SUN
Great triangle⚖️Still hungry, wolves?🔥
Then take it and trade it!
Ascending triangle formation on SUN/USDT.
There was a bullish sentiment before, so it may be a signal of movement continuation.
According to Elliott Waves theory Wave C is done and the price is heading to Wave D.
Follow the chart and look for the breakout carefully.
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SUN - Bullish Trade PlanAfter making a Higher High SUN had retraced lower to Support of $9.60, and have bounced off quite well. Price is above the 200SMA and 50SMA, indicating that its bullish. I think SUN should continue higher with targets as below:
TP1 - 10.70 (potential gain 4%)
TP2 - 10.96 (potential gain 6.5)
Stoploss - $9.50.
Please note these are my own notes, by no means trading advice. Please do your own research before entering into any trade.
✳️SUN/USDT Analysis (5/1) #SUN $SUNCurrently, there is buying pressure in 6$ zone and the selling pressure has decreased so I think SUN will bounce back to 9$ zone in the next few days.
However, 9$ zone is very strong and there is currently some bad news for TRX and Poloniex when being investigated by the US government, so it is likely that SUN will also be affected and the most important thing when trading with SUN is necessary to set a stop loss to ensure safety against a strong dump
📈BUY
-Buy: 6-6.5$. SL if B
📉SELL
-Sell: 9-9.5$ if B. SL if A
♻️BACK-UP
-Buy: 9-9.5$ if A. SL if B
-Sell: 11.5-12$. SL if A
-Sell: 6-6.5$ if B. SL if A
-Buy: 4-4.5$. SL if B
❓Details
Condition A : "If 1D candle closes ABOVE this zone"
Condition B : "If 1D candle closes BELOW this zone"
SUN Chart Analysis + Project OverviewSUNBTC grew by 49% yesterday alone...
Up to 60% in the past three days.
Yesterday we had a very strong bullish candle and the highest volume since this pair was added to Binance.
This type of bullish action can lead to additional growth.
For trading though, you still need a plan...
What to do if prices go down?
Keep the trade or close (set a stop-loss)?
When to sell as prices go up?
Keep the coins or secure profits (set up some profits targets)?
This is as simple as it gets...
Here is the project overview.
Thanks a lot for your continued support.
Namaste.
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What Is SUN (SUN)?
SUN (SUN) is a cryptocurrency designed to further the development of decentralized finance (DeFi) on blockchain network TRON (TRX).
Described as “the quintessential Bitcoin equivalent on TRON,” SUN is a voluntary project which runs on TRON’s TRC-20 token standard. A dedicated community administers operations via smart contracts.
SUN’s genesis mining phase began at the start of September 2020, lasting for two weeks before the official launch. Participants can stake TRON’s TRX token or other TRC-20 tokens to earn rewards and governance rights for SUN.
Who Are The Founders Of SUN?
SUN is closely associated with TRON, and conspicuously bears the surname of TRON’s founder, Justin Sun.
Sun is a well-known figure in the cryptocurrency community, infamous for his vocal promotion of TRON and discussing cryptocurrency with Warren Buffett at a lunch for which Sun paid $4.5 million.
Sun has publicly promoted SUN, and while the identities of its developers themselves have not been formally revealed, a dedicated community is tasked with its operations and growth.
True to the DeFi mantra, all activities and updates are executed on smart contracts in accordance with community governance procedures.
SUN’s whitepaper calls it a “social experiment,” and plans for the future state that the token “may also take part in decentralized lending, insurance, liquidity, stable coins, etc.”
What Makes SUN Unique?
SUN’s main purpose is to exist as support for the TRON protocol, which aims to create a decentralized internet ecosystem.
SUN specifically focuses on DeFi and aiding its uptake and infiltration on TRON’s blockchain. As such, its function mimics that of the native tokens of DeFi platforms, and rewards users for staking other coins and involving themselves in governance procedures.
Its appeal will, of course, be to existing TRON users and those familiar with DeFi staking and related activities.
Profitability appears to be a question mark as of September 2020, the month of SUN’s launch. According to the whitepaper, developers privilege “fair” token distribution and did not accept any funding, nor was any SUN reserved for them or TRON team members.
This is in contrast to TRON itself, which raised over $70 million in an initial coin offering (ICO) in 2017.
SUN/BTC (Testing Swing Low Key Support)💎Technical Analysis Summary💎
BINANCE: SUNBTC
-SUN is now testing previous swing Low key support
-This is crucial because if this level breaks
-The Bears can easily enter the market
-If you are looking for a Bullish entry
-Wait for the trendline resistance breakout
-You can enter on breakout momentum or pullback
-Upside target is up to 1600s sat or higher
A big Thanks for donating 💰 via Tradingview coins this week to ahancock 🙏🎉
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Not Financial Advice 💸
Please Exercise Risk Management 💱
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SUNUSDT AnalysisThis is a new coin on the USDT chart, so not much analysis for now. I will come back to reevaluate in a few weeks or even a month.
However, if we use support and resistance strategy, we can buy SUNUSDT at the 14.466 support level and then sell for a profit at the 19.335 resistance level.
That's all for now.