The price of Tron has had a crazy ride over the past week and the last two days have been no different. A huge increase yesterday saw the price of Tron raise above the key $0.04 resistance level but failing to close above. Price retested this resistance level today but has seen a significant drop back down trading near the lows of yesterday.
Much of the increases last week were due to the news of Tron acquiring BitTorrent Inc, the owner of P2P content streaming software uTorrent. Even on the release of the news, the price has failed to overcome the resistance level at $0.04 giving little chance to yesterday’s price soar overcoming it.
On the 4hr, we get a closer look at the recent price swings. Price action is currently trading at the 200SMA which is providing some support but may not hold up with this downward movement having significant momentum. The volume is dropping off which shows that it may be coming to an end, but the overall price in Tron has been volatile and difficult to predict. In the event of a drop below the 200SMA, there should be some support at $0.035 which has been a level of significant trading activity in the past.
The 1hr illustrates that price action has been moving more into a sideways trading range on low volume. We can see more clearly on this chart also how $0.035 has acted as a significant level in the past. Overall, it is not recommended to currently take positions in Tron until it provides more clear signals on which direction it will be heading.
- Price action has been volatile and subject to swings as the bulls and bears battle.
- $0.04 remains a key level of resistance with price action once again failing to close above.
- Price action is currently trading near the 4hr SMA which could act as some support in the near term.
- In the event of a drop, $0.035 is expected to act as support.
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Volatile Swings in Price for Tron As the Bulls and Bears Battle was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.