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. Targets:
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.
Trade active
⋅
If the entry was missed, this week will probably provide another chance to enter the short. TRX is expected rebound slightly from it's current lever (0.031) to the high 30's, low 40's. Enter then. This doesn't change the 'dump' forecast in the next week or two. Since TRX is overbought on the daily charts but oversold on the hourly, I wouldn't enter any long positions, just enter shorts during the peaks and ride the waves down. Surfer style. :)