TRX: Hope For The Best, Prepare For The Worst
Hi there, this time I am talking about TRX and its sad way down despite all the progress it made (fundamentals don't count these days as it seems). I would love to see it the other way around but for the time being, we have to face the situation how it is.
However, I will make it quick:
The situation is bad, very bad. Fred is consistently showing an accelerated downtrend on all 3 levels - and on all low and highs. This means, we will keep having lower lows and lower highs. But look for yourself:
Level 1 lows and highs for TRX
Level 2 lows and highs for TRX
Level 3 lows and highs for TRX
As you can see at the 3 different levels above, the lows and highs are declining, on all levels.
This means we have an ongoing spiraling downwards tendency that might keep going on for a while. Only a major impulse in the overall crypto market would be able to stop that, simply because as stated above, fundamentals currently play absolutely no role. The entire market is in the hands of technicals.
On the other hand, knowing about this situation, we could use TRX in combination with Fred to recognize a trend-change:
As soon as the downwards trend on all 3 levels stops, the predictions correct back up and the sentiment on the fomo meter is in center- or fomo area position for a longer period of time, then we can assume a trend-change at least for TRX.
When will that happen? I honestly don't know but I am looking forward to the end of the summer holiday season and SEC's Bitcoin ETF. At this point, TRX could be touching level 3 lows (200-215) and depending on the news at that time, the potentials for actual gains are promising.
Summary
The situation at TRX is as bad as it looks and only an overall market shift to the better will turn this around - fundamentals are currently not playing any role in cryptos. Depending on what happens after summer and the SEC, we could see TRX at a bargain price around 200 sats before it attempts a trend-reversal.
This article has been made with the help of Fred (CoinStudio) and a lot of love.
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