At the current state, TRON has broken the red uptrend pattern and is moving based on the yellow downtrend.
Tron did a nice bounce but was immediately followed by a huge resistance, which tells me that bag holders dumped their coin at the smallest profit. This is not a very good sign in my opinion.
I would personally avoid this trade, remain neutral, and wait a little bit to see if we actually reach bottom or not. If it breaks the next Fibonacci target, then we are heading towards an uptrend, so I definitely would not buy before this target is broken.
Fundamentally speaking, I never understood the hype behind TRX. Granted they got a charismatic leader and there are rumors about a possible Ali Express partnership, but the boost it got was irrational in my opinion. It is calming down now on the charts, and once we reach the bottom, this could bounce back nicely, or some news comes out and takes it back to its previous levels.
Recommendation :
New investors : Don't buy yet.
Holders : Keep holding, we are almost at the bottom anyways and selling now is not a smart strategy.
Tron did a nice bounce but was immediately followed by a huge resistance, which tells me that bag holders dumped their coin at the smallest profit. This is not a very good sign in my opinion.
I would personally avoid this trade, remain neutral, and wait a little bit to see if we actually reach bottom or not. If it breaks the next Fibonacci target, then we are heading towards an uptrend, so I definitely would not buy before this target is broken.
Fundamentally speaking, I never understood the hype behind TRX. Granted they got a charismatic leader and there are rumors about a possible Ali Express partnership, but the boost it got was irrational in my opinion. It is calming down now on the charts, and once we reach the bottom, this could bounce back nicely, or some news comes out and takes it back to its previous levels.
Recommendation :
New investors : Don't buy yet.
Holders : Keep holding, we are almost at the bottom anyways and selling now is not a smart strategy.
Comment:
Tron holding fib target really strong. Indicates a buy opportunity
Comment:
Right on the fib target. We wait and see, if you see it bouncing, buy, if it drops, it's going to drop to the lower fib
Comment:
Broke off the downtrend, bounced off fib level perfectly. Room to grow, but will trade between both fib channels for now
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