Altcoin Daily Preview: Tron (TRX) Could Bounce back, CoinBase Prospects Bullish for Stellar Lumens
Latest Tron News
Straight from the announcement of the Tron Accelerator, the launch of Tron Developer Suite and the apparent meltdown of crypto prices, Justin Sun, the co-founder of the platform is now urging developers to migrate from EOS and Ethereum platforms.
Through a fund that Sun says will “rescue” these developers from imminent “collapse” of their respective platforms, dApp creators would get a boost only if they migrate their work to the Tron Platform.
#TRON will build a fund to rescue #ETH and #EOS developers from the collapse of their platform as long as those developers migrate their dapps to #TRON. #TRX$TRX
This is not the first time Sun is throwing sublime jabs at EOS and Ethereum. He has on several occasion been tussling with Ethereum’s Vitalik Buterin who at one time said Tron plagiarized part of its white paper from Filecoin.
A renowned Chinese investor cited seven strengths of Tron over Ethereum. Wanna know how Vitalik funnily replies? Look deeper into Penta’s white paper and you will find why we are different: we did the hard work of keyboard typing rather than seeking easy gains by Ctrl +V/C pic.twitter.com/LJ9KBY52Kx
From left to right, prices are negatively sloping meaning the path of least resistance is southwards. But this has been the trend in the last 11 months or so and after tumbling >85 percent, we expect TRX to find support.
At the moment, prices are edging higher in line with Nov 28 bulls and though consolidating within a tight 0.5 cents range, we expect buyers to print higher by the end of the week. The only time we expect bulls is when TRX/USD thrust above our resistance at 1.5 cents–$1.7 cents zone.
Fitting stops will be at 1.4 cents with first targets at 2 cents. Losses below 1.2 cents and 1.3 cents invalidate this plan.
Our TRX/USD trade plan will therefore be as follows:
Buy: Break and close above 1.5 cents
Stops: 1.4 cents
Target: 2 cents
XLM/USD (Stellar Lumens)
Latest Stellar Lumens News
As reported by EWNs, CoinBase—the US based crypto exchange platform has once more announced that it will be exploring 31 digital assets including Stellar Lumens (XLM).
This being the second time, the community is pretty excited about the news and could be pointers of what’s to come especially if CoinBase deviates from listing a high supply, low cost pre-mined coin.
Listing on XLM could be attractive for users who would want to diversify waiting for price appreciation now that Stellar has a working relationship with IBM. IBM’s mainframes are still in use by 92 out of 100 global banks and as they have been in service for more than 50 years, an alternative proposed by IBM could easily be adopted even if it means leveraging on the Stellar platform.
If 2019 is all about tokenisation… and Chain https://t.co/9h5aiv6Gmb tokenises everything and Stellar’s commercial arm, Lightyear, now owns Chain, rebranded as Interstellar… it might be positive for Stellar Lumens (XLM) without even mentioning IBM World Wire.
Stellar Lumens (XLM) is perched at fourth and quite stable in the last few hours. Though XLM is printing higher against the USD, bears are in control. From candlestick arrangement, we expect XLM to print higher and even close above 13 cents triggering short term bulls aiming at 17 cents.
However, since XLM/USD is trending within a bear breakout pattern and prices are below 15 cents, we cannot discount the possibility of sellers stepping up, driving prices below our support zone. If this print out then our XLM/USD will be nullified.
Nevertheless, our short-term XLM/USD trade plan will be as follows:
Buy: 13 cents—Above Dec 9 highs
Stops: 11 cents
First Target: 17 cents
All Charts Courtesy of Trading View.
This is not Investment Advice. Do your Own Research.