Looking at the dApp space, charts are showing positive signs.
Ethereum (ETH) worked hard to press through resistance near $170 (Figure 1). If the prior resistance zone at $167-$171 flips and acts as support, the upside target could be $240. Conversely, if Ethereum (ETH) experiences a sharp drop below $167, we might have to reevaluate.
Tron (TRX) looks poised for a major up move. The recent bounce off the 62% retracement of the recent up move sets up Tron (TRX) for a rally to a new high. This view is based on what looks like a clean Elliott wave count (Figure 2).
Bottom Line: As of now, we are operating with a thesis that the chart read is either bullish or very bullish for Ethereum (ETH) and Tron (TRX). We are going to stick with this until proven wrong.
The Crypto.IQ Trading Desk was on the bounce in Tron (TRX).
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