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.
TRON blockchain is designed to overcome the traditional internet by creating a free content entertainment system. It aims to make the payment, storage, development and credit sharing easy for entertainment enthusiasts. And it enables a person in one continent to purchase live entertainment from another continent. It helps overcome the traditional payment obstacles such as having a bank account in a bank outside your country.
TRON (TRX), the barely four-month-old coin is attracting big attention from established players including ‘NASDAQ listed companies’, according to a Tweet from the coin’s founder. Last month was big for TRX, taking it from $0.002 to $0.15, which is 75x in a month.
TRON had a troubled ICO, colliding with last September’s China ICO ban. But came back into the limelight following a recommendation from John McAfee on 26th of December.
The project’s founder, Justin Sun the only millennial student of Jack Ma’s Hupan University, advocates a long-term approach. And the platform is designed to allow for direct interaction between creators of digital content and consumers; removing the high costs associated with centralized channels such as Google Play and Apple’s App Store. While some basics are up and running, the entire TRON system is expected to take up to ten years for full implementation, as stated in the white paper.
However this long-term approach seems a little bit contradicted by his recent hyped twitter statements.
We will announce our partnership with a very prestigious public listed company next week. Looking forward to it!
Even Charlie Lee responded to his Twitter fans in a smooth operator way about his opinion about Tron.
People keep asking me about it… fine, I will give my opinion. I loved the original TRON movie but was meh about the latest one. I feel like it is extremely hyped without a lot of substance. 😜 pic.twitter.com/KIWAR18eTn
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