The cryptocurrency market was painted with both red and green this month, with the majority of the days going green. The festive month also chose to keep the bear’s brutality at bay as the bull took the oath of protecting the coins from a massive plunge. However, as the month is nearing its end, the market seems to be at the verge of losing its power to the bear again.
According to CoinMarketCap, at press time, Tron was trading at $0.0197 with a market cap of $1.31 billion. The cryptocurrency holds a trade volume of $68.26 million and has plunged by more than 12% in the past seven days.
The one-hour chart is demonstrating a downtrend from $0.0239 to $0.0212 and further down to $0.0205. It is also showing another slight downwards trend, which is from $0.0205 to $0.0202. The uptrend has found its starting point at $0.0183 and its ending point $0.0201.
The immediate resistance for the coin is recorded to be placed at $0.0208 and the strong resistance at $0.0218. The cryptocurrency’s price level of $0.0182 has stepped forward to help the coin in case the bear attempts to strike down the coin.
Parabolic SAR is indicating that the bull is currently worn out, giving the bear the benefit of regaining its position in the market. This is because the dots have started to align on top of the candlesticks.
Bollinger Bands is showing that the two market players are not going to collide soon, as it is forecasting a less volatile market.
Chaikin Money Flow is showing that the money is flowing out of the market, indicating that the bull is severely injured because of the constant battle.
In the one-day chart, the cryptocurrency is showing a downtrend from $0.0498 to $0.0213. The chart also shows the coins progress this month as it records two uptrends, the first from $0.0119 to $0.0129, and the second from $0.0132 to $0.0186.
The coin is going to face the immediate resistance at $0.0217 and the strong resistance at $0.0398. The immediate support for the cryptocurrency is currently at $0.0186 and the strong support at $0.0118.
Klinger Oscillator shows that the bear has managed to break-down a wall in the market, as the indicator is showing that the reading line has made a crossover only to go south.
RSI is showing that the buying pressure and the selling pressure for the coin is currently evened out in the market.
MACD is still holding strong next to bull, however, it picturing that there is an imminent crossover in the pipeline.
The bull is showing signs of exhaustion as it has lost several indicators to the bear. This includes the Klinger Oscillator from the one-day chart, Parabolic SAR, and Chaikin Money Flow from the one-day chart.
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Zcash’s revolutionary blockchain hits first fork in the road; Adamant Capital Founder questions move
Zcash, the privacy-centric cryptocurrency project, swiftly stole the Libra’s limelight and switched the debate from payments and fiat-backing to blockchain technology and scalability. Lofty ambitions of Zcash aside, the Electric Coin Company’s [ECC] new blockchain has not convinced everyone in the community just yet.
Tuur Demeester, Founding Partner at Adamant Capital, shared his opinion on Zcash’s new crypto-adventure, much to the dismay of the larger ZEC community. He detailed a list of points surrounding the new project which, in his opinion, “sound horrible.”
Citing a report by Decrypt Media, Demeester highlighted flaws with respect to scalability, similarities in the crypto’s roadmap with other projects and the issue of “sharding.”
Nathan Wilcox, in the aforementioned report, had stated that the new blockchain was developed to make ZEC available to 10 billion customers by 2050; hence, the noted infrastructural improvements to the network. Coupled with the prospects of introducing sharding to “speed up transactions,” a switch was necessary.
Demeester’s primary issue with Zcash’s new blockchain is the introduction of a new coin, following the “implicit admission” that the coin they had, ZEC, was “never scalable” and a jibe at the privacy aspect of it, which the coin’s backers tout often. The lack of privacy transactions usage was described by many as one of the “biggest problems” for Zcash. This was because by default, transactions on Zcash are not set to “private,” unlike Monero [XMR]. In fact, less than 2 percent of all transactions are “fully anonymous.”
The Adamant Capital Founder highlighted its roadmap similarities with Ethereum, especially on the subject of sharding in the blockchain.
Finally, the report, citing Wilcox’s words, said that the ECC and the Zcash Foundation will stop receiving funding from mining rewards in 2020, while not mentioning how the development funding for the new project will come about. Demeester, in his final point of criticism, mentioned this as a “subsidy for ZEC Foundation.”
His full reply stated,
This sounds horrible to me:
– entirely new blockchain (new coin)
– implicit admission that $ZEC was never scalable, and that opt-in privacy doesn’t work
– roadmap has “a lot of similarities with ETH”
– “sharding” panacea
– subsidy for ZEC foundation https://t.co/R5vLXtKOCP
— Tuur Demeester (@TuurDemeester) June 23, 2019
Josh Swihart, VP of Marketing and Business Development at ECC, hit back at Demeester, calling the criticism “wrong and biased.” He said,
“Wrong and biased take. It’s a recognition that bitcoin doesn’t scale and that scalability and privacy are complimentary. Did you watch the session?”
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