TronWeekly

Crypto World News

You are here: Home / Archives for News / Tron News

Tron News

Ethereum, Monero, Tron Technical Analysis On 4th November 2020

by

After a significant correction triggered by a spike in volatility, the global cryptocurrency market cap rose to $397.7 billion after a 2.47% increase over the last day. Several altcoins such as Ethereum [ETH], privacy coin Monero [XMR] as well as Tron [TRX] noted an uptick in their respective valuations.

Ethereum [ETH]:

ETH 1 e1604476268242

Over the last 24-hours, Ethereum [ETH] surged by 2.58% and pushing its price to $383.85 as it held a market cap of $43.4 billion and a 24-hour trading volume of $12.30 billion.

Several upward attempts by the bulls have been halted as minor rallies appeared to be triggered sell-offs. This was also evidenced by the red closing bars of Awesome Oscillator which suggested a bearish momentum in the coin’s price. Additionally, the Chaikin Money Flow also appeared to be struggling a little bit above the 50-median line depicting a considerable fall in the inflow of capital into the coin market.

The bearish pressure increases, Ethereum could retrace to its immediate support level of $339. However, if the bulls manage to make headway, it could potentially target its resistance level of $413.

Monero [XMR]:

XMR e1604476763875

Monero [XMR] rose by 1.41% over the last day which drove its price to$119.7. At the time of writing, XMR registered a market cap of $2.12 billion and a 24-hour trading volume of $1.53 billion.

After a stunning price rally, XMR lost significant momentum in its price. The MACD generated a weak sell signal as it formed a bearish crossover under zero. A move by the MACD into bearish territory can confirm that XMR was heading for another plunge. Further validating the bearish sentiment was the Klinger Oscillator whch also underwent a bearish crossover following the correction.

Monero has been continuously turned down from the $128 level of resistance and if the ongoing bearish trend gains traction, the privacy-focussed coin could further retrace to its previously established support area of $101.

Tron [TRX]:

TRX 1 e1604477304401

Tron [TRX] noted an uptick of 3.31% over the last 24-hours. TRX was valued at $0.024 while recording a market cap of $1.72 billion and a 24-hour trading volume of $885 million.

Tron has so far failed to materialize a rally in its favor. The dotted markers of Parabolic SAR aligned above the price candles continued to resist a potential upward breakout. The RSI has also hit the oversold region depicting a heightened bearish sentiment among the traders of the coin market.

If Tron bulls fail to defend the current level, it could attract a depreciation to the $0.020 level of support while $0.027 remained unbreached.

Binance Coin, Tron, Bitcoin Cash Technical Analysis On 1st November 2020

by

The global crypto market cap has jumped back to $400 billion, according to CoinMarketCap, despite inaction in the price of several altcoins including Binance Coin [BNB], Tron [TRX], and Bitcoin Cash [BCH]. Bitcoin’s stint above $14,000 was cut short as overhead resistance strengthened. The coin was consolidating below this region while altcoins, on the other hand, registered a notable decline over the past day.

Binance Coin [BNB] 

BNB e1604231236629

Over the past 24-hours, Binance Coin [BNB] was down by1.29% and was priced at $28.25 as it held a market cap of $4.08 billion and a 24-hour trading volume of $329 million.

BNB was turned down from the recently established local top of $31.57 which acted as a crucial resistance area. This was depicted by the red closing bars of Awesome Oscillator which flipped into bearish momentum in the coin’s price. Further validating the bearish pressure was the fall of Chaikin Money Flow below the zero-line depicting an outflow of capital from the coin market.

If the bears succeed in its attempt to price the sink lower than the current level, BNB could find itself retest its immediate support level of $22.96.

Tron [TRX]

TRX e1604231408911

Tron [TRX] also depreciated by 1.55% over the past day which drove its price to $0.0256. At the time of writing, TRX registered a market cap of $1.83 billion and a 24-hour trading volume of $872 million.

TRX was trading a little above its support level of $0.0254 for nearly two months without much progress. The inaction in terms of its price has triggered a bearish crossover for Klinger Oscillator. The MACD has been pointing towards a sell signal over the past week. Furthermore, a few days ago, it also moved beneath the zero-line, thus indicating stronger bearishness.

