Technical Analysis of Tron

Launched in 2017, TRON is a blockchain-based entertainment content sharing platform that aims to transform the global entertainment industry. TRON has own cryptocurrency known as Tronix (TRX) and lots of technical specialists are already supporting this cryptocurrency. According to some estimates, TRON has a bright future because this network allows users to create content, websites and applications without having to rely on centralized services. The positive thing is that lots of partners are already supporting the TRON network, TRON partners include the likes of Gifto, Game.com, oBike, Peiwo among others (on the official website, you can find all TRON partners). In my opinion, this is a highly speculative cryptocurrency and still very risky but lots of analysts agree that TRON (TRX) is currently at a point where it has the potential to make very big gains. As long as TRX is below $0.05 this cryptocurrency is in the “SELL” zone. Short term support and resistance levels are $0.010 and $0.020 – If the TRX jumps above $0.020 that would be a “BUY” signal and the open way to $0.025. If the TRX jumps above  $0.05 that could be a strong signal of the trend reversal and the open way to $0.08. On the other side, if the TRX falls below $0.010 that will be a strong signal “SELL” signal and the next target could be around $0.0050.

Advice: This is a highly speculative cryptocurrency and still very risky but TRX has a very good risk/reward ratio in the market right now which means you stand to gain a lot more for taking a comparatively smaller risk. Yes, it is true that the price could fall even more but the current price of TRX stands around $0.014 and this is very close to strong support which stands at $0.010. As for the technical picture, TRX remains in bearish phase but if the price advances above $0.020 next targets could be located around $0.025 and $0.030. On the other side, if the TRX falls below $0.010 that will be a strong signal “SELL” signal and the next target could be around $0.0050. I would invest only a small sum of money in this cryptocurrency

 

About Stanko 84 Articles
I am a professional forex, cryptocurrency and stock trader looking for more opportunities to penetrate the field. Writing, research, analysis, are all things I enjoy doing aside from the core trading practice as they provide a deeper perspective of market activity. I am well versed in technical analysis as well as sentiment behavior. I have 10 years experience in stock and currency markets ( analysis and trading), I am also an experienced cryptocurrency analyst. I have been writing business, finance, stock articles for over five years. My biggest strength is in technical analysis

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