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Should you buy Tron since the charts show a bullish pattern?

 


Tron (TRX / USD), a coin that was recently on the news after founder Justin Sun left, is showing signs of a sharp reversal. Following Justin Sun's exit, transactions reported by the Tron Foundation have seen a huge surge, suggesting that investors could benefit from Justin Sun's exit. Tron is a blockchain-based decentralized digital platform with its own cryptocurrency called Tronix or TRX. Tron was founded in 2017 by a non-profit organization in Singapore, the Tron Foundation, with the goal of hosting a global entertainment system for the low-cost exchange of digital content. There are several reasons why investors expect transactions to grow in the future.

The past few months have not been too great for Tron investors as it has fallen over 40% from highs it hit in a sharp rally in October. A new rally may only be a matter of time, however, as Tron forms a bullish pattern on the charts. Investors therefore expect a new all-time high in the first quarter of 2022. Should you buy Tron in hopes of a new all-time high?

  • Tron has been falling steadily over the past few months, but is likely to see a reversal soon.

  • Tron forms a double bottom pattern, a bullish pattern that could mark the end of Tron's decline.

  • A bullish RSI divergence can also be seen confirming Tron's bullish view.

  • Investors should wait for Tron to break the resistance at $ 0.08 as Tron could fall even further, so getting in early could be very risky.

  • Investors can set a target of $ 0.1 followed by $ 0.11. A new all-time high could also be reached in the coming months.

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