The $0.247 level can offer some support if TRX dropped further while its overhead resistance remained unbreached at $0.030

Bitcoin Cash [BCH]

bch e1604231789689

Bitcoin Cash [BCH] was valued at $261 after a decline of 1.01% over the last 24-hours. It recorded a market cap of $4.85 billion and a 24-hour trading volume of $1.67 billion, at the time of writing.

Despite the latest price dip, the bears have continued to defend the current range. This was demonstrated by the dotted markers of Parabolic SAR which supported the BCH price candles from an extended loss, thus exhibiting a bullish trend for the coin. A further upward breach, might not play out despite the bullish patterns was due to the formation of a bearish divergence between the price and the RSI. These essentially meant that the sellers were not done yet.

In the case of depreciation, BCH could retrace to the $241 support level as it found significant resistance from $291.

Chainlink, Litecoin, Tron Technical Analysis On 26th October 2020

by

The weekend has been quite eventful for Bitcoin and the rest of the cryptocurrency market. Over the past day, the global market cap climbed to $397 billion, at the time of writing. Additionally, Bitcoin’s dominance sprung back up and was currently found to be at 61.15%, this triggered a mild downturn in the prices of several altcoins

Chainlink [LINK]:

LINK 4 e1603695259974

Over the past 24-hours, Chainlink [LINK] was down by 3.52% and was priced at $12.29. The token registered a market cap of $4.77 billion and a 24-hour trading volume of $1.29 billion, at the time of writing.

LINK was struggling close to a vital level of resistance at $12.25. The Klinger Oscillator appeared to be heading for a potential bearish crossover. However, MACD depicted a strong bullish phase for the coin as the signal line hovered below, the reading line. If the token manages to retain the current level, it could further target $13.81 as it found firm support at $8.63

Litecoin [LTC]:

LTC 3 e1603695819640

Litecoin [LTC] sustained a minor decline of 1.13% over the past 24-hours which drove the price to $57.9 as it held a market cap of $3.80 billion and a 24-hour trading volume of $3.68 billion.

Despite the mild pullback, the technicals depicted an optimistic picture. The green bars of the Awesome Oscillator indicated a bullish momentum for the coin. Chaikin Money Flow also rose well above zero signaling a rise in the inflow of capital into the coin market.

This targeted a bullish reversal to $61 while its immediate support was found at $51.

Tron [TRX]:

TRX 5 e1603697232993

Tron [TRX] was down by 0.15% over the last 24-hours and was valued at $0.0271. At the time of writing, TRX registered a market cap of $1.94 billion and a 24-hour trading volume of $873 million. The minor upward trend was halted as bears gained control of TRX’s price.

This was also evidenced by the dotted markers hovering above the TRX price candles resisting a breakout. RSI, on the other hand, stagnated a little over the 50-median depicting a sentiment of buying pressure in the coin market. If the bulls fail to be in command, TRX could retest crucial support of $0.0247 while the resistance level remained unbreached at $0.030.

Bitcoin, Bitcoin Cash, Tron Technical Analysis On 21st October 2020

by

The global cryptocurrency market cap rose to $372.8 after an increase of 2.02% over the last 24-hours. This level was last seen in early September of this year. The push can be attributed to Bitcoin’s climb above the coveted level of $12,000. Following its suit was the rest of the cryptocurrency which soon jumped into bullish action.

Bitcoin [BTC]:

btc 5 e1603277510828

Over the past 24-hours, Bitcoin [BTC] rose by 3.98% which catapulted its value to $12,214 as it held a market cap of $226 billion and a 24-hour trading volume of $37.29 billion. Triggered by the latest uptrend, BTC broke a crucial level of resistance at $11,875. This level was last seen in mid-August.

Closely following the price movement, the green closing lines of the Awesome indicator also depicted a bullish momentum. The Chaikin Money Flow was also in the bullish territory depicting a flow of money into the coin market.

If the bulls gain traction, BTC could further breach this level to target its nearest resistance of $12,918 as it support stood firm at $10,506.

Bitcoin Cash [BCH]:

BCH 2 e1603280200174

Bitcoin Cash [BCH] was valued at $253 after a surge of 2.49% over the last day. At the time of writing, the fork coin recorded a market cap of $4.70 billion and a 24-hour trading volume of $2.49 billion. Despite the latest uptrend, its technicals painted an uncertain future. The Klinger Oscillator recently underwent a bearish crossover. The MACD, on the other hand, generated a strong buy signal as it formed a bullish crossover above zero. A move by the MACD into bullish territory can confirm that BCH heading to make more gains.

