Recently purchased into Tron with a sizeable part of my portfolio. Tech looks good and team is strong, including the recent new addition of Zhang Anwen and another senior developer from Alibaba (See Tron's twitter feed). These are the support areas and targets I am working with, I know a lot pf people think if TRX does break out it will reach higher than Target 2 (2000 sats) but I'm setting targets I think are realistic and targets I'd would be happy with.
The chart has been low volume and in a holding pattern for the last few days as we are awaiting "big news" according to Justin Sun, the founder. I take faith however in the speed at which it recovered when it did take slightly more dramatic dips. This tells me people are waiting to buy in at a good level and awaiting this news.
How long this side ways equilibrium will last is still uncertain but as of 6 hours ago Justin Sun announced the news is coming soon" and due to be announced before Jan 14th.
Would love to know what you think of the chart, particularly the support areas and targets, are you in on TRX let me know! I'm still learning a lot of this stuff so please correct me if you find something you disagree with!
Thanks for your great comments to fill a better perspective of TRX. Also I learned these guys have an application already running in china and that is a big market!. I think this is a good prospect for the long run, and to have a steak on it..
Jason_Bitcoin
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I agree with your charting just not quite your targets. Maybe long term but TRX needs to overcome the resistance level at 1300 first. I'd say that's the first level it corrects at or gets rejected at. I am optimistic about TRX but just not as much as others. If it breaks that 1300 resistance?... watch out then. I agree it could hit your first target.
b-tctrader
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@Jason_Bitcoin, Thanks for this Jason, I actually see 1300 becoming a support level if it does indeed start to climb. But your right its a level that a lot of people will be watching, especially as it is both a previous resistance level and a psychological level. Having said that, when it recently shot up on the 8th it failed to break through and that was before the recent hires and this supposed big announcment coming. Do you see the additional demand (hype) generated by these things helping push TRX through 1300?
Jason_Bitcoin
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@b-tctrader, Oh absolutely. This coin has reacted violently both positive and negatively to hype and FUD. It's possible with the trade volume it'll blow past 1300 before people even get a chance to think about selling too much.
The one thing I've never personally experienced in Crypto is the effect of a coin burn which I believe it happening 1st QTR for this coin as well. I'll be hoping for the best like you I'm sure but also be prepared for panic sellers to accelerate this thing diving if it breaks the lower support. Very rubber bandy.
TheGush
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Aside from the TA, I think the massive amount of negative media attention has destroyed the image of this coin. “White papers were made up/plagiarized”, “Sun sold off 300 million worth and lied about it”, “there’s no product and no real direction”- so on. And Sun seems like a shill a good bit. A lot of promises but never any substance. I wouldn’t be surprised if this incoming news from him either doesn’t happen, or is something insignificant that disappoints. I’m 50% down on my investment in this coin, so if it goes up I can’t wait to sell to someone who is more willing to take on the weight of risk with TRX. But that’s my opinion, of course. I’d love to see good news for TRON, but I just don’t have a good feeling anymore.
b-tctrader
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@TheGush, Most of that news has been proven to be FUD, I suppose we'll see if people are as quick to realise the truth as they were the FUD. I do think your right about Sun disappointing people though, I think he's trying to play the hype game and loosing. The coin grew better before the whole livestream and that. But lets see where both of us are at by the 16th, news is incoming before the 14th and its bonus time on the 15th. If that doesn't shift this consolidation Im not sure what will!
TheGush
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@b-tctrader, Exactly- that’s the thing with bad press. It tends to stick more than good. Whether it’s true or not, a smear campaign can ruin a reputation forever. As you said- it may or may not be true. We know truth doesn’t matter, sadly. Perception *is* peoples’ truth.