Massroots cryptocurrency

Recent executive shuffles add to the heightened risk in the cannabis stock. Weak financials add to the risk. With the large stock gains from relatively new Riot Blockchain RIOT entering the cryptocurrency and blockchain sectors and several high profile pivots from unrelated categories, investors should remain skeptical of any move randomly into the sector.

For several reasons, the move by MassRoots to also focus on blockchain for the existing marijuana tech work is actually legitimate. Blockchain Move Back at the end of December, MassRoots formed a subsidiary focused on utilizing blockchain in the marijuana industry. The stock though has already taken a hit following the move by the federal government to question the legality of the marijuana market in the U. MassRoots was already focused on the technology aspect of the burgeoning legal cannabis business.

The recent acquisition of Odava situated the company in both the social realm of cannabis with an app for consumers reviews on products and dispensaries in the industry along with software utilized for inventory tracking and compliance. See my previous article for more details on the existing cannabis business. The shift to blockchain was a logical move whether the company is doing it to take advantage of market hype or legitimate technology opportunities. The digital ledger of economic transactions has already been proposed for seed tracking by IBM IBM that is a leader in blockchain technology.

Per Bloomberg, IBM proposed to the Canadian government that blockchain would be a perfect tool for tracking pot seeds and sales. MassRoots proposes focusing on the following areas of interest in the cannabis industry: Seed-to-Sale Tracking - provides transparency for regulators and data on products. Smart Contracts - add efficiency to the supply chain and resource planning processes allowing for integration into existing platform acquired via Odava.

Eliminating Intermediaries - enables peer-to-peer transactions without third parties. Corporate Governance - makes validation of results of elections fully-transparent and immediately accessible online showing a potential to transition outside cannabis market. Identity Management - allow advertisers to better target cannabis consumers based on social networks.

The company was a little vague on the details, especially any corporate background in blockchain that would suggest success in this endeavor. MassRoots will speak at blockchain related conferences during January and February, and that will provide more indication of their expertise levels and the market opportunity. These are shaded in blue if the common interpretation of the signal is bullish, and shaded in red if the common interpretation of the signal is bearish.

Each projection on the ladder can be examined to determine if the price change to each trigger level will tend to confirm or reverse the price move. This legend can be found at the bottom of the Cheat Sheet page: Blue areas below the Last Price will tend to provide support to limit the downward move. Red areas above the Last Price will tend to provide resistance to limit the upward move.

Blue areas above the Last Price will tend to provide support to confirm the upward move. Red areas below the Last Price will tend to provide resistance to confirm the downward move. The complete Cheat Sheet can be used to give an indication of market timing. Blue below the current price and red above will tend to keep trading in a narrow band, whereas blue above the current price, or red below can produce a breakout where each new price level is confirmed by a new signal.

Some of these signals, such as Fibonacci Retracements, have a fixed bullish or bearish interpretation. Others, such as crossovers of a short-term and a long-term moving average, are interpreted as a reversal of the current signal. Some of these projections will produce trigger prices so far removed from the price action that they can be ignored. The closer the trigger price to the current price, the more quickly it will come into play. A price projection of 0. The Last Price shown is the last trade price at the time the quote page was displayed, and will not update every 10 seconds as the Last Price at the top of the Quote page does.

The Last Price will update only when the page is refreshed. Pivot points are used to identify intraday support, resistance and target levels.

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