Tron TRX long term view
Updated
This is going to be my first TRX' analysis ever :), until now i thought it was just an over hyped coin. I have been told that this coin was created in minutes and became worth 10 billion+. I clearly should have become a IT expert :). I remember from the hype, at least in my private surroundings, TRX' and XVG' were the most popular one among the people who got in during the Dec/Jan highs a year ago. So i always assumed it was just good marketing that got these coins pumped, nothing fundamental about it. But as long as marketing is good enough, the self fulfilling prophecy can take over and could in theory make it even an established thing.
Anyway, a lot of my members asked me lately to do an analysis on this one so here it goes. On the left we can see TRX' being clearly below a very important resistance level. Even after the market started to drop end of Dec, TRX' was one of the few who got another big pump. This could be manipulation, but this could also be a sign that there is a lot of interest from the market in this coin.
But now come the tricky part, when assuming this is a big inverse H&S on the left, the size of the right shoulder is already big enough in price and time. But based on that possible triangle and the fact that TRX' was less strong compared to the past 4/6 weeks, there is chance the triangle will break on the low side. But if the green zone there holds, the right shoulder can still be in play.
On the right it looks like a curved bottom and the green and red zones. I think the curved line will be a good indication of what the next step will be. Break of the red resistance should trigger a rally again from the looks of it.
So short term i would watch the green and red on the right, long term on the left.
Anyway, a lot of my members asked me lately to do an analysis on this one so here it goes. On the left we can see TRX' being clearly below a very important resistance level. Even after the market started to drop end of Dec, TRX' was one of the few who got another big pump. This could be manipulation, but this could also be a sign that there is a lot of interest from the market in this coin.
But now come the tricky part, when assuming this is a big inverse H&S on the left, the size of the right shoulder is already big enough in price and time. But based on that possible triangle and the fact that TRX' was less strong compared to the past 4/6 weeks, there is chance the triangle will break on the low side. But if the green zone there holds, the right shoulder can still be in play.
On the right it looks like a curved bottom and the green and red zones. I think the curved line will be a good indication of what the next step will be. Break of the red resistance should trigger a rally again from the looks of it.
So short term i would watch the green and red on the right, long term on the left.
Note
TRX bulls failed to hold that curved trend, dropped and broke that small support as well. Looks like a few attempts to get back in failed as well so we are seeing some rejection now. This is not good, only hope i see now, is a quick return back above the blue curved line, otherwise we could see another drop again like the red line suggests
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