Tron [TRX] technical analysis: Tron is building an inverse head and shoulders pattern on its daily chart. Could this trend reversal pattern signal higher prices ahead for Tron?
Tron is one of today top large-cap cryptocurrency performers with only Bitcoin Private and Noah Coin above it on CoinMarketCap’s top 100 Market Capitalization. Tron is currently up 8.26% for the day according to TradingView and looks to be building an inverse head and shoulders pattern. Inverse head and shoulder patterns are considered trend reversal patterns, which could indicate further bullish moves ahead for Tron. This would become increasingly likely if we see some bullish movements in Bitcoin as well as this would be expected to lift the crypto market as a whole. However, if Tron becomes one of the early movers before a new bullish crypto phase, this is certainly a positive sign. Tron recently reported on all the progress they made last month, including that the total number of accounts on the Tron network has exceeded 400,000, overtaking EOS. They also reported that the average daily transaction volume was 29 times higher than Ethereum during the same period. Also, Justin Sun’s Facebook page now has more than 1 million followers.Is all this interest in and use of Tron now leading to an increase in its price? Let’s take a look a look at the inverse head and shoulders (H&S) pattern developing on Tron’s daily chart and analyze where things could go from here
About Tron (TRX): TRON is one of the largest blockchain-based operating systems in the world. TRON is a blockchain-based, open-source protocol for the global digital entertainment industry. TRON supports various kinds of blockchain networks and smart contract systems, including bitcoin, Ethereum, EOS, Qtum, and other public blockchain smart contracts, provides developers with multiprotocol infrastructure for entertainment app development, and allows users to enjoy smooth multiprotocol smart networks.
Tron (TRX) can be bought with fiat dollars, debit and credit cards on cryptocurrency exchanges such as Changelly.com and it can be bought with cryptocurrency on exchanges such as KuCoin, Binance, and HitBTC.
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