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Friday, September 4, 2020

TRX hype over. Massive dump expected within 1-2 weeks.

TRX hype over. Massive dump expected within 1-2 weeks.


TRXUSDT went crazy the last few days due to Justin Sun's announcement on the 31st August about creating the new Sun token. Details can be found on many crypto news sites. I think he just jumped on the bandwagon not to miss the DeFi bubble.

Now that the FOMO settled, the pump is over. Since TRX is currently still in overbought territory and losing steam, a correction is very highly likely. Technical analysis indicates within a week, but it could drag until the 16th September, when all the locked TRX tokens will be released. When that happens, the TRX crash will be complete.

Short entry - 0.035-0.040
Profit target 1 - 0.022 (expected within a week)
Profit target 2 - 0.008 (expected on or around 16th September) This will probably be a flash crash so the price will bounce back and stabilise at around 0.016. If you can catch it, you can go long around 0.008-0.009 and sell around 0.016 so you can double your money.

from Trading Ideas
via gqrds

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