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Tron Falls to Support Level After Huge Price Appreciations – Bullish Ascending Triangle Pattern in Play

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Tron had massive price appreciation yesterday which brought it briefly near the $0.045 level. As price approached the $0.045 point yesterday, it met strong resistance at the 50EMA and made a strong move back downwards closing very close to the same price level it opened at. Yesterday’s daily candle formed a gravestone doji with price closing near the low of the day. This is a bearish candlestick pattern which is being confirmed today with a large drop in price. An upward trend line has so far supported the drop in price following the lows of recent candles.

The trendline is currently forming an ascending triangle pattern which would be set to breakout or fall apart over the next few days. This is a popular pattern utilized by traders where they look to enter long positions at or before the breakout with decently spaced stop losses. If a false breakout were to occur and price retraced back down, expect a significant price swing downward as stop losses are triggered from traders who were long the ascending triangle pattern.

Tron Daily

The four-hour chart shows $0.04 as an area of importance with a lot of yesterday’s trading activity occurring around this point. The 50EMA and 100EMA are currently around the upward trend line and may act to strengthen it as a support level.

Tron 4hr

The last couple of candles on the hourly chart show a tight range trading on low volume between the 100EMA and 50EMA as traders position for the next move. The large drops of the previous few candles corresponded with the MACD crossing over its signal line to the downside, a typical bearish signal.

Tron 1hr

Key Takeaways:

  • Ascending Triangle pattern forming and expected to fall apart or breakout over the coming days.
  • $0.04 is a key point with lots of trading activity occurring here.
  • Yesterday’s gravestone doji was followed by steep drops today but the upward trend line expected to hold as significant support.
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 Falls to Support Level After Huge Price Appreciations – Bullish Ascending Triangle Pattern in Play was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.