2019-4-9 16:29 |
TRON is bullish over the short-term, with the cryptocurrency trading well above its 200-period moving average on the four-hour time frame The TRX / USD pair has a strong bullish outlook over the medium-term The daily time frame shows a large inverted head and shoulders pattern TRON / USD Short-term price analysis
TRON has a bullish short-term trading bias, with the cryptocurrency trading well above its 200-period moving average on the four-hour time frame.
The four-time frame also shows that the latest advance in the TRX / USD pair has created an inverted head and shoulders pattern, with buyers probing the neckline of the bullish pattern.
Technical indicators on the four-hour time frame remain bullish, although the RSI indicator is showing bearish price divergence.
TRX / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should note that the overall upside objective of the inverted head and shoulders pattern on the four-hour time frame would take the TRX / USD pair towards the July 2018 swing-high.
Relative Strength Index
The Relative Strength Index remains bullish on the four-hour time frame, although bearish price divergence is present.
MACD Indicator
The MACD indicator remains bullish on the four-hour time frame, with the MACD signal line pointing to further upside gains for the TRX / USD pair.
Fundamental Analysis
The recent price surge may be attributed to several positive announcements. Tron is planning to launch its first TRX market, the initial trading pairs will be ETH / TRX, XRP / TRX, EOS / TRX, LTC / TRX. In addition to that, Tron is getting ready to launch TRC20-based USDT on its network. As announced, “based on the TRC20 protocol, the smart stablecoin will support smart contracts and will introduce a privacy option as well”.
TRON / USD Medium-term price analysis
TRON has a bullish medium-term outlook, with buyers continuing to rally the TRX / USD pair above its 200-day moving average.
The daily time frame is also showing a large inverted head and shoulders pattern, with bulls edging the TRX / USD pair above the neckline of the bullish pattern.
Technical indicators remain bullish on the daily time frame and continue to signal further medium-term gains.
TRX / USD Daily Chart (Source: TradingView)
Pattern Watch
Traders should note the overall upside objective of the bullish inverted head and shoulders pattern on the daily time frame would take the TRX / USD pair towards the June 21st 2018 swing-high.
Relative Strength Index
The RSI indicator remains bullish on the daily time frame, although it has now reached overbought territory.
MACD Indicator
The MACD indicator on the daily time frame remains bullish, with the MACD signal line and histogram trending higher.
Fundamental Analysis
In the medium term, the project looks interesting with the number of positive announcements, acquisitions, and developments it has had. However, investors should be careful, since Tron has been at the center of several controversies in regards to the way the project is run, and the way it has been trying to promote itself.
Conclusion
TRON is growing increasingly bullish over the medium-term, with buyers managing to move price above the neckline of a large inverted head and shoulders pattern on the daily time frame.
The July monthly trading high and June 21st swing-high from last year are the key upside targets to watch if bulls can advance the TRX / USD pair above the current 2019 trading high.
For a quick lesson on what TRON is all about, check out our coin guide.
TRON ChartChart byCryptoCompare baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; var cccTheme = { "General":{"borderWidth":"0px","borderColor":"#FFF","showExport":true}, "Tabs":{"borderColor":"#FFF","activeBorderColor":"rgba(28,113,255,0.85)"}, "Chart":{"fillColor":"#222","borderColor":"rgba(28,113,255,0.85)"}, "Conversion":{"lineHeight":"10px"}}; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=TRX&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); #ccpw-ticker-24346 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24346 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24346 a.tabperiods.tabperiods_active, #ccpw-ticker-24346 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24346 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24346 .coin-container:after, .ccpw-container_four #ccpw-ticker-24346 .coin-container:after {border-color:#ccc !Important;} Join the conversation on Telegram and Twitter!
Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.
The post TRON / USD Technical Analysis: Fuel For The Fire appeared first on Crypto Briefing.
Similar to Notcoin - Blum - Airdrops In 2024
TRON (TRX) на Currencies.ru
|
