2019-1-30 19:14 |
Tron Daily Chart – Source: Tradingview.com
Tron is taking a respite from its recent outperformance in the market.
The cryptocurrency market is on the rise today, but Tron is underperforming all other top 10 cryptocurrencies over the past 24 hours with just a 0.74% rise based on data from Messari.
After a significant outperformance where Tron formed a series of higher highs and higher lows, Tron has now formed a lower low and seems to have followed by forming a lower high today.
This is a more bearish market structure and will likely result in traders looking to enter more short positions.
Tron 4-Hour Chart – Source: Tradingview.comOn a more bullish note, the price has managed to reenter the $0.028 to $0.031 area which has historically been an important area for the price of Tron.
Price met some resistance here as approached the area after the bearish drops that took place at the start of the week.
However, after a number of tests, price reentered the area.
The most recent four-hour candle shows price dropping back below but quickly rising back up indicating that price is likely finding some support at this level now.
Key Takeaways: Tron is forming a more bearish chart pattern with lower lows and lower highs now forming. Tron is the worst performer among top ten cryptocurrencies over the past 24 hours. Tron has reentered an important area between $0.028 and $0.031 and seems to now be meeting support at $0.028. Latest Tron News:Tron [TRX] Price Action: Lower Low Forms
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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 [TRX] Price Action: Is a More Bearish Price Structure Forming? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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