14.10.2020 - Tron (TRX / USD)
Hi Traders!
Today we look at the cryptocurrency Tron (TRX). Tron divides cryptocurrencies enthusiasts into two camps. One can appreciate the creativity of their marketing and the other thinks that this cryptocurrency does not bring any added value.
However, TRX is in any case among the TOP 20 largest cryptocurrencies and is currently forming an interesting structure. As often with Trone, we recently witnessed a huge pump with a growth of 125% in 6 days. However, the basic rule is that every exponential return to where it started, and it was the same in this case. Tron erased his entire growth.
On the chart, we like that it contains all the cycles, namely growth, decline, and consolidation. The huge pump, of course, represented growth, followed by a decline in Falling Wedges, and we are currently consolidating into a triangle formation. RSI is holding the trendline, so there is a chance that TRX will show us something again soon. When it comes to triangles, it's always 50 to 50. But watch this triangle. A possible break-up would represent the possibility that we will see interesting percentages again.
May the crypto be with you!
Today we look at the cryptocurrency Tron (TRX). Tron divides cryptocurrencies enthusiasts into two camps. One can appreciate the creativity of their marketing and the other thinks that this cryptocurrency does not bring any added value.
However, TRX is in any case among the TOP 20 largest cryptocurrencies and is currently forming an interesting structure. As often with Trone, we recently witnessed a huge pump with a growth of 125% in 6 days. However, the basic rule is that every exponential return to where it started, and it was the same in this case. Tron erased his entire growth.
On the chart, we like that it contains all the cycles, namely growth, decline, and consolidation. The huge pump, of course, represented growth, followed by a decline in Falling Wedges, and we are currently consolidating into a triangle formation. RSI is holding the trendline, so there is a chance that TRX will show us something again soon. When it comes to triangles, it's always 50 to 50. But watch this triangle. A possible break-up would represent the possibility that we will see interesting percentages again.
May the crypto be with you!
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