Tron (TRX) Price Analysis – January 14

  • The medium and short-term outlook is in a bullish trend
  • Responsible buying at pullback areas may be considered

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bullish

Supply zones: $0.04000, $0.05000, $0.06000

Demand zones: $0.01000, $0.00900, $0.00800

TRX returns to a bullish trend in its medium-term outlook. The bears kept the pressure on as predicted to the 78.2 fibs over the weekend as TRXUSD drops to $0.02118 in the demand area.  Late yesterday saw signs of exhaustion of the bearish momentum with the formation of a bullish spinning top.

Today’s 4-hour opening candle at $0.02152 was a bullish engulfing candle with the price initially up at $0.02400. Increased bullish momentum move TRXUSD to $0.02517 in the supply area a few hours after opening.

New highs are up for retest with stochastic oscillator signal pointing up at 32% and the price above the two EMAs crossover which indicates upward momentum in price. $0.0300 in the supply area is the initial bulls target in the medium-term.

TRX/USD Short-term Trend: Bullish

 Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX is in a bullish trend in its short-term outlook. $0.023331 target in the demand area was broken with TRXUSD going further down to $0.02110  in the demand area where rejection for downward continuation built up. The bulls gradually staged a return late yesterday. Confirmation to market takeover occurred with the bullish engulfing candle at $0.02151 shortly after today’s opening. The two EMAs' crossover was broken as TRXUSD rose to $0.02571 in the supply area.

The journey north may began with the price above the two EMAs which connotes bullish pressure in the short-term. As more candles opened and closed above the two EMAs, $0.02800 in the supply area may be retested

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The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

The Monero Hard Fork – Did it Help GPU Miners?

Monero, the open-source altcoin created to provide fungibility, privacy and decentralization, successfully underwent a hard fork on 9th March, 2019, resulting in a hash rate plummet of over 80% and a purge of ASIC miners from the network. This is the latest development in Monero’s ongoing war against ASICs, which is designed to prevent too much centralisation of mining hash power. But what exactly does it mean for GPU miners?

The War with ASICs

Monero performed its first anti-ASIC hard fork in April 2018 to counter ASIC machines such as the Antminer X3. The Monero Core Team vocalized specific concerns over government manipulation or imposed regulation of the network and has consequently committed further to increasing ASIC resistance, building its strategy on making scheduled hard forks to prohibiting ASICs from engaging with the network.

In deliberately excluding ASIC mining, Monero is committed to CPU and GPU miners, and resisting centralisation. Preventing potential 51% attacks is doubly important for a privacy coin like Monero, and as mining farms grow in size and the number of hash-power-for-hire marketplaces increases, it’s important to remain committed to this path. The recent Ethereum Classic attack in January shows that it is possible to carry out a 51% attack, even on an altcoin with a fairly high market capitalization.   

The one danger is that over time, Monero’s commitment to its six-monthly hard forks may be unsustainable. This is because community consensus becomes increasingly harder to achieve – the last fork spawned four Monero spin-off projects.

 The Implication for GPU Miners

Monero’s introduction of the anti-ASIC Proof of Work protocol saw hash rates plummet by 83%, boosting profitability for GPU miners who typically mine other more profitable coins. However, the hash rate is already beginning to climb, recovering to 313.75 Mh/s from 95 Mh/s.

The drop in hash rate made Monero one of the most profitable coins to mine for a time, but through the laws of supply and demand, the hash rate is already equalizing. The market didn’t rally in response to the hard fork as one might have expected, the sluggish response may be because most mining farms and GPU mining rigs require too much manual effort to change mining algorithms – although software is becoming more sophisticated.

Monero Network Hashrate

Monero’s upgrade has also introduced further security-oriented changes to the dynamic block algorithm to help mitigate potential ‘big bang’ attacks. Sticking to its privacy coin roots, the upgrade further introduced a dummy encrypted payment ID, improving the homogeneity of each transaction.

The latest hard fork is therefore a significant improvement on Monero’s founding principles of privacy, security and decentralisation which should be welcomed. Plus, it’s a boon to GPU miners, and demonstrates that if you’re agile, there’s still money to be made through GPU mining.

Matt Hawkins, CEO at Cudo Ventures

Matt Hawkins is a distributed computing expert and entrepreneur. He founded and sold a data centre business and is now applying his knowledge, network and his enthusiasm for crypto market and technology developments in Cudo Miner. Matt believes decentralised computing is better for the environment, and Cudo’s vision is to help make computing more ethical and sustainable – whether its reducing waste or creating innovative ways to support good causes.

http://www.cudominer.com