Crypto Analysis

Altcoins Daily Preview: Tron (TRX) Shoots 34 Percent, Cardano Cut Above Competitors

Latest Cardano News

The only way of competing with Cardano is to emulate their engineering where quality steps are thorough and supervising companies held responsible for their misgivings, Charles Hoskinson, the head of IOHK, has said. Cardano promise to rival Ethereum and work is underway to unveil the world’s first smart contracting platform that could process billions if not trillions of data via well researched and peer reviewed tech.

Read: Tron (TRX) Edges out Bitcoin SV (BSV) from the Number 9 Spot According to Market Cap

Aside from their plans, they are trailblazing and contributing immensely to the growing sector. Just recently, they announced the release of an official Proof of Stake white paper, a guide from where other developers can refer to when developing side chains.

That’s not all. Verified data from Coincodecap shows that Cardano is where developers worked overtime, contributing to code. With 46,000 commits at its GitHub repository, Cardano dislodged Ethereum from the activity mantle—at fourth with 15,617 commits by the end of 2018. Therefore, it is mind-boggling that ADA prices continue to wobble at the periphery constantly battling for 10th with the likes of TRX and sometimes Monero.

Also Read: CoinBase: Ethereum Classic Chain Attacked, $450k+ In Crypto Double Spent

As a cryptocurrency and a digital, open source platform, the number of commits points to interest. It is this interest and activity that draws value and at this pace—now that we are waiting for Byron, that we expect ADA prices to expand northwards, cementing its spot in the top 10.

Cardano (ADA) Price Analysis

Cardano

Fundamentals are solid but technical candlestick formation hints of underlying weakness even though ADA bulls appear to be in control. Statistics indicate that ADA is up 18.1 percent from last week’s close at spot prices. It is also up 1.8 percent against the USD reaffirming our optimism.

Regardless, conservative traders would be urged to stay on the sidelines until there are definite gains above 6 cents. This level is the breakout level of Nov 2018 declines and any rally above 6 cents backed by volumes usurping those of Dec 21 bull bar—343 million versus 129 million, would trigger long-term buys aiming at 9.5 cents and 12 cents in the next few weeks.

Meanwhile, aggressive traders can buy at prevailing rates with stops at 4.1 cents with conservative targets at 6 cents

Our short to medium-term ADA/USD trade plan will be as follows:

Buy: 6 cents, spot

Stop: 5 cents, 4.1 cents

Target: 9.5 cents, 12 cents, 6 cents

Tron (TRX) Price Analysis

Tron

After Asian session upswings, TRX bulls are in control with eyes set for 4 cents. TRX is one of the top performers adding 34 percent in the last week and a massive 18 percent in the last day.

Pumping this expansion is average trading volumes though we shall discern actual figures after today’s close. As reiterated in previous TRX/USD trade plans, both set of traders can buy at spot prices.

Alternatively, aggressive traders can drop a level deeper and buy on dips with first targets at 4 cents. Safe stop will be at 2 cents.

Our TRX/USD trade plan will be as follows:

Buy: Spot

Stop: 2 cents

Target 4 cents

All charts courtesy of Trading View—BitFinex data streams

This is not investment advice. Do your research.

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Loving Crypto, Open to Technology, Engineer, Trader
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