Tron (TRX) Technical Analysis: 7-Month Bullish Inverse H&S Pattern Complete, When Moon?

Latest Tron News

The Tron Foundation has recently released the expansion plan of its secondary scaling solution, the ‘Sun Network’.

The Sun Network is a system update that plans to improve Tron’s efficiency by introducing dApp sidechains and interoperable cross-chain features. By doing so, the Foundation claims that this will ‘improve the overall TPS’ as well as reduce the energy consumption of dApps.

The deployment of the Sun Network has been broken down into 3 phases spread out over the next 5 months.The Sun Network testnet launch, scheduled to go live on May 30, will be the first phase, followed later on in the year by the official launch and optimization stages due on August 10, and September 15 respectively.

Tron Price Analysis

The new announcement has arrived at a fortunate time just as and a vast majority of altcoins correct from the recent bull market. TRX is currently the best performing asset among the top 30 cryptocurrencies today with a 7.12% gain against the US dollar and a 7.76% lead over Bitcoin.

Looking at the 1D chart (below) we can see that Tron appears to have finally completed a 7-month long inverse head and shoulders (…

This article appeared first on Cryptovest

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.