News
Tron (TRX) has been a lot in the news since the inception of the project. The ICO that raised $70 million got the first amount of negative attention when people pointed out that Tron has plagiarized its whitepaper from different projects and later on when the project borrowed code from the Ethereum github but deleted all mentions of the competition.
The road for Tron, the love child of Justin Sun, was a bumpy one, but the young founder kept his head up and has built up incredible amounts of hype for the project that started around the double digit satoshi range when being added to Binance and has seen huge gains since then. Justin had ties to influential people like Jack Ma, the founder of Alibaba, who hand picked the young entrepreneur to study at the Jack Ma University for entrepreneurs, which has a really low acceptance rate even in the between the famous Chinese families.
Going back to the project, Tron just recently launched its main network, which is aiming to decentralize the web with a highly scalable smart contract capable decentralized platform, which manages around 2000 transactions per second. Worth to note that the network also gives up on a certain level of decentralization with building on 78 Super Representatives currently, but this seems to be a growing trend around projects. One just has to look at EOS or NEO in comparison.
Chart
The BTC/TRX chart currently raises confidence in us and might be worth taking a look at.
Since being added to binance, the coin had several ups and downs. The daily chart clearly draws out a symmetrical triangle (blue), which could easily lead to a bullish continuation. We only expect it to break either way after it finishes its last cycle in the triangle.
We used an ABCDE triangle pattern (orange) to chart up the possible next cycle, which could take us to a resolve around middle of August, so in around 1 month. If you are looking at the coin for investing, the bounce here at the bottom of the triangle could be a good spot for a possible entry, but waiting till the triangle either breaks up or down would be the best option in to play it safe.
For the short term we have a falling wedge (pink) in play, which could offer a good profit option for those who are looking for a short bounce/flip. Buying the breakout from the wedge could mean that you have the ability to ride it till the top of the triangle.
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