TRX end of consolidation at 220 ?
Updated
Crypto is crazy and I have vested interest in TRX so my advice is to be taken as it is: an amateur advice.
I have followed the project as a lot of people did. Tomorrow, the source code is released on github followed by a live stream from the founder of TronFoundation: Justin Sun and one of the developers (from Alibaba). We will get more info, particularly on the coin burning due on January 10th, 2018.
The coin burning is good news because the coin supply of Tron (TRX) is huge with 67 billion coins. Up to 30% of the coins would allegedly be burnt, so it should not go below 20% of them anyway.
Tron has partnered with oBike which will release their oCoins in 2018 Q1 based on the Tron platform. People renting oBikes will be getting oCoins for doing so, reducing the renting price or maybe renting for free one day, who knows. An estimated 40 million users would be involved.
TRX is a platform with huge potential but it won't be that coin which will moon to $10 in a 3-month time. (It is now $0.03). Expecting $0.1 by end of Q1 is safe in my opinion. Given coin supply, it is a monster that will take long to move but shadow of Alibaba's CEO is behind that project and market cap could come sooner than my safest assumption mentioned above. Founder Justin Sun, his dev team and his network makes of that project a bargain at 220 satoshis. The various applications of the project (give internet back to its users is the main one) could lead that huge coin supply to become more and more irrelevant. Not mentioning the interest of McAfee for this coin as it did not impact the price too much. Mainly day traders pumped it and got away when they realized they would have to wait more than 3 days for the moon.
From a TA point of view, we can expect a move soon given the aspect of that curve. The selling wall at 300 satoshis on Binance has not moved for days and I expect the above news and especially the coin burning to eat it all. Timing coincides with fundaments here, so for me it is a long with like 10% of failure.
Put buy order at 217/220 as it will get back there at some point in the next hours. Exit at 190, rebuy at 150, re-evaluate according situation if it goes bad. This scenario would occur if the founder and Alibaba's CEO say it was a scam or something (hahaha). I don't see that happening ever.
Target 1: 300 sat, Jan 1st, 2018
Target 2: 1000 sat, March 15th, 2018
Target 3: 0.01 BTC, June 30th, 2019 :) very optimistic here, even a tenth of that would be huge.
I have followed the project as a lot of people did. Tomorrow, the source code is released on github followed by a live stream from the founder of TronFoundation: Justin Sun and one of the developers (from Alibaba). We will get more info, particularly on the coin burning due on January 10th, 2018.
The coin burning is good news because the coin supply of Tron (TRX) is huge with 67 billion coins. Up to 30% of the coins would allegedly be burnt, so it should not go below 20% of them anyway.
Tron has partnered with oBike which will release their oCoins in 2018 Q1 based on the Tron platform. People renting oBikes will be getting oCoins for doing so, reducing the renting price or maybe renting for free one day, who knows. An estimated 40 million users would be involved.
TRX is a platform with huge potential but it won't be that coin which will moon to $10 in a 3-month time. (It is now $0.03). Expecting $0.1 by end of Q1 is safe in my opinion. Given coin supply, it is a monster that will take long to move but shadow of Alibaba's CEO is behind that project and market cap could come sooner than my safest assumption mentioned above. Founder Justin Sun, his dev team and his network makes of that project a bargain at 220 satoshis. The various applications of the project (give internet back to its users is the main one) could lead that huge coin supply to become more and more irrelevant. Not mentioning the interest of McAfee for this coin as it did not impact the price too much. Mainly day traders pumped it and got away when they realized they would have to wait more than 3 days for the moon.
From a TA point of view, we can expect a move soon given the aspect of that curve. The selling wall at 300 satoshis on Binance has not moved for days and I expect the above news and especially the coin burning to eat it all. Timing coincides with fundaments here, so for me it is a long with like 10% of failure.
Put buy order at 217/220 as it will get back there at some point in the next hours. Exit at 190, rebuy at 150, re-evaluate according situation if it goes bad. This scenario would occur if the founder and Alibaba's CEO say it was a scam or something (hahaha). I don't see that happening ever.
Target 1: 300 sat, Jan 1st, 2018
Target 2: 1000 sat, March 15th, 2018
Target 3: 0.01 BTC, June 30th, 2019 :) very optimistic here, even a tenth of that would be huge.
Note
Target 1: Smashed during European New Years Eve.Target 2: Smashed by CryptoDoggies and useless FOMO, followed by the usual FUD and hate due to severe correction.
Now it seems, TRXBTC is backed by the 1,000 sat support pending the launch of the main net and the coin burn.
Announcement of new partnerships, even big, could be undermined by the main FUDer's argument, that Tron does not have anything concrete yet. Main net launch would solve that, it's happening in a few weeks. So it could be good to use timing and announce partnerships with concrete use cases to address market's concerns.
When this is done along with the multiple market listings already announced and coming regularly, the trend will go back up. Major partnership announcements could trigger other pumps, so take good care now when hype comes around.
Anyway, we are on our way to Target 3, with patience and time. There will be other, more severe corrections in terms of market cap, if the project goes where it is supposed to go. So nothing particular in this volatility concerning the asset value. TRXBTC is just particularly hyped due to the media exposure of its founder and its activity on social media. This brings volatility but also, transparency. The exchange with Charlie Lee on Twitter helped answer a lot of questions helping TRXBTC mass exposure, not even sure it was not done on purpose. Founder just opened a new office in San Francisco at the moment he said partnerships with great NASDAQ companies with million users were about to be announced. Announcements have not been made yet as it is up to both companies' discretions but are due soon.
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