Tron sustained its climb after completing a quick retest of its broken triangle resistance as previously highlighted. Price is now setting its sights on the top of its long-term range, possibly even on the 0.0600 mark.
The moving averages are still oscillating as these indicators have yet to catch up to the sharp bullish move. Note that the earlier triangle spanned 0.0280 to 0.0480 so the resulting rally could be of the same size. The 100 SMA is attempting an upward crossover and this could draw more buyers in.
However, stochastic is indicating overbought conditions and looks ready to turn south once more, possibly leading to yet another correction. Similarly, RSI is dipping into overbought territory to reflect some exhaustion among buyers and potential profit-taking.
In that case, a short-term correction could find support at the 0.0450 area of interest or until the moving averages’ dynamic inflection points.
Tron just introduced a concept known as Super Representatives, which is open to every token holder on the network. This allows for even the smallest coin holder on the TRX network, to have a voice in the project.
The criteria for being a Super Representative is that the delegate should:
- Have an official website
- Have team information ready: location of the team, arranged location of server and server type
2018 expenditure budget and technical plan by June 26th
2018 hardware capacity upgrade plan after June 26th
2018 community support plan
List of key staff and their photos
Background qualifications of key staff
Testable nodes for community members
A certain amount of social media influence: Twitter or local equivalent of 500+ followers; or Telegram group or local equivalent with 500+ members; or a Reddit page or a local forum homepage with 500+ subscribers; 500+ followers on other social media platforms
This could strengthen the network and its security as Tron eliminates its dependence on the Ethereum blockchain.
*The market data is provided by TradingView.