BCH was trading close to a psychological level of resistance of $255. If the coin manages to break above this level, it could climb to its overhead resistance of $293. However, if a bullish action fails, BCH could spiral back to its support at $209.

Tron [TRX]: 

trx 4 e1603280611109

Tron [TRX] was up by 4.55% over the last 24-hours. The coin was being traded at $0.0266, as it registered a market cap of $1.91 billion and a 24-hour trading volume of $1.73 billion, at the time of writing.

The dotted markers below the candles depicted a bullish phase for the coin as it supported TRX’s price from a further market downturn. The RSI also spiked above the 50-median indicating a rising sentiment of high buying pressure among the traders of the coin market.

This could essentially push the price of TRX higher whose resistance stood at $0.034 while holding support at $0.023

 

Tron-based Tokens SUN and JUST To Get Listed by Yet Another Platform

by

Tron-based tokens have become quite popular over the last few months. Thanks to the ongoing demand for decentralized finance [DeFi], Tron Blockchain has emerged as one of the main contenders in a space dominated primarily by Ethereum.

In the latest news, VirgoX, which happens to be a stablecoin focused digital asset trading platform, has announced its plans to list Tron-based SUN token and JUST [JST] and the initiation of trading with SUN/USDT and JST/USDT soon after.

SUN was essentially designed to further the development of DeFi on Tron’s blockchain. It was described as “the quintessential Bitcoin equivalent on TRON,” by the Tron Foundation. In addition, SUN is a voluntary project that runs on Tron’s TRC-20 token standard with a dedicated community administering operations via smart contracts. SUN also became the first token listed on Binance newly-launched Innovation Zone.

JUST [JST], on the other hand, is Just Platform’s Governance Token which was launched in May this year, during the Poloniex LaunchBase [Token Sale]. It is basically a two token system that aims to create a decentralized financial system that offers stablecoin lending and governance mechanisms for users around the globe. In addition to this, JUST was also listed for trading on the digital asset management platform, Bitrue.

Meanwhile, Coinbase Custody also recently announced that it was exploring to support multiple digital assets
such as Tron [TRX] and five popular TRON based tokens which included BitTorrent [BTT], Just [JST], Just Stablecoin [USDJ], WINK [WIN] and Sun Token [SUN]. Considering the fact that Coinbase Custody is a trusted crypto custodian with its core clients being institutional investors, potential listing development is crucial not only for the Tron ecosystem but also for the price of the individual tokens.

Support on Coinbase Custody could eventually open doors for Tron [TRX] and other Tron-based tokens being listed on the leading exchange, Coinbase.

Tron’s Active Address Count on a Rise; while Ethereum Figures Drop

by

Over the past few months, the Tron blockchain has added a bunch of milestones to its list of achievements. In yet another development for the Tron ecosystem, the number of active addresses figures has been on a rise for quite some time now.

Coin Metrics

According to the latest charts from Coin Metrics, the active address count on the Tron network stood at 323.848K. An increase of more than 376% was noted since the beginning of the year. Interestingly, the number of active addresses gained significant traction as Tron entered the DeFi space.

It is important to note that both Bitcoin and Ethereum are the original DeFi applications and are controlled by large networks of computers, not central authorities. While Ethereum has been instrumental in aiding decentralized startups to crowdfund their operations, its fair share of controversies has prompted the need for alternatives in the DeFi space.

In response to Ethereum’s network congestion and high gas fees, the Tron ecosystem has been gearing up for DeFi since the beginning of the year in a bid to “revitalize the market”.

Notably, Tron Founder Justin Sun announced the rollout of three Tron-based DeFi projects, including a “JUST Lend” credit platform in mid-July. It was during this time, that the active address figures saw a sharp and consistent rise. This was followed by TRX’s price surging to a two-year high of $0.0479.

Talking about the Tron ecosystem, Sun had recently commented,

“Tron is growing rapidly every day. The total number of addresses on TRON just exceeded 10 million some time ago, and now it is growing at a rate of about 1% every day. Tron  is now the only public blockchain protocol in the world that can compete with Ethereium in various fields such as DeFi”

Ethereum’s active address count, on the other hand, was on a decline especially since mid-September despite the latest rally in terms of its price. This was revealed by the crypto analytic firm, Santiment. From an on-chain fundamental outlook, the decline signaled bearishness. But this could indeed be good news for the users as correspondingly with the decreasing price of gas.

