Tron’s Tronix (TRX) cryptocurrency is the world’s tenth by market capitalization. It trades at $0.027844. So the coin is worth USD 2,165 billion in total. It’s in the red numbers for the last 24 hours (5.59%) and also for the previous seven days (12.08%).
Tron has several advantages over many other cryptocurrencies. First of all, the project’s fundamentals are excellent. But also, other essential coins (Tether, BTT) are not autonomous, but they’re based on Tron’s token technology which means that TRX is the base coin for those two assets which are also going strong.
For the time being, things don’t look that good for Tron. The hourly and daily technicals are bearish. The weekly is bearish as well, but the monthly is neutral. So let’s find out what the numbers say for every day and the monthly technical scenarios.
24-hour technical analysis
It’s bearish. Eight moving averages are in the red zone, with only four signals in the green. The technical indicators are even worse because six out of seven are bearish. The price is below the pivot point ($0,031243), and it’s close to testing the first support level ($0.027001). If you’re in the Fibonacci side, things look pretty much the same.
We’ve seen trading volumes both red an green, so they’re not giving us a lot of useful information, except that the bears and the bulls are fighting it out. But the Bollinger bands are getting wider, and that opens some space for a trend to appear.
Monthly technical analysis
The monthly is more relevant, and the good news is that it’s not as bearish. But it’s not precisely bullish either. The price is below the pivot point ($0.033988) but still well above the first support level ($0.027086).
The moving averages are decidedly bullish because eleven out of twelve are signaling for buyers. The Technical indicators are not that clear; they’re divided along the halfway with four for the bears and three for the bulls.
Outlook
Tron is one of the crypto sphere’s most solid project when it comes to the fundamentals. Sooner or later, the coin’s market performance will reflect that. But that’s not going to happen today or over this weekend.
So it would be a good idea to keep an eye on Tron’s market performance and see what happens in the following days so that when a trend starts, you can join it and make a buck. But that it’s a task for another day. For now, it will be better to be cautious and patient.
Just keep watching, do your very own research, and wait for the next trend to arrive. It will. It’s unavoidable. But the cryptocurrency market is all about timing, so you need to wait for the right moment to shoot.
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.
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