TRX' future yet to decide, but valuable to watch
Updated
I am really very uncertain about the future going of TRX , as it is going quite weak recently, plus negative news about this token. However, there are two notable facts: 1) the price did not crash upon the negative news, and the news itself is questionable, claiming that its code/whitepaper is plagiarism; 2) negative news has been following TRX and its founder Sun since its listing in Binance, which, however, could not interfere its upward trend.
TRX might not be the best value investment (it does NOT have an issuing cap and tokens are highly concentrated in several wallet address), however, it could serve as a good speculative objective and teststone for the market. Could we still make money from those "air" coin/tokens? TRX will give us the answer with its future going.
As for the technological analysis, I have found that different indicators are telling different stories, as you can find on my charts. However, although with the divergences, the support line of 743 satoshi have been broken, providing some imagination for future uptrend.
I believe altcoin investors should keep an eye on TRX, even if you choose not to participate in its trading. As an "air" coin, its speculative value will be maximized by the market emotion and serve as the advance signal of the beginning of overall downtrend and ending of overall uptrend. Considerable tokens controlled by a small group of people, making it possible to manipulate the price and become the final refute for hot money.
TRX might not be the best value investment (it does NOT have an issuing cap and tokens are highly concentrated in several wallet address), however, it could serve as a good speculative objective and teststone for the market. Could we still make money from those "air" coin/tokens? TRX will give us the answer with its future going.
As for the technological analysis, I have found that different indicators are telling different stories, as you can find on my charts. However, although with the divergences, the support line of 743 satoshi have been broken, providing some imagination for future uptrend.
I believe altcoin investors should keep an eye on TRX, even if you choose not to participate in its trading. As an "air" coin, its speculative value will be maximized by the market emotion and serve as the advance signal of the beginning of overall downtrend and ending of overall uptrend. Considerable tokens controlled by a small group of people, making it possible to manipulate the price and become the final refute for hot money.
Note
Authorized by the message sender, I post the conversation here, hope it could help if you are currently losing at TRX.------------His message-----------------
hey mate,i bought TRX at high price 1620 and i put all my money in,i know it was teribble mistake ,but the problem is for now i dont know i have to HODL and keep waiting or sell it to prevent more lost,until know i bought at first place 3000 dollar and now its 1000 dollar,can you please tell me if you was at my place what would you do?i HODLed and didnt sell my coins expecting it to explode as everyone ,but everyday i am loosing more and more.
thank you.
best regards
----------My reply-------------
Hey man, thanks for your message.
First of all, I am very sorry to hear that you are currently losing money in this market. But this is really something quite normal. I lost about 30% of my total portfolio after China's shutting down exchanges on Sept. 4th but I still survived it. So the first thing is to calm down, use your best judgment, do not let fear and resentment control you.
As for TRX you hold, I believe there is still strong support around 740 as mentioned in my idea. It seems difficult to break, which also means breaking this line will cause even further falling and that is when you should jump off the boat. The heat of TRX has already passed as I could feel in China, shown by its volume as well. I believe the consolidation process will continue for some time, we can review it some time later because nothing significant is happening. So my advice is that you should forget TRX, learn more about the market and study some technological analysis theories. Because like the market, our intelligence also needs consolidation to improve and break the resistance line. But remember to set a price alert around 740 for TRX, if this level is broken, we must revisit the situation.
I was wondering whether I could post you message and my reply under my idea anonymously and help more people who is suffering from TRX' falling from the top.
Best,
marchings
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