2019-2-1 14:04 |
Long-Term Outlook Chart – Source: Tradingview.com
A look at the Weekly chart for Tron shows that price is following a descending support line.
Price is currently trading at $0.026, slightly below the resistance area of $0.028-$0.030.
Price is trading above the 7 period moving average but below the 21.
No bullish cross has occurred yet.
The MACD is moving up with strength but is not positive yet.
Medium-Term Outlook Chart – Source: Tradingview.comA look at the 3-day chart shows that price tried unsuccessfully to break through the resistance by the Ichimoku cloud at $0.03.
The 7 and 21 period MAs have made a bullish cross. However, there is bearish divergence developing in both the RSI and the MACD.
Chart – Source: Tradingview.comA look at the Daily chart provides a clearer view of price movements.
We can see that there is an even more pronounced bearish divergence in both the RSI and the MACD.
Furthermore, the MACD has made a bearish cross and is going down.
We can also see the first support area which is found at $0.018-$0.019
Short-Term Outlook Chart – Source: Tradingview.comFinally, a look at the 6-hour chart gives us a structure in which price is trading in.
We can see that price is following an ascending support line.
The price touched the resistance at $0.031 before retracing to the support line.
A resistance line to keep an eye on is the dashed red line, which could provide resistance during the next week if it gets validated.
Price Prediction:I believe that price will not break through the resistance at $0.032, and will break down over the next two weeks, eventually heading for the support area at $0.018-$0.019.
Conclusions: Price is following a long-term descending support line. There is a bearish divergence in the medium-term. The next support area will be found at $0.018-$0.019. Latest Tron News:Tron Technical Analysis: TRX Price Falls but Remains Above 200-Day Moving Average for Now
TRON Weekly Report: niTROn Summit, DApps, BitTorrent Token, and More
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 Prediction: The Second Attempt at Breaking Resistance Was Unsuccessful, Will Price Break Through on the Third One? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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