2019-1-17 19:14 |
Tron Daily Chart – Source: Tradingview.com
Tron hugely outperformed on a number of days last week appreciating the most among major cryptocurrencies.
After falling back since Monday’s surge, Tron has formed a lower high as shown by the arrows on the above daily chart.
Whether Tron can continue to outperform is now questionable as a lower high is a bearish signal, but Tron has also been recently outperforming since it has traded above its 200 simple moving average (SMA).
The 200 SMA is used by many analysts to assess the long-term trend of projects, and Tron looks markedly more bullish now that it trades above this point.
Tron 4-Hour Chart – Source: Tradingview.comOn the shorter-term 4-hour timeframe, Tron is after forming a higher low leading to a more bullish chart pattern for near term price action.
The key levels to monitor include $0.028 to $0.031 above which was an area of consolidation for price action during bearish declines in mid-August.
On the lower side, $0.022 came into play as support on the last drop and also previously acted as resistance when price traded between $0.018 and $0.022.
Key Takeaways: Tron forms a lower high on the daily giving rise to a bearish pattern. However, the price also trades above the daily 200 SMA which gives more bullish prospects for its price. On the short-term 4-hour price has formed a higher low giving further support to bullish price prospects. Key levels to monitor include $0.028 and $0.031 to the upside as well as $0.022 and $0.018 to the downside. Latest Tron News:Tron [TRX] Returns to Price Outperformance After Bearish Drop
OKCoin Lists TRON (TRX), Trading Will Begin January 17th
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Tron Price Analysis: Both Bullish and Bearish Signs Showing for TRX was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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