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TRON tests $0.05 as support and sees a positive reaction- what next?

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TRON tests $0.05 as support and sees a positive reaction- what next?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The sharp drop to $0.05 was quickly reversed
  • The lukewarm Open Interest posed some questions to TRX buyers

The altcoin market posted gains over the weekend. The market cap of altcoins (crypto assets excluding Bitcoin and Ethereum) rose 5% from $301.5 billion to $316 billion.


Read TRON’s Price Prediction 2023-24


TRON invalidated a bullish idea laid out recently after slipping beneath the belt of support at $0.053. Its recovery and move higher to the resistance above $0.057 meant sellers could take short-term control, and the prices could continue to trade within the past month’s important levels.

A region of support was broken but quickly reclaimed

TRON tests  alt=

Source: TRX/USDT on TradingView

The area of support at $0.052, highlighted by the cyan box, was broken in the past few days. In doing so, the price also broke beneath the previous low at $0.0533, flipping the structure bearish. Since then, TRX has recovered to climb back above the $0.053 level.

At the time of writing, the price was on the verge of pushing above the resistance at $0.05538. The large upper candlewicks on the most recent trading session, as well as the one on 14 December, suggested that sellers were strong in the $0.054-$0.0577 region.

The RSI, which had plummeted to 25 on the recent price slump, has recovered and sat at 57 to show some bullish momentum. However, the CMF stood at -0.04, after having fallen to -0.11 to show significant capital flow out of the market a couple of days ago.

Until $0.0577 was broken and retested as support, sellers can look to take profits in the $0.056-$0.057 area. Bulls can look for a retest of $0.0528-$0.0537 to assess the probability of a bounce.

Funding rate was bearish but weighted sentiment was positive after the sudden drop

TRON tests  alt=TRON tests  alt=

Source: Santiment

On 6 January, TRON tumbled nearly 6% in the space of five hours. Santiment data showed that weighted sentiment took a positive turn after this drop, as TRX bounced from $0.05 by nearly 6.5% from the lows to reach $0.0538.

The funding rate also sank like a rock but has climbed back toward the 0% value in recent hours, as the asset also posted some short-term gains. The development activity continued unabated and seems to have to correlation with the price action, which can hearten long-term investors.

TRON tests  alt=TRON tests  alt=

Source: Coinglass

Open Interest noted sharp gains from 5 to 7 January, when TRON experienced that drop. Since then, while TRX pushed higher, the Open Interest has been in decline.

This showed money leaving the futures market, which indicated a lack of bullish confidence. This reinforced the idea that sellers can look for opportunities on a revisit to the $0.057 zone, although it can be risky given the lower timeframe bullish momentum.


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How to Give Bitcoin or Another Cryptocurrency as a Gift Using BitCard – Press release Bitcoin News

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How to Give Bitcoin or Another Cryptocurrency as a Gift Using BitCard – Press release Bitcoin News

PRESS RELEASE. As Bitcoin and crypto grows in its appeal and global use by individuals, businesses and merchants from all places and corners of the world, the desire for them also increases. Now, perhaps more than any other time in history, digital currencies like BTC, ETH and others, are in demand.

The internet has been actively progressing into underlying web 3 standards, and digital assets are increasingly utilized as the underlying money employed by various virtual platforms. The news and media are reporting about crypto more, people are becoming more aware, and therefore interest in crypto seems to be brewing, even as regulatory standards are being formed real-time.

As People Gain Understanding, Crypto Gains Further Adoption

As with all new concepts, as public education and awareness of cryptocurrencies steadily increases, fear and uncertainty around crypto is being settled for many. As a result, more people are becoming willing to interact with cryptocurrencies for their utility within digital ecosystems, trading, investing, alternative payment processing and more.

As more people and businesses begin using crypto themselves, they are also beginning to share them at a greater rate with others. Bitcoin gift cards have arisen as a popular method of sharing BTC and other popular cryptocurrencies with friends, family, co-workers, clients, staff and others.

Why Bitcoin Gift Cards Are Growing In Popularity

BTC gift cards have increased in their draw and popularity since first reaching the market in the early 2010’s. Now, with more than a decade on the market, gift cards with denominations redeemable in BTC, ETH, and even stablecoins like USDC others, the overall proposition has been implemented, and furthermore developed, by platforms like BitCard®.

