Buying

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  • ZEC/USD is running at four consecutive daily sessions closing in the red.
  • Chunky buying interest looks healthy within the $100 price region.

ZEC/USD is currently stuck within a very stubborn bearish trend, as seen across the crypto market wide. Several key areas have been breached, however the ZEC/USD bulls are heavily defending vital support territories. The price is running at its fourth consecutive session in the red, having lost over 25% within this trading period.

Recent Bull Failure

As covered in the previous article, the bulls were penetrating near-term stubborn resistance, seen just above $140 territory. Six solid sessions, ZEC/USD had tried to break above, but very much so failed, as a result, the price headed deeply south. Large spikes in volumes were seen with the move lower. It was forced to its lowest levels in over nine weeks.

Downside Targets

ZEC/USD daily chart

First of all, looking to the downside, there is much cover in terms of safety nets for the falling price. Chunky areas of demand are seen tracking from $108 all the way down to $96. In the latest moves lower, buyers have heavy defended a total free-fall. The mentioned demand region did prove its reliability back in the middle of September, during a heavy bear market.

ZEC/USD weekly chart

Observations from the weekly chart look potentially dangerous, should the bearish momentum maintain its current course. A firm breach through the $100 buying area could be devastating. The next firm area, given this is very much uncharted, can be seen at the round $90 level, which is a weekly support area. Further to the downside, $75 is the next target. This is a consolidation area, which was seen prior to the chunky bull run from the back end of April to June.

Above all, price behavior still points to further potential heavy moves lower. Following the weighted pressure on Wednesday and Thursday, price action has stabilized, trading in a consolidation nature. The range has narrowed, moving within $114 – 107. As a result, the current formation can be perceived as a bearish flag pattern, which is subject to extended moves south.

ZEC/USD 4-hour chart

Upside Targets

The $100 territory is very much attractive, as detailed above, historically for buyers. Should bullish momentum kick in around these levels, there is opportunity for a strong upside run. The ZEC/USD bulls will need to retest $140 area; given the number of times this has been tested, it wouldn’t be surprising to see a fast breach. Finally, looking further north, $160 could come quickly into play, high area of early September.

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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4.5 stars on average, based on 54 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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Litecoin Price Analysis: LTC/USD Has Fallen Through Vital Support; Where Next?

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  • Critical support for LTC/USD was breached just under the $50 area, leaving the door open to further downside pressure.
  • LTC/USD is moving within a range/consolidation block, subject to another explosive move.

LTC/USD has remained firmly within a downside trend, showing no signs of that shifting anytime soon. Out of the last ten sessions, LTC/USD has closed on the daily in the red for nine of those. Litecoin having lost as much as 27% within this trading period, a move which is generally inline with the rest of the greater market. The focus is now on where LTC/USD will find its feet on some firm ground.

Daily Chart View

LTC/USD daily chart

Looking via the daily time frame, the price has extended through a known touted demand area. This was seen tracking from the big psychological $50 mark, down to $47.50. LTC/USD has previously been comforted by this zone on several occasions. It proved support in August, September and October. This area has always having proven to see decent buyers come in to send the price back on its way north.

4-Hour Chart View

LTC/USD 4-hour chart

Current price behavior remains somewhat worrying via the 4-hour, after the deep drop, LTC/USD has entered a small range block. It is currently licking its wounds, following the bears vicious attack. The price is moving tightly, between $45.00 to $42.50 at the time of writing. Given this technical move being observed, it would not be too surprising if this takes another stab lower. Typically range blocks tend to be broken in an explosive manner.

Next Major Support Areas

LTC/USD weekly chart

The weekly chart view can provide some insight into downside levels to be aware of. In terms of support, the next major level would be eyed at $38 territory. The price has not been seen here since July 2017. LTC/USD had bounced around this area for 7 weeks, between 19th June to 31st July. This move was being observed during a period of consolidation, prior to the big bull run seen in August 2017.

Deeper to the downside, eyes would then be on $33 another vital weekly support level. Price last bounced here in September 2017, requiring support before resuming a bull run. A breach here could be very much catastrophic. There isn’t much support, other than psychological round number areas for LTC/USD. This fall to the downside is very much uncharted territory. If the bearish momentum retains its current course, then $20 or even a return to $10 cannot be ruled out.

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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4.5 stars on average, based on 54 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 Moves Within Proven Buying Area

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  • TRX/USD flirting with a huge buying area, historically proven to see buyers swoop in.
  • Justin Sun sings praises on 100 million $TRX trading volume for Tron DEX.

TRX/USD has been suffering heavily, in line with a large bearish reversal seen across the board. The price is running sharply lower, closing on the daily in the red. After TRX/USD had broken out to the downside from a supporting ascending trend line and retested, selling pressure has been consistent. Within the current trend, the price today – Thursday 15th November, was forced to drop to its lowest level seen in around nine weeks.

TRON News Flow

The TRON foundation has not been shy on the update front of late, continuing to push out positive developments from the camp. It was only recent that a new Tron decentralized exchange, DEX was launched.  Over the past few days it has seen a large amount of popularity. Tronscan.org was acknowledged by Tron’s founder, Justin Sun, via Twitter, which heavily contributed to a further pick up in trading volumes.

Justin Sun tweeted, “trx.market  breaks 100 million $TRX trading volume! Next milestone is 500 million”. The founder continues to be very much supportive of these TRON based projects, given his active recognition via social media. Despite the protracted bear market, Sun disregarded this in a recent tweet, showing a screenshot of the double-digit losses seen on Wednesday across the crypto market. He then quite comically compared the Coinmarketcap view with the Tron DEX, showing TRX related pairs trading in the green.

Technical Review – TRX/USD

TRX/USD daily chart

The TRX/USD bears have in the session been testing a vital area of demand. This is seen tracking from $0.01800 down to 0.01700. Previously in August and September, the mentioned area provided firm support in propping up the price. Most recently, the price had dipped into this territory on 12th September, where TRX/USD gradually went on to gain over 60%. Earlier, on August 14th, buyers pilled in, seeing the price gradually gaining over 70% over a period of time.

Given the history of buyers camped in this area, bulls should come back into play imminently. If this does prove to be the case for TRX/USD, eyes will be on another retest of the broken ascending trend line. This is seen tracking around $0.02550. The bears had initially breached this area of support, on 29th October. TRX/USD was supported in its move higher, from 12th September, by this trend line, before the break lower.

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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4.5 stars on average, based on 54 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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