Tron Price Analysis

Tron has seen a strong +9.80% price increase over the past 24 hours of trading, bringing the current trading price up to around $0.3022, at the time of writing. The cryptocurrency has now seen a +23.7% price increase over the past 7 trading days with a significant further +62% price surge over the past 90 trading days.

Where is Tron ranked?

Tron has now stormed into rank 7th position as it currently holds a $1.99 billion market cap valuation. The 16 month old project now trades at a value that is 88% lower than its all time high price.

TRX/USD – SHORT TERM – DAILY CART

Tron Analysis
https://www.tradingview.com/x/kySmXADl/

 

What’s been going on?

Since our last TRX analysis, price action has surged further above the support at the .382 Fibonacci Retracement level (drawn in green) priced at $0.02681. The market has continued to travel further higher and has recently touched the short term 1.618 Fibonacci Extension level (drawn in purple) priced at $0.3140.

What is the current trend?

The current trend is most certainly bullish. For this market to be considered bearish, we would need to see price action drop below the $0.2122 handle.

What is likely to happen next?

If the bullish surge can continue and cause price action to break above $0.032, we can expect further higher resistance to be initially located at the medium termed 1.272 and 1.414 Fibonacci Extension levels (drawn in blue) priced at $0.03503 and $0.03689, respectively.

If the buyers can continue to drive price action even further higher, we can expect more resistance to then be located at the bearish .382 Fibonacci Retracement level (drawn in red) priced at $0.03930. This area of resistance is further bolstered by the medium term 1.618 Fibonacci Extension level (drawn in blue) priced in the same area.

The last level of resistance to highlight toward the upside then lies at the bearish .5 Fibonacci Retracement level (drawn in red) priced at $0.04798.

What if the bears take control?

Alternatively, if the bears regain control within the market, we can expect price action to first meet support at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.02855.

Further support below this can then be located at the short term .382 and .5 Fibonacci Retracement levels (drawn in green) priced at $0.02681 and $0.024022, respectively.

Support further toward the downside can then be expected at the short term .618 and .786 Fibonacci Retracement levels (drawn in green) priced at $0.02122 and $0.01725, respectively.

What are the technical indicators showing?

The RSI is currently rising well above the 50 handle to indicate that the bulls are in full control of the market momentum. If the RSI can continue to rise we can expect price action to continue further higher.

However, the RSI is approaching overbought conditions which could signal that the market may pull back in the next 2 or 3 days to give the bulls some space to breath before heading further higher. In this case, if the RSI can remain above 50 on the pull back we can expect the market to remain bullish.

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