As mentioned in yesterday’s article analyzing Tron, price action has been in a general downtrend since the frenzy which occurred in May, just a month before the mainnet launch. However, over the past few days, some patterns have been forming on the charts which are giving bullish signals for the Ethereum competitor.
Tron has managed to close above its downward sloping trendline which has been acting as strong resistance since the May frenzy. This can be seen on the daily chart below. Furthermore, Tron has been outperforming many large-cap cryptos such as Bitcoin and Ethereum amid some fresh optimism over the past several days.
On the four hour chart, price action is trading above the 100EMA, and this has been acting as a solid support level. Moves up have been on greater volume than the red candles with signs also pointing towards further increases in price. We also have an uptrend line forming which could act as additional support along with the 100EMA. The price is approaching $0.04, and with the 200EMA for the four-hour chart currently at $0.04 level, resistance should be anticipated at this level.
On the hourly, many signs are also pointing towards a bullish outlook for Tron. The MACD us crossing over its signal line to the upside which is a bullish sign and we are just seeing a significant price increase on strong volume for the most recent candle. With these increases, $0.04 will be tested as resistance soon. A close above the 200EMA on the four-hour chart should be a very bullish sign and will bring the price of Tron into $0.04 territory.
Tron Price Analysis – Bullish Movements Breaking Out Right Now!! was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.