BitCard® is a US-based BTC gift card distributor and B2B supplier that gives the end user several ways to take advantage of BTC gift cards for themselves personally, or to gift others individually, or even in an effort to build or expand existing loyalty and rewards programs. Over the last decade-plus several companies have looked for ways to implement gift cards purchased and furnished with digital assets to satisfy the desire many have to gift with alternative means than other traditional methods.

Additional Ways To Gift With Bitcoin And Cryptocurrency

While it isn’t very attractive in terms of the packaging, people can always elect to send cryptocurrency directly to others they wish to gift as an alternative to putting the crypto in gift card form. While it isn’t the most sophisticated way of giving, the desire to produce a gift that one has genuine interest in would be accomplished by such means.

In addition to sending BTC or other cryptos directly, crypto could also be put into other forms in order to accomplish the goal. NFTs and other on-chain digital assets can sometimes be relatively less-impacted by the volatility typically associated with the cryptocurrency market in general. This means that as Bitcoin price fluctuates, or any other associated digital asset, the value of the gift could remain at or near the original dollar value of the intended gift – or in some cases, increase.

Although it involves the same method of gifting with gift cards, some platforms such as BitCard® enable the end user to not only gift in physical cards but also digitally produced Bitcoin gift cards as well. While the effect may be different, particulars such as borderless, global and near-instant transmission could prove to be immensely beneficial in some instances.

More Than Gifting

Not only can crypto be loaded onto gift cards, but BTC and additional cryptocurrencies can also be implemented in customer loyalty, employee incentives, and other rewards programs. Even in this form, crypto could still be seen as a gift, as it is given to individuals, customers, clients or others as a reward, bonus, or incentive.

As cryptocurrency continues to be used on a global scale at an increased rate by businesses and individuals throughout the world, perhaps even more methods of gifting will be developed and one day become mainstream gifting alternatives. For now, crypto and BTC gift cards, crypto itself, crypto converted into other forms, and rewards, loyalties and incentives are the most popular ways to give the gift of crypto for most.

 

 

 


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Polygon Derivatives DEX Gains Network Crosses $1.5B in Trading Volume on Arbitrum

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Polygon Derivatives DEX Gains Network Crosses $1.5B in Trading Volume on Arbitrum


Over $220 million in trading volume was processed in the past 24 hours. Over $120 million of that came from crypto derivatives and $70 million from products tracking foreign currency (forex), with the remaining spread over US-listed stocks, such as Apple (APPL) and Amazon (AMZN), and indices.


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State senator pushes bill to make Bitcoin legal tender in Arizona

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State senator pushes bill to make Bitcoin legal tender in Arizona


Wendy Rogers, an Arizona state senator in the United States, has launched bills concerning cryptocurrency, including one that aims to make Bitcoin (BTC) legal tender in Arizona. 

In a recent tweet, Rogers cited data from investment firm Goldman Sachs that BTC is the best-performing asset in the world and announced that she launched a set of crypto bills.

One of the proposed bills focuses on making BTC legal tender in the U.S. state. If passed into law, BTC will have the same status as the U.S. dollar, becoming an accepted medium of exchange for debt payment, public charges, taxes and dues in the state. 

In 2022, the state senator also introduced a similar bill without success. Despite this, Rogers still continues efforts to push BTC forward in the state. In April 2022, Rogers spoke against central banks and voiced her support for Bitcoin. She tweeted:

Apart from this, Rogers also participated in introducing a bill that seeks to make crypto a tax-exempt property. If approved, voters can decide in 2024 if they want tokens that do not represent foreign currencies or the U.S. dollar to be exempt from taxes. 

Related: US Senator Ted Cruz pushes for crypto in Congress … using snacks

On Sept. 7, 2021, El Salvador officially made Bitcoin a legal tender in the country. More than a year later, making Bitcoin legal tender in the country proved beneficial. El Salvador experienced increased tourism in 2022, with 1.1 million people visiting the country in the first half of the year.

On Jan. 22, Brazil and Argentina announced preparations to create a common currency parallel to the Brazilian real and the Argentine peso. Responding to this, Coinbase CEO Brian Armstrong suggested that moving to Bitcoin may be the right “long-term bet” for both countries.


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