Connect with us

Cryptocurrencies

TRON Price Slides 25% Overnight; TRX Hits New Low Despite BitTorrent Web Rollout

Published

on

TRON (TRX) was struck by a 25% loss overnight, and by Tuesday morning had sunk all the way to the $0.012 range – a price level not seen since December of last year.

That followed the rest of the market in yet another crash which wiped a further 18% off the value of Bitcoin, sending the coin price all the way to the $4,300 range – a price last seen in October of last year.

As the global crypto market cap hovers around the $140 billion range (down from $214B just last week), no fundamental news is making itself felt.

Even the launch of BitTorrent Web – an in-browser torrent streaming application – wasn’t enough to halt TRON’s slide/ That’s despite the earlier release of uTorrent Web back in September resulting in a chunky price boost for TRX.

BitTorrent Web Released

The BitTorrent team announced the release of BitTorrent Web last night, tweeting:

“A few months after officially launching µTorrent Web, we’re proud to launch BitTorrent Web. Available for Windows, it’s a simple, web-based torrent client for the #streaming age!”

As with the release of uTorrent Web last month, the new application will allow users to stream torrents direct from their browser, without having to download the entire file first.

TRON founder and CEO, Justin Sun, also took to Twitter to spread the news. Sun told his 576K followers:

“Congrats to the team for releasing BitTorrent Web! Torrent meet streaming to offer the best user experience. Available now on Windows, Mac version in the works…”

The uTorrent Web rollout was a measurable success back in September, with over a million daily active users hitting the platform within the first few weeks of launch. As tweeted by the BitTorrent team at the time:

Proud to announce that our Web-based torrent streaming client, µTorrent Web, surpassed 1,000,000 daily active users. If you’re waiting for a BitTorrent Web, rest assured that it’s coming soon!”

TRON Price Update

For the twenty-four period leading up to Tuesday morning, the value of TRX sunk by 25% in line with the rest of the altcoin market. That fall took the TRX price from $0.017120 down to the trough of $0.012835 by around 09:00 UTC.

That means that TRON is no longer a billion dollar entity, as the market cap sunk to the $900 million range for the first time since December 2017.

TRX is now down 40% for the previous seven days – only slightly worse than the 35% lost by Monero (XMR), Litecoin (LTC) and Ethereum (ETH) – all of which are now flirting with new lows for 2018.

The only coin to offer any kind of resistance against the recent blood-letting is XRP, which remains anchored to the $0.45 valuation it has held for the last couple of months.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 103 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.




Feedback or Requests?

Altcoins

Zcash Price Analysis: ZEC/USD Shaping Up for Another Potential Fall; Coinbase Giving Zcash Away

Published

on

 

  • Zcash saw a decent bounce on Wednesday, jumping over 6%, but technical there are still some vulnerabilities.
  • Coinbase as part of their ‘12 days of Coinbase’ campaign, will be giving away ZEC to families in need in Venezuela.

ZEC/USD enjoyed a string of gains on Wednesday, jumping as much as 6% in the session. This appears to be somewhat of a consolation move for the bulls, as the sellers look to be exhausted. There has been little direction since the heavy pressure to the downside slowed down and stabilized on the 7th December. The price through the month of November dropped a hefty 63%, with that being carried through into December.

Coinbase Giving Away ZEC

Just a couple of weeks ago the popular U.S. cryptocurrency exchange Coinbase announced the listing of ZEC. They are now facilitating ZEC trading via Coinbase Pro, the proprietary trading platform. The service was made available for Coinbase Pro users in the U.S, U.K, the European Union, Singapore, Australia and Canada. On the back of this, ZEC/USD had jumped as much as 20% over the course of the day, following the announcement.

Most recently, Coinbase launched a Christmas campaign, which entails a series of announcements, dubbed “12 days of Coinbase.” Today was the second day, in which they detailed a gift in aid for distressed families in Venezuela. To provide help to these families, Coinbase will be donating $10,000 in Zcash to GiveCrypto.org. This is a nonprofit organization, which distributes cryptocurrency to people within poverty struck living conditions. $1.00 USD worth of ZEC will be deposited into crypto wallets of over 100 families in Santa Elena every day for three months.

