Surprise - we're taking a look at Tron!
"But, Tron is a scam, isn't it? What about Justin Sun?"
Justin Sun is undoubtedly a character that has failed to show he possesses the competence required to efficiently run a billion dollar multi-national corporation / organization.
However, as we've covered many times before - factors like these hardy have an impact on crypotcurrency market valuations - with Tron being no exception.
With that being said - let's take a look at Tron's price action lately and see if we can't find a viable entry point.
Tron Price Analysis
Below is a current look at Tron (on the daily resolution).
Isolating the Play Here
The most viable play here would be to hope for a bounce off of the support point isolated above for future gains.
Taking a Serious Look at What That Looks Like
In the chart below, we drew an additional overhead horizontal resistance point (pretty obvious).
Let's take a look at the potential ROI (should this move play out to the nearest updside that we have outlined here):
At +6% upside, that's not too bad of a move actually.
Taking a Look at Some Momentum Indicators
We're going to look at some momentum indicators now because we want to see the likelihood of the price actually bouncing off of of the underlying support point where its hanging at currently.
Librehash Reversion Ribbon V2
Below is a flat look at this indicator:
First observation to make here is that the indicator further justifies our horizontal overhead resistance mark.
If we look below, we can see that price reversal occurred at that very same peak (where the overhead horizontal resistance was mapped).
Exponential Moving Averages
This isn't a momentum indicator, but since we're on the topic of support / resistance points, its worth noting that the price recently bounced off of the EMA-50 support point.
Balance of Power RSI
We can see a sudden 'spike' in the Balance of RSI indicator starting around July 17th, 2020 (just four day ago from the time of writing).
Tron is looking like a tentative investment for us.
The +6% upside isn't a crazy amount of money, but its enough for us to look at an entry position.
Specifically, we're doing so because of the low volatility and consistency of Tron's price (on the uptrend), lately.
Risk / Reward Map
Cut and dry: