Hi, friends hope you are well and welcome to the new update on Tron coin. In my previous article, we have seen that Justin Sun announced the launch of JUSTswap that is expected on the 17th of August 2020.
https://twitter.com/justinsuntron/status/1285506130618146816
And in my previous post have already observed that this announcement was added on the 21st of July and at that time the market cap of TRX was 1.17 billion dollars and since then it is increasing every day. At this time the market cap of Tron is at 1.43 billion dollars, so it has increased by more than 22%.
https://coinmarketcap.com/currencies/tron/historical-data/
Another big event is announced:
Now Justin Sun has announced another big event and that is Klever stacking. If we click on the link that they have provided in the tweet then it will takes to klever.io . And on this link the white paper is available where complete details of project can be seen.
Now if we click on the road map available on the white paper then it can be easily observed that this project was started in 2017 and now we are at the 2020 quarter 2 phase.
Definitely it will be another significant event and that will also increase the attraction of traders towards the TRX investment and KLV coin as well.
The technical analysis of price action:
Now if We move to the live chart then it can be easily noticed that the price action is still moving in an up channel and the price is increasing more and more while this movement within the channel. I have also placed the directional of movement indicator and we can see the bullish line that is positive directional indicator is still above the negative directional indicator that is the bearish line. And the ADX is also moving up so we can expect a big move to the upside in the near future.
While moving in the up channel the price action also formed a cup & handle pattern. After reaching the resistance of the cup the price action retraced between 0.50 to 0.618 Fibonacci retracement level and completed the handle of the cup. Finally, the priceline moved up with a powerful bullish divergence and broke out the resistance of handle and also broke out the resistance of the cup. Now after this breakout we can expect that the price action will have a little bit pullback and it will re-test the previous resistance of the cup as support and then it will start the next rally.
The priceline is trying to breakout the bit triangle:
If we switch on the long-term weekly chart then we have already seen in my previous articles as well that the price action of TRX coin is moving in a descending triangle. And after breaking out from the cup and handle pattern on the daily chart now the price action is trying to breakout the resistance of this descending triangle as well. The price action of Tron has 100 simple moving average resistance at the same level where we have the resistance of this triangle. I've also placed the volume profile indicator on the complete price action moving within this pattern. And it can be easily observed that the trader’s interest is very low at the support and from the upside, we have the trader’s interest beyond the resistance of this triangle. Therefore there are strong chances that the price action will soon break out this resistance rather than break down the support.
The price action has entered in Ichimoku bearish cloud:
Now I would like to draw your attention to a very significant signal. If we place the Ichimoku cloud on the long-term weekly chart then it can be easily noticed that the price action has entered the bearish cloud. We have also received the bull cross between the conversion and the baseline. This is a very important time for the TRX that at the same time the price action is trying to breakout the triangle’s resistance and entered a very powerful resistance of Ichimoku bearish cloud. Therefore if the price action will be able to breakout from the triangle then it will be easy for Tron to even break out this strong resistance of bearish cloud as well. And this will be a very powerful breakout even it can lead the priceline of Tron to $0.35 to $1.
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Conclusion:
The TRX is bullish on the charts and at the same time, we're having different announcements and good news by the team of Tron. So the combination of the news and events and bullish patterns and indicators on the charts together can lead the TRX more strong bullish in the long term.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.