![TRON [TRX] – Price Breaks Through Short-term Resistance, What’s Next?](http://blokt.com/wp-content/uploads/2018/12/image2-7-1-300x159.jpg)
2018-12-19 16:24 |
Chart – Source: Tradingview.com
A look at the weekly chart for TRX shows that price has fallen 95% in value since the January high of $0.34 and is now trading at around $0.015.
Price is moving in a descending support line, depicted by the solid green line.
Long-Term Outlook Chart – Source: Tradingview.comContinuing with the 3-day chart, there is a bullish divergence in all three of RSI, MACD and the Chaikin Oscillator.
Furthermore, MACD made a bullish cross(yellow arrow).
However, the price is facing resistance from the 7 and 21 period moving averages and a thick cloud.
Medium-Term Outlook Chart – Source: Tradingview.comContinuing with the Daily chart, we can see that price has moved past the 7 period moving average and is now facing resistance from the 21 period MA.
Price is below the cloud and well below the 200 period MA.
On a more positive note, the MACD is almost positive and growing.
Short-Term Outlook Chart – Source: Tradingview.comFinally, a look at the 6-hour chart shows us that price broke the short-term resistance in place since the beginning of December (solid red line).
Currently, the price is above the 7,21 and 50 period moving averages but is facing resistance from the 200 period MA and the $0.016-0.018 area, which is an area of previous support.
Furthermore, the RSI is overbought, but no bearish divergence has developed yet.
Conclusions: Price has fallen 95% since the January high. Price is facing resistance at $0.016-0.018. Price has developed significant long-term bullish divergence. 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 Breaks Through Short-term Resistance, What’s Next? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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