ADA/USD Price Analysis

Altcoins Daily Preview: Cardano 1.4 Update is Massive, Tron Blasting Transaction Records

Latest Cardano News

There is a lot of interesting stuff going on in Cardano right now and although ADA prices are taking a hit, we cannot discount the excellent job they are doing as far as on chain development is concerned. To begin, they caught the attention of the blockchain community when they launched two smart contracting tools last week. These two—Plutus and Marlowe, were rigorously built tested before launch.

Moving on these are the kind of tools the community need as it bid to topple competitors. Remember, Cardano has ambitions to dominate the financial sector. Plutus and Marlowe would come in handy and companies can easily write and simulate smart contracts right on top of the Cardano blockchain before deployment.

Read: Linkedin: Blockchain Developer is 2018 Most Growing Job Sector (33X)

Days later, Charles Hoskinson, the co-founder and head of IOHK said the team is ready to launch Cardano 1.4 update on Dec 18 (tomorrow) after a “huge amount of QA work”. If anything, this is significant development and aside from storage capacity increase and other code fixes, Cardano 1.4 lay the rails for complete decentralization during Project Shelly.

ADA/USD Price Analysis

ADA/USD Price Analysis

Week over week losses are mild and ADA is down seven percent against the USD in the last week. Like it has been the norm, sellers have an upper hand but after the bear breakout of Dec 6, ADA/USD found support at around 2.7 cents or Dec 7 lows.

Prices have since been consolidating within Dec7-9 high low with clear resistance at 3.3 cents. Price action between Dec 7-9 is significant because not only did it shore prices but backing these higher highs were high trade volumes.

Furthermore, ADA/USD prices largely confined within these high lows. From an effort versus results point of view, this is bullish and it’s because of this that we expect ADA to recover and even retest 3.3 cents.

If that is the case, chances are the resulting interest could propel prices back to Nov 29 highs of 4.5 cents. Otherwise, slips below 2.7 cents could see ADA collapse to new ATLs.

Assuming bulls reign, then this will be our ADA/USD trade plan:

Buy: 3.3 cents

Stop: 3 cents

First Target: 4.5 cents

Latest Tron News

Tron is blasting records, days after processing 2.53 million transactions and recording a 32,284 jump in the number of addresses, Justin Sun is now pointing to the stellar number of total transactions processed since launch.

Also Read: TRON [TRX] Exceptional Network Performance: 2.53MM Txs/day

Still gambling sites dominate the top 10 with TronBet a stand out.

The game has been played more than 10,000 times and has paid out more than 10 million in TRXs.  Together with TronDice, the surge in the number of daily transactions helped Tron eclipse Ethereum as the most active platform.

TRX/USD Price Analysis

TRX/USD Price Analysis

After EOS and Binance coin, TRX is the third top performer in the last week. It is stable in the last 24 hours and from candlestick arrangement, prices could print higher in coming days.

As laid out in previous TRX/USD trade plan, bulls will only be in charge if and only if there are solid gains above 1.7 cents. Before then, the first wave of TRX buyers should enter the market once there is a high-volume break above 1.4 cents or Dec 12 highs.

This could pave way for price expansion towards 1.5 cents and even 1.7 cents. If not and prices collapse below Dec 12 lows of 1.2 cents and odds are TRX will sink towards Jan 2018 lows.

This is our short term TRX/USD trade plan:

Buy: 1.4 cents

Stop: 1.2 cents

Target: 1.7 cents, 2 cents

All Charts courtesy of Trading View.

This is not Investment Advice. Do your own Research.