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Will TRON be able to build bullish momentum?

Altcoins keep trading in the range against the backdrop of low trading activity

Bitcoin and all major altcoins are mostly trapped in their ranges in the early Asian hours of Wednesday. The market is a mix of red and green as there are currently no clear pricing patterns. The total market capitalization of cryptocurrencies reached $ 196 billion, almost unchanged from that time yesterday. The average daily trading volume dropped to $ 66 billion. Bitcoin’s market share was 66.2%.

Bitcoin will need to go back through to $ 7,210 to support the upside momentum to the first resistance level at $ 7,384. However, if the price fails to return to the $ 7,200 level, Bitcoin may slide deeper into the red.

Still, the current momentum is bullish against the low volatility, at least until the bulls kepps BTC above $ 7,100.

 

TRON builds upward momentum

Last week, there was an announcement that the era of simulated mining is coming for TRON (TRX). Just days after the DDOS token begins to advertise its game, another asset, TGOLDE, prepares to begin simulated mining. This would be the third token in the ecosystem to take on network resources previously set aside for transaction and distributed app usage.

Looking at the chart, the TRX price has been following a trend line of support over the past 18 months. After touching it in September 2019, the digital asset has started its current uptrend.

In addition, MACD has made a bullish cross on the daily chart, which is a very positive development. The only last time this happened, the TRX went up by about 180%.

 

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Technical analysis of TRON

This week, TRON performed very well and rose about 7% yesterday. In fact, apart from Cardano, TRON is the only other cryptocurrency in the top 20 that has made a profit in the last 24 hours. All the rest are in red.

Now, as the price goes up, we have a resistance trend line at $ 0.0157 on the 4-hour chart. It could limit temporary the bullish momentum. A clear break above it will clear the way ahead of the bulls to the next target at 0.020. Just below it is the 100-day SMA, currently at $ 0.0171, which may also limit the correction.

The price is currently testing 50 SMA on a 4-hour chart. The RSI indicator gradually rises to level 70 after escaping the oversold zone on Sunday. If the upward slope persists, buyers should continue to increase their momentum and may encourage rally to $ 0.02.

On the downside, a failure of TRX to stay above 0.140 could send the price down again under bears control, with probable testing of the last bottom at $ 0.013.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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Will TRON (TRX) keep the delayed rally above $ 0.030?

TRON remains on green territory along with other Altcoins

And this week, the 10 crypto currencies continue to move on green territory, with only Cardano, Binance Coin and Tether traded with a loss for the past 7 days. Overall, investors continue to analyze the crazy rally of the past week.

TRON (TRX) also saw another short-term rally on Monday, reaching a two-month high of $ 0.03153. And although we saw a slight retreat on Tuesday, today TRX is trading again on green.

The 11th largest crypto currency gained nearly 8.3% on a weekly basis and became one of the best performing top-20 crypstos. TRON’s market capitalization reached $ 2.01 billion, while the daily average trading volume amounted to $ 556.4 million.

TRON’s current rally came as co-founder Justin Sun announced the deadline for launching SUN Network. The Level 2 solution promises an scalability for the already relatively fast TRON network.

The launch of the testnet on May 30 will support sidechains designed for greater efficiency for distributed apps. Other changes should improve the running of the smart contracts in the TRON network. The main launch of SUN Network is scheduled for August 10th. In this case, can we expect a longer ascending TRX/USD refund?

Daily technical analysis for Tron

If we look at the TRX/USD daily chart, we can see that Tron has finally completed the 7-month reversed head and shoulder (H&S) figure as the right shoulder breaks for a while, returns under and currently testing again the neckline at $ 0.0304.

What does that mean? The reversed H&S model is characterized by two parabolas (left and right shoulders) that stand on either side of a much larger downside trend (the head). In any case, the three parabolas of sell-offs go back up and rise to the same recovery zone, the neckline.

The neckline is not always horizontal, but usually when the inverted H&S figure is tilted upwards, it can predict the start of bullish trend. Usually a clear break above the right shoulder is followed by a strong upside movement.

At the moment I expect to see further confirmation that TRX is about to develop a bullish trend, with a clear break above 0.0304. So far, the price has closed over $ 0.03 for the first time since August 2018, after jumping from $ 0.0219 (March 26 low). In addition, the RSI indicator also indicates that TRX buyers still hold control, because it’s in the overbought area at 72.3 level.

If this scenario works, the next bullish target will be 0.3245, where is 23.6% Fibonacci correction of the fall from 0.1010 (high in April 2018) to 0.0122 (low of November 2018). Convincing breakout above it should cause further upside pressure for testing the psychological level of 0.40. But, actually, the goal of the inverted head and shoulders figure is around $ 0.50 – 0.56. In this zone is also a 50% Fibo retracement of the above mentioned decline, which in fact makes it a strong resistance.

It is possible before that, however, we see some consolidation or even temporary retreat from the neckline, before the TRX price reaches its bullish trend. On the downside, the first strong support is in the area of ​​0.2304 (the bottom of March 31).

The temporary downside pressure can be seen as an buying opportunity by those investors who have enough risk tolerance to expose themselves to the volatility of the crypto market. Always remember that you only have to invest the money you can afford to lose.

 

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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