Technical Review – ZEC/USD

ZEC/USD 4-hour chart

As touched upon above, ZEC/USD had been provided with a relief bounce in the session. However, price action is still moving within a bearish pennant pattern structure. This has been forming since the 7th December, within this consolidation mode. Price action is narrowing following the steep drop just some days ago. Technically, it does typically spell further potential trouble when behavior is as such currently seen – generating a calm before a further potential storm caused by the rampant bears.

ZEC/USD weekly chart

Given the above-mentioned pattern formation, ZEC/USD is vulnerable to another steep drop. Near-term support of this pennant should be noted at around $54.60. Should the bears manage to force a break, then expect the flood gates to open. A further wave of selling would likely follow, with the next major area of support, not seen until the $30 territory. The price was last down at these levels in February 2017. A demand zone can be seen running from $35 down to $26.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 4.50 out of 52 votes, average: 4.50 out of 52 votes, average: 4.50 out of 52 votes, average: 4.50 out of 52 votes, average: 4.50 out of 5 (2 votes, average: 4.50 out of 5)
You need to be a registered member to rate this.
Loading...

4.5 stars on average, based on 81 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.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Another Rally Attempt in Crypto-Land

Published

on

The major cryptocurrencies are all trading slightly higher today, following two bearish days that brought them back to last week lows, and for now, another breakdown has been avoided, despite the overwhelmingly bearish broader picture. The modest bounce left our trend model on sell signals across the board, and odds continue to favor new lows in the coming period, so traders and investors should remain defensive here.

The top coins are trading well below the weekend bounce-highs and without new swing highs, the short-term trend also remains clearly bearish, even considering the deeply oversold long-term momentum readings and the abysmal sentiment. So while a larger scale bounce remains possible in the coming weeks, perhaps following a failed breakdown pattern, bulls should still be patient until we sell clear technical improvements in the segment.

With that in mind, traders and investors shouldn’t enter positions even in the slightly stronger coins, and odds still favor the continuation of the bear market, with new lows likely in the coming days. That said, a successful test or a failed breakdown could trigger a larger scale correction, with the broader picture still being deeply oversold and with investor sentiment still being very negative. For now, there is no sign of an imminent rally, with all eyes on the $3000 in Bitcoin.

BTC/USD, 4-Hour Chart Analysis

Bitcoin rallied as high as $3450 today, but it failed to get close to the $3600 resistance and the weekend high, so the short-term downtrend remains intact despite the bounce. For now, our trend model is still on sell signals on both time-frames, and traders should stay away from entering new positions here, with the long-term picture also being clearly bearish.  Further resistance is ahead in the $4000-$4050 zone, while key long-term support is found near the $3000 price level.

ETH/USD, 4-Hour Chart Analysis

Ethereum is stuck below the key $95-$100 zone even following today’s bounce, keeping the coin on a short-term sell signal in our trend model. Odds still favor a move towards the next major support zone between $73 and $75, and only a quick recovery above the primary resistance zone could change the short-term trend.

The steep long-term downtrend is clearly intact in the coin, and traders and investors should still not enter new positions here, with further strong resistance zones ahead near $120 and $130.

Altcoins Avoid Breakdown but Strong Resistance Zones Lie Ahead

Dash/USDT, 4-Hour Chart Analysis

Despite yesterday’s weakness, last week’s lows held up even in the relatively weaker majors, and although that’s an early sign of stability, it’s not enough to warrant upgrades in our trend model. With still no bullish leadership present in the segment the continued technical weakness in the lagging coins, such as Dash reinforces our bearish long-term view.

XRP/USDT, 4-Hour Chart Analysis

Ripple only experienced a weak bounce, and although it continues to trade near the $0.30 level, the coin is still among the relatively weak coins from a short-term perspective and the renewed long-term sell signal is also in place.

