Ascending Triangle Bullish for Tron [TRX]?
Tron launched its mainnet at the end of May this year. There was significant anticipation behind the mainnet launch which resulted in price significantly appreciating in the build-up. However, in line with the rest of the cryptocurrency market, Tron has depreciated considerably since. Tron traded around $0.063 around the time of its mainnet launch and now trades at $0.022.
However, the project has been forming a series of higher lows since mid-August along with other similar projects such as Icon and EOS. An ascending triangle pattern is a bullish continuation pattern and would result in a breakout to the upside if it plays out as expected.
EOS and Icon are forming symmetrical triangle patterns on their charts giving them a more equal chance of either a bullish or bearish breakout. The ascending triangle which is forming in Tron gives it a more bullish disposition and could be set up to outperform during the next market rise.
The price action for Tron is trading close to the trend line of the triangle. A downward movement across the market would risk the price of Tron falling out of the pattern and losing its set up. It is likely that Bitcoin will have a big factor to play in how the triangle pattern plays out.
The market leader Bitcoin currently represents over 53% of the entire cryptocurrency market cap and has also been forming a triangle pattern. A bearish breakout from Bitcoin here would likely result in Tron moving below the ascending triangle it has been forming.
- Tron forming a bullish ascending triangle pattern since mid-August.
- The ascending triangle pattern is a bullish continuation pattern and would be anticipated to result in a break out to the upside.
- Tron may be setting up to outperform during the next market rise.
- How the pattern plays out likely depends significantly on Bitcoin. With the market leader representing over 53% of the cryptocurrency market cap and also forming a triangle pattern, its movements will likely be mirrored by Tron.
Ascending Triangle Bullish for Tron [TRX]? was originally found on [blokt] – Blockchain, Bitcoin & copy trading cryptocurrency.