Tron is a blockchain-based decentralized platform that aims to build a free, global digital content entertainment system. The TRON protocol is one of the largest blockchain-based operating systems. It is highly scalable with high throughput, and is able to support a wide range of decentralized applications in its ecosystem. Source: blokt.com

The Tron network uses its native cryptocurrency called Tronix (TRX). According to coinpaprika.com; 24h volume of [TRX] is $1 855 692 758, while the TRX market cap is $1 769 195 886 which ranks it as #12 of all cryptocurrencies. It's circulating supply is 66 671 435 754 (67.2% of maximum supply). All Time High is $0.300363. 

In July., 2018, TRON acquired BitTorrent Inc. Every month more than 170 million people use BitTorrent Inc. developed products. Its protocols move as much as 40% of the world's Internet traffic on a daily basis.

Bittorent and  Dlive, a blockchain-based content sharing platform come together recently to bring blockchain-based peer-to-peer content sharing, including live streaming, to everyone. 

Although lots of developments have been going on in TRON, as you see in the weekly TRXBTC chart below, it experienced downward trend for seven consecutive months and then made bottom at 0.00000150 BTC and then bounced back to at 0.00000250 BTC levels. The current bullish momentum seems to favor TRX nowadays.

As you see from the graph, it break out this falling wedge on september last year. It made double  Bottom with a higher low. 

Altough this week has been difficult for major cryptos, TRON made significant gains and break the key resistance level of 246 Sat and TRXBTC pair  is now trading above the 21 weekly MA at 0.00000258 BTC levels  (equivalent to $0.026536) at Binance.com. It seems that TRX is targeting the 0.00000310 BTC levels (previous major lows). 

We need to look at the weekly indicators to see the big picture ahead. Weekly Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI) and Stochastics gives important insights about the price in the long term.

Analyzing the weekly indicators above, we can see MACD has  made bullish cross long before and moving upwards and and the histograms' bars have started to grow  again without going negative. 

After touching trend line nicely, RSI is going cazy it is now around 60 level and the stochastics is in the overbought region. 

So based on weekly charts, technical indicators suggest a bullish trend ahead. 

Ichimoku Analysis

As you know Ichimoku is swing trade range chart. It is a collection of technical indicators that show support and resistance levels, as well as momentum and trend direction. That's why it provides trading signals. It was developed by journalist Goichi Hosoda and published in his 1969 book. Source: school.stockcharts.com

In the weekly chart, we have not reached the safe trading zone yet. But we may see some trading ranges based on  ichimoku cloud. 

As you see in the daily Ichimoku graph;

* prices are above the cloud, above conversion line (Tenkan-sen) and baseline (Kijun-sen)

*Tenkan-sen (fast MA) and Kijun-sen (slow MA) lines crossover has occurred and their slopes are positive.

* Chikou span (lagging span) is above the cloud.

* Future cloud is green, meaning the future is green based on the 26-period projection. This uptrend is strengthened since the Leading Span A (green cloud line) is rising and above the Leading Span B (red cloud line). This situation produced a green cloud. Since the cloud is plotted 26 days ahead of today's price point, it indicates future support levels. school.stockcharts.com   

Let's finally look at the summary of daily technical indicators (taken from tradingview.com)

Although oscillators are neutral, moving averages provides strong buy.

To conclude,  both price actions  and technical indicators suggest that after long correction period,  TRX's breakout of this 7 months down trend and tested the bottom, and then made two double bottom and passed the key resistance level of 246 satochis. Indicators have given us a clear buy signal. So, we can start to look at safe entry zone with a proper stop loss. 

Thanks for reading. I hope you’ve found it helpful.

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