Tron (TRX) Price Analysis – February 21

  • Both the medium and short-term outlook is in consolidation.
  • Traders should be patient during this period.

Tron, TRXUSDTron chart by tradingview

TRX/USD Medium-term Trend:Ranging      

  • Supply zones: $0.04000, $0.05000, $0.06000
  • Demand zones: $0.01000, $0.00900, $0.00800

TRON remains in consolidation in its medium-term outlook. The strong bullish pressure broke the upper supply area of the range at $0.02541. This was the second breakout seen. TRXUSD rose to $0.02582 in the supply area before exhaustion set in with a drop in price to $0.02519 in the demand area.

Although today’s 4-hour opening candle at $0.02539 was bullish, the bulls managed a push of the cryptocurrency to $0.02588 in the supply area but the candle closed as an inverted bearish doji. The price dropped to $0.02469 within the range as the cryptocurrency continues in the range.

TRXUSD is consolidation and trading between $0.02541 in the upper supply area and at $0.02362 in the lower demand area of the range. A breakout at the upper supply area may be considered for a long position after a retest while a breakdown at the lower demand area may be a short position with good bearish candlestick pattern as confirmation.

TRX/USD Short-term Trend: Ranging

Tron, TRXUSDTron chart by tradingview

The cryptocurrency is in the range-bound market in its short-term outlook. The 1-hour opening candle at $0.02536 was bullish as the cryptocurrency rose to $0.02588 in the supply area. Exhaustion gradually sets in as the candle closes with a wick an indication of the bear presence.

TRXUSD dropped to $0.02469 as it enters a range-bound market in the short term with the bulls taking price to the upper supply area of the range.

$0.02570 is the upper supply area and $0.02483 in the lower demand area of the range. Traders should wait for a breakout at the upper supply area or breakdown at the lower area with a retest before a position is taking.

 

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

Facebook Answers Tough Questions About Libra by U.S. Senate Banking Committee

This article focuses on highlights from the testimony of Facebook's David Marcus, who is a co-creator of Libra and the head of the Calibra project, before the U.S. Senate Committee on Banking, Housing, and Urban Affairs (aka "Senate Banking Committee"), on Tuesday (July 16).

On June 19, the U.S. Senate Banking Committee announced that it will hold a hearing (“Examining Facebook’s Proposed Digital Currency and Data Privacy Considerations") on July 16 to discuss Libra. This is the same Committee that wrote an open letter on May 9 to Mark Zuckerberg, Founder, Chairman, and CEO of Facebook, in order to get answers to seven questions about Facebook's proposed crypto-based global payments system.

For the sake of brevity and clarity, David's comments and those of the senators have been paraphrased and abbreviated. Also, although the actual hearing went on for almost two and a half hours, we focus only on the most interesting and difficult questions that Marcus was asked.

After reading his opening remarks, the questioning of David Marcus started. First up was Senator Crapo (who is the Chairman of the Committee).

Senator Crapo: Should the US not establish the rules?

Marcus: I agree. The U.S. should lead. Switzerland was chosen as the home of the Libra Association because it is a well-established place for many international organizations and not to escape from regulatory oversight. Libra Association will still be registered with FinCEN (as a money service business).

Senator Crapo: Which regulators will be providing oversight for Libra?

Marcus: We are happy to comply with all the appropriate regulators around the world.

Senator Crapo: What info will Facebook will collect when someone uses the Calibra wallet?

Marcus: None (i.e. only what is necessary for AML purposes). Also, people are free to use other Libra wallets (provided by third parties).

 

Senator Brown: Should anyone trust Facebook with their money?

Marcus: We have made mistakes. Trying to get better. Facebook is just one of 28 members of Libra Association.

Senator Brown: You get paid in USD. Will you pledge to accept 100% of your salary and other compensation in the Libra cryptocurrency?

Marcus: We are not trying to compete with bank accounts. Yes, I would.

Senator Brown: Both parties as well as the President are worried about Libra... What will convince you not to launch Libra?

Marcus: We agree that there are legitimate concerns. That's why we released the Libra white paper so early. We want to get this right.


Senator Toomey: There are lots of benefits in blockchain technology and cryptocurrency. We should be exploring this. We should not strangle this baby in the crib. Is it the plan at some point to seek the consent of participants so you could monetize Calibra users' financial data somehow?

Marcus: No. We will make money in two different ways. First, we expect the transactions taking place through Calibra to lead to more advertising by our business users. Second, we hope to, at some point in the future, partner with financial services companies to offer our users new products/services.

Senator Toomey: Regarding the Libra Reserve, what about the interest that will generated? It could become quite substantial. If Libra Association is a non-profit, why are you distributing this income to the members of the Association and/or the investors?

Marcus: This income will not be unlimited. We will need to find a way to manage the reserves.


Senator Tester: I am concerned about consumer security. With cryptocurrencies like Bitcoin, transactions are final and cannot be reversed. How will you handle theft?

Marcus: Calibra wallet will offer protection against fraud. Consumers will be made whole. We will do our best to resolve those claims as soon as possible.

Senator Tester: What kind of faith can we have in Libra?

Marcus: There will be no fractional reserve (unlike with traditional banking).

Senator Tester: How can you assure us that our money will be there?

Marcus: The reserve is one for one. We want there to be oversight of the reserve.

Senator Tester: How will you stop bad actors from using Calibra?

Marcus: To create a wallet, you will need a government-issued ID. We will go to through AML and CFT procedures.

 

Senator Tillis: How much money are you putting into the infrastructure?

Marcus: Facebook has the resources to innovate. We have not determined an exact budget.


Senator Warner: How will Facebook support third-party wallets? Will you make it easy for users to move their data from Calibra to other wallets?

Marcus: Yes.


Senator Schultz: Why is Facebook moving to crypto before fixing its other problems?

Marcus: We want to keep innovating and serving our users.