SUN/USDT 1D. Main trend. Secondary. Local. All main details.
Updated
Coin Sun. This is an altcoin from the TRX ecosystem. Other coins in this ecosystem are: NFT, JST, BTTC(BTT), TRX.
On the backstage of XRP rise(China money partly) TRX class of assets also look very interesting.
In this idea i'll share my view on SUN from TRX group of assets.
From the beginning of the trading history coin has been dumping, which is basic for almost every altcoin.
After reaching certain prices trend reversed and broke the main downtrend.
After that the retest followed and that was also the moment of the beginning of big diamond forming.
I remind you that diamond is a reversal of the trend pattern, also consider the timeframe it's forming on(the bigger the TF the stronger the formation).
This diamond is forming already for something about 400 days.
Local and midterm trends are shown on the chart. Also consider the volume spring shown, which means that there's a potential for big impulse soon.
Local targets and zones are shown on the chart.
Capitalization of this coin is 55m$ as for the moment of writing. So there's quite a potential of 10x on the high of the trend. This will be 666 zone...
On the backstage of XRP rise(China money partly) TRX class of assets also look very interesting.
In this idea i'll share my view on SUN from TRX group of assets.
From the beginning of the trading history coin has been dumping, which is basic for almost every altcoin.
After reaching certain prices trend reversed and broke the main downtrend.
After that the retest followed and that was also the moment of the beginning of big diamond forming.
I remind you that diamond is a reversal of the trend pattern, also consider the timeframe it's forming on(the bigger the TF the stronger the formation).
This diamond is forming already for something about 400 days.
Local and midterm trends are shown on the chart. Also consider the volume spring shown, which means that there's a potential for big impulse soon.
Local targets and zones are shown on the chart.
Capitalization of this coin is 55m$ as for the moment of writing. So there's quite a potential of 10x on the high of the trend. This will be 666 zone...
Note
Note
If the price breaks this trendline - potential move 90% to the 0.01166$ zone.
Note
AS for now, price is exiting the consolidation period. We formed harmonic patter as on many other coins. Fell(local downtrend) for 80 days. Then accumulation in the falling wedge for 160 days~. Now we're leaving the quite long accumulation period.
Also showed time cycles. From 1 buy-out of coins from market to another(clearly visible on candle chart). Next cycle we've seen consolidation near the bottom of the global accumulation channel. Now we're observing the leave of this accumulation.
Price has broken up the local and middleterm downtrend. That means we're now potentially in the midle-term long scenario, before somewhere the middle of January, which i have shown on the chart(middle between 130 days cycle). All that formation was diamond which is a reversal pattern. Now it's broken up.
We're entering new cycle zone from Nov.8 so we might see a move up to the first resistance zone in 0,01166$. This is the "support" of the local accumulation zone before. There's also a potential FUD coming in considering Justin SUN etc. Notice what's happening with FTT, Justin and TRX company might be affiliated with it.
Note
Recently we've seen the so-called "helicopter" where liquidity was taken above and below. With this movement of price we've also got the retest of the broken middle term downtrend line which is good for the ascending of the price.
Now, somewhere between this date and January 10th, we might see the move to the first local resistance area about 0,01022-0,01166$$.
Note
there's quite a bit consolidation(accumulation) period on this token, price has been going in local range for more then 200 days. While the market been moving, it has moved only about 30-40% and pulled back, broke above secondary downtrend, now retest right into the POC zone.
TRX(main asset, basic asset) at the same time is moving quite some. Volume locally is being accumulated, there's potentially some interesting things coming soon on market, which can be noticed by using simply charts. Potential exit here from the local accumulation.
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