Tron has recently busted through its symmetrical triangle consolidation pattern and what appears to be an inverted head and shoulders. This signals that a reversal from the earlier downtrend is underway.
Price could be on its way to test the next upside target at .03150 from here, provided it’s able to bust through the 100 SMA dynamic inflection point. On the subject of moving averages, this 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside.
In other words, there’s a chance that the selloff could still resume from here. Note that the gap between the moving averages is widening to signal strengthening selling pressure and no signs of an imminent bullish crossover.
Stochastic is on the move up but closing in on overbought levels to reflect buying exhaustion. Turning lower could bring selling pressure back in and lead to a drop to the broken triangle top or to the longer-term lows. RSI has a bit of room to climb before hitting overbought levels, which might encourage sellers to return.
Sustained buying pressure could take Tron to the next upside target at the 0.03900 area of interest then to 0.05100. Note that the rally could last by the same height as the triangle consolidation pattern as well.
Tron is projected to land in the top 10 of cryptocurrencies as it continues to climb across the board, but of course this is according to founder Justin Sun himself. In an interview with Investopedia, he cited:
TRON is set to surpass Ethereum on the road to becoming the world’s largest decentralized protocol. We will be delivering on these key milestones in the last quarter of this year and the first quarter of 2019.
Sun even went on to predict that Tron could land in the top 3 at some point.
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