2018-12-14 14:29 |
TRON [TRX] Weekly Chart – Source: Tradingview.comA look at the weekly chart for TRX shows us that after the highs of January 2019 at $0.35, TRX has lost 97% of its value, and is now trading at around $0.01.
While this is the lowest price has been after the fall, it is not clear if we have made a bottom. The price has been following a steadily declining support line, depicted by the solid green line.
Long-Term Outlook TRON [TRX] 3-Day Chart – Source: Tradingview.comMoving forward to the 3-day chart, we can see that price is facing resistance from both the 7 and 21 period moving averages and a thick cloud.Furthermore, while the RSI is <30, the lowest it has been, there is no bullish divergence developing yet. Finally, there is bullish divergence developing in both the MACD and the Chaikin Oscillator.
Medium Term Outlook TRON [TRX] 12-Hour Chart – Source: Tradingview.comA closer look at the 12hr chart shows us that price broke down from the longstanding support area of $0.18.Furthermore, the price went back up to touch and validate the support line (downward pointing yellow arrow), which now acts as resistance.
It is worth keeping an eye on whether the 7 and 21 period MA’s make a bullish cross, or if it is rejected and the price continues falling.
Short-Term Outlook TRON [TRX] 2-Hour Chart – Source: Tradingview.comA look at the shorter 2hr time-frame gives us a solid price structure.Price has been following a steadily increasing support line (green line) and is possibly forming a symmetrical triangle.
It is worth checking which way price breaks out of this pattern.
Conclusions Price has fallen 97% since the January highs. Price is following a steadily falling support line. Possible symmetrical triangle in the short term. 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] Analysis: Price Trying to Find a Bottom With No Support Area in Sight was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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