With many coins approaching their 2018 lows amid this most recent crash, Tron has remained above its important support levels and formed higher highs and higher lows. Some weeks ago Tron hit its lows for the year near $0.016 but has remained above important support of $0.02 in light of this recent crash.
Price and RSI have actually been forming higher highs and higher lows showing that price may have bottomed out for the year. The price underwent a stiff correction this year as investors reevaluated the value of the project after its mainnet launch. In times of speculative euphoria, the price reached highs near $0.35. If price experiences another upturn, the 50EMA has been acting as an important resistance point.
We can see from the hourly chart that price still suffered from this most recent downturn. However, Tron has made more of a bounce back than other cryptocurrencies as it bounced approaching the upward trendline on the daily.
With the outlook very bearish across the cryptocurrency market, whether Tron can continue to form higher highs and higher lows is questionable. Although the technicals look as if it has bottomed out for the year, a further crash across the market would likely materialize in depreciation in Tron also. Outlook is currently neutral for Tron, and the overall market should be monitored closely by traders of Tron.
- Tron forms higher highs and higher lows.
- Trades above key support at $0.02.
- Important to monitor the rest of the cryptocurrency market for future movements.
- Tron’s technical analysis is looking more bullish than other cryptocurrencies but the overall sentiment is strongly bearish at the moment for the market.
|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 Remains Above Lows Amid Market Crash was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.