2019-3-19 17:38 |
Long-Term Outlook Tron Weekly Chart – Source: Tradingview.com
A look at the Weekly chart for TRX shows that the price is trading between the 21 and 50-period moving averages. It has found support above the 21-period MA.
It made a bottom near the support area at $0.012 and is currently very close to the resistance area of $0.03.
The MACD has made a bullish cross and is moving upward, but is not positive yet and has lost most of its strength.
The RSI is at 48, indicating neither oversold nor overbought conditions.
There has been minimal movement for the past six weekly candles.
Medium-Term Outlook Tron 3-day Chart – Source: Tradingview.comA look at the 3-day chart gives a slightly more bearish outlook.
The price is facing very close resistance from the 21-period moving average.
Furthermore, it has failed to break out above the negative Ichimoku cloud.
It is following an ascending support line and is currently trading right on the edge of the line.
We can see that the price developed bearish divergence at the $0.3 top before breaking down.
Furthermore, the MACD has made a bearish cross and is falling, but is not negative yet.
Tron Daily Chart – Source: Tradingview.comA look at the Daily chart gives a similar bearish outlook.
Firstly, the price has been following an ascending support line for 115 days.
However, the price is trading below the 21 and 50-period moving averages.
Furthermore, the MACD has made a bearish cross and is into negative territory.
Short-Term Outlook and Price Prediction Tron 6-hour Chart – Source: Tradingview.comA look at the 6-hour chart shows that since the high near $0.32, the price has been trading inside a symmetrical triangle.
It has had multiple unsuccessful attempts at breaking out above the resistance.
Also, the MACD has made a bearish cross and is almost negative.
Price Prediction:I believe that during the next week the price will break down from the support line and head for the support area.
Conclusions: There is support near $0.012 and resistance near $0.03. Price is trading inside a medium-term symmetrical triangle. Most indicators are bearish. Tron Latest News:TRON Dapp Report: TRON Acknowledges That The Market Is Favoring High-Risk ROI Dapps
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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 Prediction: A Breakdown Looks Inevitable was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.
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