The price of Tron at 17: oo hours UTC on 8th April 2019 is $0.308. The price is trading 8.07% higher on a daily scale.
While the other cryptocurrencies including Bitcoin (BTC) have recorded limited gains today, Tron seems to be leading the pack with an almost double-digit increase. The price w.r.t. BTC is also trading 8.21% higher on a daily scale.
Bullish Action on Tron (TRX) To Continue?
Peter L Brandt, one of the most leading chart analyst of equity and commodity markets has indicated that Tron has bottomed in the long term and more upside can be expected. An inverse head and shoulder pattern has been identified on TRX/USD which is near completion. The inverse head and shoulder pattern is a bottoming pattern which results in a trend reversal.
According to Brand’s analysis, the pattern had started to build in August 2018 when it broke below the $0.3 mark towards further downtrend. The bottom on Tron is identified as $0.011 recorded in November 2018. It was trading 96% lower since its all-time high in January 2018. The fundamentals for Tron (TRX) has also improved considerably over the past months.
Peter Brandt tweeted on 8th April,
Don’t normally follow the alts, but nice chart patterns are always worth a mention
The inverse head and shoulder pattern should ideally ticker a high signal above the $0.029 break. With respect to BTC, a break above 0.00000609 BTC would confirm the bullish move on Tron. Moreover, a stop loss near the low of the right shoulder: $0.022 should also be placed to protect against unexpected loss.
Do you think that Tron will lead the next all-season? Please share your views with us.
Nivesh from Engineering Background is a full-time Crypto Journalist at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com