Weekends are usually horrible for the cryptocurrency market in general. But Tron is doing ok. It’s up by 1.66% over the last day and 1.9% for the previous week.
It’s trading at $0.033302 as we write this and it’s on the green, which is excellent news for Tron’s app users. Let’s see what we could see according to technical analysis.
24-hour technical analysis
It’s all green for Tron’s native currency – Tronix, or TRX. The trend is upwards, and the signals are right.
The price is above the pivot point and below the first resistance level, which is one of the signals for a bullish market. It’s growing, and eleven out of twelve moving averages are signaling to buy while the technical indicators are equally divided between buying and selling.
But the overall scenario for 24 hours remains bullish, so things are looking good for Tron. Let’s see what says the monthly.
Monthly technical analysis
The monthly analysis looks pretty much the same in qualitative terms. The price is also between the pivot point and the first resistance point, most moving averages are bullish, and the technical indicators are divided half and half between signals, just as with the daily analysis.
It’s all still green and moving forward. The question is, when should you get in? You should probably wait a bit. The price has been stuck trading sideways for about four hours, and the Bollinger bands keep getting narrower. That’s great for stability but terrible for profits.
There are some chances that Tron would start to surge in the coming weeks and hit $0.050 mark as Q2 2019 ends, given that the momentum of it keeps going. Also, Sun-Buffet lunch is approaching, it would be interesting to see how the market reacts to the event as it happens.
The perfect time to get in would be when we see a high trading volume on the currency even if it drives the price up only a little. Remember: trade volumes are always more meaningful that price rises.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.