The crypto markets kicked into a higher gear yesterday when Bitcoin made a 10% over the space of just a few hours yesterday as noted here. Tron was among those performing well amid this renewed optimism and managed to maintain this with another green day today and price action trading back above $0.04 which has been a key level for Tron in the past.
Volume is dropping off a bit today as price approaches the 50EMA, but overall it was a strong performance for Tron over the past 24 hours, especially when compared to the relative underperformance of the highest ranked by market cap smart contract platform Ethereum as detailed here. If price continues to approach the 50EMA, which may act as resistance, it is likely that a centreline crossover to the upside will occur in the MACD which may provide enough bullish momentum for price action to close above the 50EMA.
On the four hour chart, we have seen a series of higher highs and higher lows since the 12th, but we may now be forming a lower high in RSI and price action. Price action on the 4-hour is currently trading around the 200EMA mark, and the 50EMA looks set to crossover the 100EMA to the upside over the next few candles. Trading sideways in a range for the following few candles should be a healthy sign for price action in Tron. Continued euphoric upswings tend to be countered by steep reversals in price. This happens when investors and traders realize that such rapid changes in price cannot be reflected by a characteristic change in the underlying fundamentals of the project.
We see similar patterns on the hourly for Tron with price action forming a series of higher highs and higher lows and currently trading above the 50, 100, & 200EMA. Price is gaining on decent volume, but it is questionable whether it can break through its recent high near the $0.042 price mark.
- Price action trading above the key level of $0.04
- 50EMA could act as resistance on the daily, but centerline crossover looks set to occur over next few candles also, which could provide the momentum to break through this point
- Lower high potentially forming on 4hr and hourly chart but move up is on decent volume so the next few hours should reveal whether it has enough bullish momentum to get over recent $0.042 high
|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 Outperforming Ethereum – Above $0.04 was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.