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Tron (TRX) Price Analysis – Bullish Reaction to Renewed Cryptocurrency Optimism

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In the frenzies of late 2017/early 2018, it is crazy to think that the price of Tron once reached $0.35. We are currently trading at around a tenth of those highs around the $0.036 to $0.037 level. The best that the price has performed since these frenzies was in May where it reached $0.10 briefly. This was just a month before the mainnet launch in June where there was a lot of anticipation built up around the release of the project.

The founder of the project, Justin Sun, is an expert marketer consistently keeping the project in the headlines and as a result of this, price action in Tron has been subject to some significant cycles of booms and busts. Since the high points reached in May, Tron has been in a downtrend mostly forming lower lows and lower highs.

The death cross (50EMA crossing the 200EMA to the downside) formed earlier this month and, now that the project is officially launched, it is questionable whether founder Justin Sun can keep Tron in the headlines with an endless array of announcements as was the case leading up to the mainnet launch.

Tron Daily Chart

The crypto market has performed strongly over the weekend and particularly today. Generally, most cryptocurrencies will follow the performance of the overall market and Tron has been doing so. There have been no specific fundamentals in the headlines that note changes in the Tron project, but overall there has been some renewed optimism in the cryptocurrency market, and Tron has reacted particularly well to this with about a 7% increase over the last 24 hours.

On the hourly, we also have an upward trend line forming which could act as a potential support level during a price drop. Price has been performing a series of higher highs and higher lows on the hourly since the 14th, and a golden cross has also occurred over the last few hours.

Tron Hourly Chart

Outlook

The outlook for Tron is long-term bearish and short-term bullish. Most of the signs are pointing to upward movements in the near term, but unless there can be some significant changes in Tron, the longer term outlook remains bearish. Tron is currently ranked number 11 regarding total market cap.

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 Analysis – Bullish Reaction to Renewed Cryptocurrency Optimism was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.