Tron Foundation Announces Opening BTC-TRX LP Mining Pool on SUN Network

by

Justin Sun-owned Tron Network has been making headlines in recent days. In the latest development for the Tron ecosystem, the foundation announced the issuance of a total of 1000 Tron-based BTC on the Tron network. The total market cap has reportedly surpassed $10,692,382.

The Founder of the Tron [TRX] blockchain and CEO of BitTorrent [BTT], Justin Sun tweeted

“Issued by JUST Foundation, TRC20-BTC is another masterpiece of TRON-based crypto-asset following the miracle of TRC20-USDT whose total supply has exceeded over 4 billion. All BTC holders may issue TRC20-BTC.”

The Tron-based BTC was whitelisted on the DeFi protocol, JustSwap on the 5th of October. Following this, the foundation further revealed a 14-day LP mining pool for BTC-TRX on Sun.io. The official blog post announced the initiation of a 14-day 1x BTC-TRX LP mining on the same day.

Tron Foundation

Touted as a “masterpiece”, TRC20-BTC is issued by JUST Foundation. It is the DeFi euphoria that has given rise to synthetic assets and as Bitcoin on Ethereum gets traction, the Tron foundation has been spearheading its own Bitcoin-pegged synthetic asset on the Tron Blockchain.

Tron has been making several notable strides to bolster its DeFi efforts. Sun had first teased the launch of synthetic Bitcoin on the Tron blockchain in August this year. The Tron Foundation announced working with top-tier digital payments processor BitGo to introduce tokenized Bitcoins and Etherereum on the Tron blockchain, a month later.

In terms of DeFi, Tron claimes to have an edge primarily due to the crucial factors such as high scalability and low fees offered by the blockchain as compared to its competitor, Ethereum whose perennial problem of network congestion is far from fading away.

Sun has never shied away from admitting that he wanted to build viable infrastructure and cloning Ethereum’s DeFi protocols on the Tron blockchain. Talking about the launch of JustSwap during the recent LA Blockchain Summit, he had asserted,

“We are creating the same kind of DeFi ecosystem as Ethereum. All the Ethereum network products, you can see the same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap.”

Binance Coin, Bitcoin SV, Tron Technical Analysis on 4th October 2020

by

The cryptocurrency market has been fairly stable and Bitcoin remained unfazed despite an eventful week that saw the Kucoin hack and CFTC announcing legal action against the crypto exchange, BitMEX. These are the signs of asset class maturing. At the time of writing, the global crypto market cap was found to be at $338.59 billion, a 0.63% increase over the last day.

Binance Coin [BNB]:

BNB e1601809866163

Binance Coin [BNB] was up by 2.89% over the last 24-hours driving its price to $28.33. At the time of writing, the token registered a market cap of $4.091 billion and a 24-hour trading volume of $474 million.

BNB’s price appeared to have topped out as the red closing bar of Awesome Oscillator depicted a shift towards bearish momentum Chaikin Money Flow also appeared to take a plunge near the zero-line, nearly a month later, suggesting a decline in the inflow of the money into the coin market.

If this trend persists, BNB could retrace its steps back to its previous level of support at $22.93 while overhead resistance remained unbreached at $29.38.

Bitcoin SV [BSV]:

BSV e1601811231206

Over the past 24-hours, Bitcoin SV [BSV] was down by 0.41% which caused a dip in its price to $161.01 as it held a market cap of $2.98 billion $491 million.

The fork coin was struggling close to its support level of $158.84. This was evidenced by Klinger Oscillator which depicted the reading line moving close to the signal line. Further reinstating the presence of bearishness was the MACD indicator which appeared to be heading for a bearish crossover in the near-term.

BSV was in a crucial zone at the time of writing. If the bulls fail to hold this level of support, BSV could fall to $106, a level that was last seen during the Black Thursday crash in March. Its immediate resistance level stood at $201

Tron [TRX]:

TRX e1601812507669

Riding on the success of the DeFi wave, Tron [TRX] has managed to breach significant resistances along the way. However, a 4.14% decrease over the last day caused the coin to drop to $0.0261. At the time of writing, TRX held a market cap of $1.87 billion and recorded a 24-hour trading volume of $1.49 billion.

