Tron is probably at the bottom


Another coin that cought my attention today is TRON. If you go to their website you will find a pretty simple description of what this coin is and what is it for:

TRON is a blockchain-based decentralized protocol that aims to construct a worldwide free content entertainment system with the blockchain and distributed storage technology. The protocol allows each user to freely publish, store and own data, and in the decentralized autonomous form, decides the distribution, subscription and push of contents and enables content creators by releasing, circulating and dealing with digital assets, thus forming a decentralized content entertainment ecosystem.

I like this Idea as well and you can see that they are active on twitter so you can count on their team they will be working towards their goals.

Fundamentally TRON (TRX) looks good. Also you can find great articles about the coin, that support its growth. Like this one: https://theindependentrepublic.com/2018/02/08/tron-trx-top-ten-coin/

Now lets get technical.

On a daily chart TRON looks like it’s right at the bottom – support level.

But we have to look at it a bit more up-close. Check out the 4-hour chart with added Fibonacci Retracements.

 

From this chart you can see that is hovering right around 50% fibonacci retracement and as we know that will serve as a nice support, but I am not yet convinced into jumping in to buy it. It has already come off the 50% and rose, but came back again. My speculation is that we can be overall bullish on TRON. With that being said we still need to take care of where to enter the market. At this moment I don’t see the best opportunity to jump in but definetly this is the coin to keep an eye on. I consider zone from 0435-0399 to be the point of good entry with the stop loss at 0320, thats around 20%. First profit target is at 0600, rough 50% gain and the second target at 0867, which is previous high and adds up to 115% gain.

Also if the TRON team will continue to work hard and keep on upgrading its project it could be a good coin for longer term holding, which can bring in even bigger profits.



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