Tron Price Analysis: TRX/USD Shoots Higher After Justin Sun Leaves Community Drooling from Anticipation
- TRON (TRX) is elevated, as price breaks out to the upside from a bull flag pattern formation.
- Justin Sun has sparked much excitement within the foundation’s community, following a tweet hinting of another huge partnership announcement.
Justin Sun Has Another Announcement
The Tron founder, Justin Sun, has left the community very excited following a tweet from his account on Friday. He said, “Finally, first time to partner with tens of billions USD valuation industry giant. Guess the name”.
This isn’t the first time Justin Sun has got the foundation’s community buzzing. It wasn’t too long ago that he announced Tron had acquired BitTorrent. Back on the 24th July, he tweeted, “Proud to announce BitTorrent and uTorrent are now part of the #TRON family. BitTorrent is supported by over 100M active users. Together we are building the future of the decentralized Internet! Stay tuned for updates”.
Given the strong fundamental development updates coming from the foundation of late, the community has every right to be excited right now. The next solid move for TRX/USD, should be on this potential partnership announcement from Justin Sun, which could sent the price further north.
Technical Review – 60-minute Chart
The near-term view for TRX/USD points to the upside. Since the 8th October, when the price peaked within a supply zone at the $0.02800 territory, consolidation has been seen. Price action formed somewhat of a bullish flag pattern, after gradually cooling from the mentioned high. Market players were potentially taking profits post the big developments with Tron and BitTorrent, on Project Atlas. Barring the quite surprising steep drop observed across the market on 11th October, resulting in a breakout of the flag. TRON (TRX) has still looked attractive and inviting for further bullish momentum. It managed to stage a solid rebound on 12th October, seeing the price move back within and then above the bull flag pattern formation. A breakout and retest have now been seen, which is very encouraging for further buying pressure.
Looking at upside targets, firstly the $0.02600 region would need to be tackled. After this, the above-mentioned supply zone, tracking from $0.02700-0.02800 range. In terms of support, this can now be observed on top of the broken flag, $0.02360. Further south, eyes would be on $0.02200, the lower tracking trend line of the flag.
Technical Review – Daily Chart
As can be seen on the daily chart, the price has been stuck in a range going on 9 weeks now – swinging between a high of around $0.02800 down to the low, seen within $0.01500 territory. TRX/USD within this stubborn range is preventing any potential large downside or upside moves. Given the length of time it has been contained. Should bullish momentum manage to breach the upper supply of the range, there could be a very fast move back up to $0.04000 in no time. On the other hand, a breach of $0.01500, could be catastrophic to say the least. Resulting in potentially forcing moves as low as its initial listing price.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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