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Is Tron [TRX] Entering a Long-Term Uptrend?

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Tron Daily Chart – Source: Tradingview.com

Tron is the top-performing major cryptocurrency today after increasing over 11% over the past 24 hours.

Its outperformance has resulted in Tron moving up in the cryptocurrency rankings by market cap, surpassing Bitcoin Cash SV to take 9th position.

Tron has also surpassed its 200 simple moving average (SMA).

The 200 SMA is often used by analysts to identify the long-term trend direction.

This is the first time Tron has moved above the 200 SMA since June of 2018.

Many analysts may now consider Tron to be entering a possible longterm uptrend. However, first Tron needs to focus on staying above the daily 200 SMA.

Tron 4-Hour Chart – Source: Tradingview.com

Although the upward move is taking place on heavy volume, the price is now approaching a level of resistance at $0.028.

This was an are of consolidation for price action during a bearish drop which took place in August before price continued its drop.

For the moment, momentum remains to the upside with both the RSI and MACD increasing on both the 4-hour and the daily.

Tron’s founder Justin Sun has already made it clear via various tweets that he is aiming for TRX to become a top 4 cryptocurrency this year, and at very least overtake Stellar XLM currently in 6th position.

Trading above the 200-day SMA is certainly a key part of making that possible.

Key Takeaways:

  • Tron is the top performer among major cryptocurrencies after increasing over 11% over the past 24 hours. This move has resulted in Tron taking the position of the ninth largest cryptocurrency by market cap.
  • Tron has moved above the 200 SMA which many analysts use to identify the direction of the long-term trend. This indicates Tron may be entering an uptrend.
  • Tron is meeting resistance at $0.028 but the momentum remains on the side of buyers with both the RSI and MACD increasing.

Latest Tron News:

  • TRON Weekly Report: TRON Is Aiming To Have More DApps Than EOS By the End of Jan

  • Price Analysis: Bitcoin, Ethereum, XRP, Stellar, Litecoin, Cardano, EOS, IOTA, Tron, and Dogecoin

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.

Is Tron [TRX] Entering a Long-Term Uptrend? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.