Pi Network - auto mobile mining: Join now and be one of the pioneers!!

Blog

Since the October 25 speech by the Chinese president, the country’s interest in blockchain technology and related projects has dramatically spiked. This has had positive spillover effects for several China-based cryptocurrencies — namely TRON (TRX), NEO (NEO) and Ontology (ONT), which have recorded increases between 20-70 percent.

The positive developments have continued today, as a local representative from the city of Guangzhou stated that they have received government funding worth $150 million — with the aim of advancing blockchain technology.

As a result of this increasingly positive attitude towards blockchain, Twitter account @TRONLady_ made a poll asking users about the coin price of Chinese public chains and which they believe deserves to be ranked in the top spot.

The overwhelming winner was TRON (TRX), getting 79 percent of the vote, followed by NEO with 16 percent. Let’s take a look at the price movement for both and decide which one has a better technical outlook.

TRON

The TRX price has been following a long-term descending support line that has been in place for roughly 18 months. Once it reached it on September, it initiated an upward move that is still ongoing. The movement began when the weekly RSI turned oversold for the first time and a bullish cross in the MACD followed shortly after.

The closest resistance area is found near 300 satoshis.

TRX Movement

TRX Movement

NEO

The NEO price had been trading inside a descending wedge since December 2018.

The price broke out in September 2019 and, after a period of accumulation, it initiated a very rapid upward move on October 25 — reaching a high of ₿0.001375.

It is worth mentioning that this upward move transpired after a very long period of significant bullish divergence in the RSI — affirming the legitimacy of the breakout.

NEO Breakout

NEO Breakout Another interesting development is the fact that the NEO price failed to reach a close above the previous resistance area at ₿0.0012 — which coincides with the 200-day moving average.

A common movement afterward would be a retest to the breakdown levels — initiating a consolidation phase before the new bull market begins.

NEO Future MovementNEO Future Movement


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of Twitter, TradingView.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Categories

Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts

DOWNLOAD MY EBOOK FOR FREE

"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris

Resources

  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2020 Cryptoracle.info - Crypto News