The dotted markers above the TRX price candles resisted an uptrend exhibiting a bearish phase for the coin. The RSI was struggling to breach the 50-median line depicting a sentiment of sell-pressure among the traders in the coin market.

Tron’s DeFi Ecosystem Sees 2,557% Surge in Q3; JustSwap Steals the Show

by

Tron has managed to embrace the DeFi craze in a relatively short span of time with a series of flashy announcements and new products. In the third quarter, the transaction volume on Tron’s DeFi ecosystem reported an astounding increase of 2,577%. A significant share of 41% of the total volume was held by Tron’s DEX category.

EjUAOf6XsAAdQVF

This was revealed by the latest DappRadar’s 2020 Q3 Dapp Industry Report which further revealed that the number of DeFi ecosystem DApps saw a meteoric rise in the Q3 of this year. There were three DeFi DApps available on the Tron network in the previous quarter. But by the end of Q3, the total number of DApps submitted to DappRadar surged to 27.

Increase in the Number of Active Users

Besides, the DeFi ecosystem witnessed its highest ever daily wallet activity – 42,009 in September, meaning an increase of 1,896% in the Q3 when compared to the previous one.

The report further stated,

“The major contributor to this increase in daily activity is from three recently released dapps. Sun and JUST in the DeFi category and JustSwap in the Decentralized Exchange category.  From the DeFi category, Sun and JUST are the most recent releases. Showing on average more than 4,000 daily active wallets. Contributing almost 50% and 25% respectively to the total activity.”

In addition, it’s worth mentioning that JustSwap was the only DAap sustaining high wallet activity in the third quarter by surpassing over 11,000. Based on Tron for automated liquidity provision, JustSwap happens to be an open financial market accessible to all. It also happens to be the first-ever exchange protocol on Tron for exchanges between TRC20 tokens.

Tron

Just a few days after it was launched, JustSwap managed to garner significant popularity.and noted several milestones shortly thereafter. TWJ had previously reported Tron joining forces with Huobi with DeFi Mining which allowed staking Huobi Token [HT] mining.

Many investors were drawn to the lucrative DeFi market through the great benefit prospects of various ventures and Tron, with its low transaction fee, has managed to significantly bolster its network operations in just a few months.

BeFaster dApp Release Euphoria Begins as BFCH Token Announced to be Listed on LaToken Soon

by

The Tron ecosystem has been flooded with multiple updates and developments from organizations trying to make their mark. This has resulted in a surge of interest and changes in the industry with some introductions creating waves all across the cryptocurrency ecosystem.

If one looks at the Tron industry, it becomes apparent that BeFaster has become one of the most striking dApps out there. With a focus on integrating the blockchain industry with fitness, the application has come a long way in helping people understand the concept of ‘earning while exercising’. 

Ever since its inception, BeFaster has made it a priority to show users that it was not just another run-of-the-mill decentralized application. The application has gone through multiple testings over the past couple of months so that users can avail the best possible experience from it. Along with the application BeFaster also includes the BFCH token which now has its own arc. 

In a recent series of tweets, BeFaster informed the community about the future of the BFCH token. Users had the opportunity to buy BFCH tokens at $0.6 before the expected price hike connected to the impending Latoken listing. According to sources within BeFaster, BFCH will be listed on Latoken at $1, a whopping 66.6 percent growth in the 7-day timeframe. BeFaster gives users the option to use either their Visa or MasterCard to purchase BFCH tokens. 

All users need to do is visit https://www.befaster.fit/en/buy-crypto/ and enter the amount they want to spend in fiat currency. This will then be converted into the corresponding amount in BFCH tokens. Once the user decides on the sum, they will need to enter their e-mail address and the exact address of the wallet where the capital will be deposited. BeFaster has told TWJ that the programming for the application is being processed on time with an imminent launch.

The BFCH token stands out from the rest of its compatriots because of how far it has come since the start. The token value jumped from $0.2 to $1 in less than six months, an increased rate unseen even in the cryptocurrency industry’s big honchos. BeFaster sources revealed that the BFCH token would not only be useful in the fitness space, but also in the overall trading industry. Once the dApp is released, the token’s price is expected to skyrocket once more.

inlineTo keep users hooked, the BeFaster team recently teased the third screen of the dApp. The page included all the details required during a workout with additional inputs such as maps and the number of calories burnt. This in-depth analysis was BeFaster’s way of showing that users will be committed to using the application for its fitness purposes while dabbling in crypto at the same time.