Bitcoin Forum

Spectrecoin has had a tough start of the week. It’s down a little over 22% on the last 24 hours and sentiment looks set to push the coin (XSPEC) down further before the day draws to a close.

We’ve taken a look at the chart, however, and we think that current levels might be a nice opportunity to pick up a discounted exposure to a longer term reversal in XSPEC. Here is a look at what we are thinking and what we want to see going forward as confirmation of our expectations.

For those new to this one, Spectrecoin is one of a handful of privacy type coins that have hit the market over the last 12 months or so and it’s managed to build up a pretty healthy reputation among followers and a pretty strong community during the period subsequent to its initial offering (which took place back at the end of November last year).

During this time, the price of XSPEC has risen from $0.001 to $0.397 currently – a run of close to 40,000%. Talk about returns. Of course, much of this return is nominal given an arbitrary initial offering price but, at a glance, it serves to illustrate the general trajectory of the coin since offering.

And a look at the chart below, which shows action over the last 12 months, reinforces this trajectory outlook.



By way of quick introduction, these sorts of coins are designed to act in a similar fashion to assets like bitcoin in the sense that they are primarily value transfer coins but they are also designed to overcome some of the privacy concerns associated with those aforementioned assets. Specifically, Spectrecoin employs what are called stealth wallets, which allow pretty much complete anonymity as regards to balance and transaction volume for the wallet holders and, additionally, the protocol employs the Tor network so as to, again, completely anonymize the flow of coins into and out of particular wallets.

There are some others in this space that employ similar methods but Spectrecoin is the only one right now that incorporates Tor into its offerings which, for many, sets it aside from the pack.

So, why do we think this one is setting up for a turnaround?

Well, take a look at price action over the last 12 months you will see that current levels, in and around the $0.30-$0.40, are levels at which we have seen strong support on numerous occasions. The coin reversed from these levels back in October and ran up to close to $0.70 apiece. The same happened in September.

If historic action is to be relied upon, we could very easily see a reversal from the current price and a resumption towards the overarching upside momentum illustrated on the wider timeframe chart above.

Of course, we will probably need some sort of catalyst (a fundamental one, that is) to get things moving, so what are we looking at as potentially providing said catalyst?

Well, two things.

First, the company just announced that an updated version of its wallet, Version 1.4, will be available soon. We don’t have any solid time frames on this availability but, as and when it hits press, we are likely going to see a spike.

We are also looking for any listing announcements related to major exchanges, with one in particular, a listing on Altcoin.io, potentially hitting press near term. There are more than 1000 votes supportive of listing right now (the count is available here) and, so long as this number keeps rising, we should see the company’s token listed very near term.

We will be updating our subscribers as soon as we know more. For the latest updates on XSPEC, sign up below!

Image courtesy of Spectrecoin.