We still expect a move towards the prior bear market low near $0.26, with a weaker support level found above that near $0.28, and traders and investors shouldn’t enter positions here, with resistance levels above $0.30 ahead at $0.32, $0.3550, and $0.3750.

Litecoin/USD, 4-Hour Chart Analysis

While Litecoin managed to hold up above its recent swing low and the $23 support level, it remains in steep short- and long-term downtrends, and we would need to see significant technical strength for even a short-term trend change.

Our trend model is on sell signals on both time-frames, and below $23, the next major support zone is found between $20 and $20.50 with strong resistance ahead near $26 and between $30 and $30.50.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
1 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 51 vote, average: 5.00 out of 5 (1 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 414 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Cryptocurrencies

Crypto Markets Stabilize in Low-Volume Trading; Kraken Value at $4 Billion

Published

on

Cryptocurrency prices stabilized on Wednesday, stemming early-week volatility that pushed the majors toward new yearly lows. Kraken, one of the largest U.S.-based exchanges, has reached out to traders about a potential private offering.

No End to the Downtrend

The cryptocurrency market capitalization recovered around $111 billion early Wednesday after coming within striking distance of new yearly lows during the previous session. Despite the modest rally, some of the major cryptocurrencies could test new lows this week given the general lack of buying interest across the market.

At the time of writing, the top-ten coins had registered gains between 1% and 6% over the past 24 hours. Tether, a dollar-backed stablecoin, was trading above parity. The rise of Tether is a clear indication that investors are parking their capital on the sidelines in anticipation of further declines. It wasn’t too long ago that USDT was facing an existential crisis tied to its parent company’s lack of transparency.

In terms of percentage growth, the biggest gainers on Wednesday were outside the top-ten. Tezos (XTX), the 20th ranked coin by market cap, jumped 15% to $0.4128. XTZ received a boost after Huobi, one of the world’s leading crypto exchanges, announced the listing of the token as of Wednesday (GMT+8).

Binance Coin (BNB) also outpaced the broader market, gaining 8.5% to reach $5.02. This includes a gain of more than 6% against bitcoin. Against BTC, Binance Coin is little changed over the past month.

Overall trade volumes have fallen by $800 million over the past 24 hours, according to CoinMarketCap. Total daily turnover reached $12.2 billion.

Kraken Eyes Private Offering

Kraken, the world’s 26th largest exchange by adjusted volume, has reached out to its most prominent customers to prod their interest in a private offering. Emails obtained by Finance Magnates show that the company has approached traders with an investment opportunity. The selected recipients have been asked to fill out an online survey for additional information.

In the email, Kraken boasted significant capital reserves and assured traders that it did not need financing. The company is offering shares in support of a $4 billion valuation, according to the email. The minimum investment amount is $100,000.

“The transaction process will be done by a 3rd party service, who will run accredited investor checks, facilitate the execution of transaction documents, and the funding of your investment,” the email reads, according to Finance Magnates.

Recipients have until Dec. 16 to respond, after which Kraken will evaluate each potential investor’s eligibility.

Cryptocurrency exchanges have seen their business languish during the bear market. Interest in the Kraken offering will largely depend on whether existing clients believe that an imminent reversal is likely in the foreseeable future. That being said, institutions like Nasdaq Ventures and Fidelity have poured millions into exchange startups. ErisX, an up-and-coming exchange platform set to launch sometime next year, has raised $27.5 million from major investors.

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.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
2 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 52 votes, average: 5.00 out of 5 (2 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.6 stars on average, based on 696 rated postsSam Bourgi is Chief Editor to Hacked.com, where he leads content development for one of the world's foremost cryptocurrency resources. Over the past eight years Sam has authored more than 10,000 articles and over 40 whitepapers in the fields of labor market economics, emerging technologies, cryptocurrency and traditional finance. Sam's work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Contact: sam@hacked.com Twitter: @hsbourgi




Feedback or Requests?

Continue Reading

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending